CFPB Drops Lawsuits: Predatory Lending Returns, Consumers Vulnerable
Acting CFPB Director Russell Vought dismissed four major enforcement lawsuits initiated by the previous administration against Capital One, Vanderbilt Mortgage, Rocket Homes, and the Pennsylvania Higher Education Assistance Agency. These dismissals, “with prejudice,” signal a significant policy shift at the CFPB, coinciding with office closures and widespread staff reductions. The lawsuits, filed under Rohit Chopra’s leadership, alleged billions of dollars in consumer harm through various financial practices. Capital One and Rocket welcomed the dismissals, and their stock prices increased following the announcement.
John Q. Hosedrinker