As the government shutdown drags on, some financial services programs—particularly housing programs– are being affected. The CFPB is funded through the Federal Reserve system, not through annual appropriations, and technically is still operating, although as we have reported previously many CFPB employees are not being permitted to work. (That CFPB funding mechanism was the subject of a Supreme Court case and the court found the funding system constitutional.)… Continue Reading| Consumer Finance Monitor
The two Democratic NCUA board members ousted by President Trump without cause are asking the Supreme Court to consider their challenge of the firings on an expedited basis. Todd Harper and Tanya Otsuka are challenging their firings even though the Federal Credit Union Act, unlike some federal laws governing other financial regulators, does not state that members of the agency board may only be removed for cause.… Continue Reading| Consumer Finance Monitor