Trump administration

The Trump administration has installed Jeffrey Clark at the Consumer Financial Protection Bureau. Clark, a former environmental lawyer in the Justice Department in the first Trump administration, was indicted as part of the president's efforts to overturn the 2020 election.

U.S. District Judge Amy Berman Jackson agreed to temporarily block the Trump administration from firing more CPFB employees and said the White House could not delete or destroy any of the bureau's data or databases.

The probes come at the request of Sens. Elizabeth Warren, D-Mass., and Ron Wyden, D-Ore., respectively the ranking members of the Senate Banking and Senate Finance committees.

Consumer and employees groups are seeking a restraining order against CFPB acting Director Russell Vought, arguing that he was unlawfully installed and has "no power to direct" the bureau.

The Trump administration's nominee to lead the Consumer Financial Protection Bureau, Jonathan McKernan, is seen as an institutionalist with a deep knowledge of policy. But whether he keeps the bureau shuttered or rebuilds it is uncertain.

On Thursday night, the Trump administration fired dozens of employees at the Consumer Financial Protection Bureau, according to an email obtained by American Banker. Most of the workers targeted had been hired by former CFPB Director Rohit Chopra.

The mayor and city council of Baltimore, along with a Maryland-based economic justice group, are suing the bureau and its acting director, claiming that the recent decision to "defund" the CFPB will leave it unable to support communities.

The Federal Deposit Insurance Corp. and other independent agencies will likely need to identify positions not explicitly required by law under a new Trump administration executive order aimed at downsizing the federal workforce.

A House Financial Services Committee spokesperson said the committee will hold its required semiannual hearing with the Consumer Financial Protection Bureau director after nominee Jonathan McKernan is confirmed rather than with interim director Russell Vought.

The money-transfer company's move came after the U.S. State Department last week renewed sanctions against the island nation. That, plus Klarna and Standard Chartered get bullish on crypto; Trump's not the first politician to rail at pennies; and other international payments and fintech news.