The Trump-Vought CFPB has permanently dismissed 23 of the Bureau’s public enforcement actions that were pending at the time Trump took office, pardoning egregious repeat offender banks (captured in this memo in red text) and corporations and sending the message that lawbreaking and corporate misconduct will be tolerated. Even more alarming, the Trump-Vought CFPB has abolished or modified orders in at least 23 settled actions where the lawbreaking companies agreed to compensate victims and pay fines for their misconduct. In some of those actions, the Trump CFPB rewarded lawbreakers by returning or reducing the companies’ civil money penalties and canceling payments that the companies were supposed to make to harmed consumers. In addition, in one case, the Trump CFPB sought to reopen a court judgment to give back penalties to a company, but the judge refused to allow them to do so. Critically, civil money penalties flow into a fund for scammed and defrauded victims of illegal conduct nationwide. Trump and Vought are abandoning the people they are required to protect.
The Vought-led CFPB has settled just three cases since taking office, including two Military Lending Act lawsuits that originated during the Biden administration. The Trump-Vought CFPB has also initiated just one case, against failed fintech Synapse Financial Technologies.
In addition to the 47 dismissed or terminated cases outlined above, this memo also describes the 10 enforcement actions believed to still be active.