Finance
US consumer finance watchdog workers protest Musk’s DOGE
The bureau’s website has been malfunctioning since late on Friday, around the time Musk posted a message on X that said: “CFPB RIP.”
About 100 people attended Saturday’s protest, chanting slogans and holding placards that accused Musk and President Donald Trump of subverting democracy. The protesters drew honks of support from passing motorists near the White House.
The demonstration, organized by a union chapter representing CFPB staff, came a day after that union said DOGE representatives had gained improper access to the agency’s computer systems, according to a statement on National Treasury Employees Union 335’s website.
According to a person with knowledge of the situation on Saturday, DOGE representatives have received administrative-level access to all of the CFPB’s IT systems. Musk’s Department of Government Efficiency has quickly moved to remake the federal government, gaining access to confidential data and drawing legal challenges from labor groups and state attorneys general. Early Saturday, a federal judge temporarily blocked Musk’s team from accessing government systems used to process trillions of dollars in payments, citing a risk that sensitive information could be improperly disclosed.
On Friday, Trump named newly confirmed Office of Management and Budget Director Russell Vought as the acting CFPB director, according to the OMB. Vought is a longtime budget hawk and architect of the right-wing policy manifesto known as Project 2025, which called for the CFPB’s abolition.
Congress created the CFPB in 2010 after the global financial crisis. The bureau was charged with policing and regulating the consumer finance sector, which originated the toxic financial products underlying the crash. Republicans have criticized the agency as being unaccountable and exceeding its legal authority.
The agency’s investigations, supervisory activities and collection of consumer complaints generate large amounts of confidential information.
In a Friday statement, the union noted that Musk’s X and Visa were partnering in an effort to offer direct payment services to consumers. The CFPB is the primary federal supervisory regulator tasked with consumer financial protection for larger nonbank participants, according to the Congressional Research Service.
Under former President Joe Biden’s administration, the agency returned more than $6 billion to consumers while imposing a further $3.2 billion in fines, according to the Consumer Federation of America.
These included a $3.7 billion settlement with Wells Fargo, over abusive consumer practices, the agency’s largest-ever enforcement action, as well as actions against Bank of America, Citibank, Goldman Sachs and Apple.
Musk and the CFPB did not immediately respond to a request for comment. The White House did not respond to detailed queries about developments. Representatives for Visa and X did not immediately respond to requests for comment.
In a statement, Elizabeth Warren, the top Democrat on the Senate Banking Committee who helped create the CFPB, said Congress had created the agency and that no one else, “not the President, not Elon Musk, not Russ Vought–can destroy it.”
Finance
Simply Asset Finance reaches $2.6bn loan origination milestone in 2025
Simply Asset Finance has reported that its total loan origination reached £2bn ($2.6bn) in 2025, following its growth and lending activity during the period.
During 2025, the company’s gross loan book increased to £543m and its customer base grew to 13,000.
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Additional digital platforms came online, and commercial loans were added to the range of available finance solutions.
Improvements in the company’s own technology and stronger results in various regions contributed to increased efficiency in lending operations and a broader local presence for SME clients.
In July, Simply Asset Finance introduced Kara, an AI-powered virtual agent.
Kara uses the company’s past data to enhance user interactions, streamline internal processes, and speed up decisions on lending applications.
Simply Asset Finance CEO Mike Randall said: “Our growth this year has built on the momentum of 2024, and reaching £2bn is a clear milestone for the business. All our channels have driven that progress, with rising demand for specialist lending helping us expand our footprint and support even more SMEs across the UK.
“Despite a year of challenging economic conditions, small businesses have remained resilient and ready to invest. Kara has been central to meeting demand quickly and efficiently – and we expect her value to our customers will only grow.
“As we head into 2026, we’re focused on carrying this momentum forward and working with even more brilliant businesses to unlock their potential.”
Last month, Simply Asset Finance became a Patron lender of the National Association of Commercial Finance Brokers (NACFB).
This partnership is aimed at supporting the broker community in the UK and increasing access to asset finance and leasing products through wider distribution.
The NACFB is known as an independent UK trade association for commercial finance intermediaries, promoting cooperation between lenders and brokers across the sector.
Finance
Baker McKenzie Welcomes Finance & Projects Principal Matthias Schemuth in Singapore | Newsroom | Baker McKenzie
Baker McKenzie today announced that leading project finance lawyer Matthias Schemuth has joined the Firm’s Singapore office* as a Principal and Asia Pacific Co-Head of Projects in its Finance & Projects practice, alongside Partner Jon Ornolffson in Tokyo.
Matthias joins the Firm from DLA Piper, bringing more than 20 years of experience in the energy and infrastructure sectors across Asia Pacific. He advises sponsors, developers, commercial banks, multilateral lending agencies, and export credit agencies on the structuring and financing of large-scale projects. His practice also spans international banking, structured commodity and trade finance, with a strong focus on emerging markets. Matthias has been consistently recognised by Chambers Asia Pacific and Who’s Who Legal as a leading project finance practitioner.
James Huang, Managing Principal of Baker McKenzie Wong & Leow in Singapore, said: “We are excited to welcome Matthias to our team. His expertise and proven record in managing teams will be invaluable as we expand our regional and global finance offerings for clients.”
Emmanuel Hadjidakis, Asia Pacific Chair of Baker McKenzie’s Banking & Finance Practice, commented: “Asia Pacific is seeing strong momentum in infrastructure development, energy transition investments, and cross-border project financing, much of it centred in Singapore. Having Matthias on board will further enhance our ability to help clients seize opportunities in the region’s evolving energy and infrastructure markets.”
Steven Sieker, Baker McKenzie’s Asia Chief Executive, added: “Matthias’s appointment underscores Baker McKenzie’s continued commitment to investing in exceptional talent across key markets to support our clients in navigating today’s increasingly complex business and regulatory environment.”
Matthias said: “I’m thrilled to join Baker McKenzie and contribute to its strong growth in Asia Pacific. The Firm’s global reach and local depth provide an unparalleled platform for delivering innovative projects and financing solutions to clients in this dynamic region.”
With more than 2,700 deal practitioners in more than 40 jurisdictions, Baker McKenzie is a transactional powerhouse. The Firm excels in complex, cross-border transactions; over 65% of our deals are multijurisdictional. The teams are a hybrid of ‘local’ and ‘global’, combining money-market sophistication with local excellence. The Firm’s Banking & Finance lawyers are ranked in more jurisdictions than any other firm by Chambers.
Matthias’s hire continues the expansion of Baker McKenzie’s global team. His joining follows the recent arrivals of Carole Turcotte in Toronto; Tom Oslovar in Palo Alto; Jenny Liu in New York and Palo Alto; Helen Johnson, Mark Thompson, Nick Benson, Kevin Heverin, James Wyatt and Michal Berkner in London; Jan Schubert in Frankfurt; Todd Beauchamp and Charles Weinstein in Washington DC; Dan Ouyang, Winfield Lau, and Ke (Ronnie) Li in Beijing, Shanghai, and Hong Kong; and Alexander Stathopoulos in Singapore.
*Baker McKenzie Wong & Leow is the member firm of Baker McKenzie in Singapore
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