On Thursday, the CFPB filed a notice of voluntary dismissal in the U.S. District Court for its lawsuits against Capital One, Rocket Homes, and Vanderbilt Mortgage and Finance, a Berkshire Hathaway subsidiary.
The lawsuit dismissals follow recent accusations by the consumer watchdog that Capital One cheated customers out of $2 billion on interest payments.
The withdrawn lawsuits were filed by agency Director Rohit Chopra, who was recently removed by President Trump. Jonathan McKernan is Trump’s nominee to succeed Chopra as Director of the CFPB.
Trump, a long-time critic of the CFPB, asserts that the agency is “set up to destroy people” and has transferred control of the area to Elon Musk’s DOGE team. The team has instructed CFPB staff to halt all work, including initiatives to combat financial crime.
Sen. Elizabeth Warren, who assisted in creating the CFPB stated, “Elon Musk is determined to shut down this agency even though he has no legal authority to do that.”
Following the dismissal, a Capital One spokesperson stated, “We welcome the CFPB’s decision to dismiss this action, which we strongly disputed.”
In a statement, Rocket Homes said the case was “a misrepresentation of the facts, as we have said from the day the suit was filed… We are proud to put this matter behind us and remain focused on our mission to help everyone home.”
By CEO NA Editorial Staff
