FEDERAL GOVERNMENT RELATIONS
Trump administration seeks court permission to halve CFPB workforce
The Trump administration is asking a federal appeals court for permission to reduce the Consumer Financial Protection Bureau’s current workforce by more than half, according to a court filing.
Congressional leaders announce deal to end DHS shutdown
Lawmakers plan to advance a spending bill to fund most of the Department of Homeland Security through Sept. 30, except for the agencies involved in immigration enforcement.
Proposed rule would give states ‘wide latitude’ to set stablecoin regulation
The Treasury Department proposed a new rule to establish what factors it will consider when stablecoin issuers request to be subject to state regulation rather than federal regulation, as permitted under the GENIUS Act.
Trump renews homeless program grants
The Trump administration announced this week that it’s renewing almost $350 million in homelessness program grants that expired during the first three months of the year. The funding will be applied to programs under existing Biden-era policy — which emphasizes assistance for permanent housing — as the Trump administration seeks to focus instead on temporary housing aid attached to work or treatment requirements.
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OCC rescinds recovery standards for larger banks
The Office of the Comptroller of the Currency finalized a rule to rescind the agency’s updated recovery planning guidelines for banks with at least $100 billion in assets.
Trump 401(k) rule to test free-market approach to retirement savings
The Trump administration is betting that retirement savers’ desire for bigger returns outweighs the risk of potential losses that have previously limited how 401(k) funds can be invested. A Labor Department proposal rolled out Monday would provide more latitude for employers and investment advisers to offer workers access to a broader range of assets, including products that incorporate private equity and cryptocurrency, while expanding protections against litigation threats that have spooked risk-averse money managers.
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Treasury Department announces resources for Financial Literacy Month
The Treasury Department recognized the start of Financial Literacy Month in April by announcing that federal agencies will use the month to spotlight events, initiatives and public engagement opportunities designed to strengthen financial knowledge and financial security.