Capital One, Berkshire Hathaway, Rocket Companies Shares Move Higher After CFPB Drops Lawsuits

The Consumer Financial Protection Bureau (CFPB) has dismissed multiple lawsuits that had been put in place by the agency’s former director.

What To Know: The CFPB on Thursday issued four notices of voluntary dismissal for cases involving Capital One Financial Corp COF, Berkshire Hathaway Inc’s BRK BRK Vanderbilt Mortgage & Finance, Rocket Companies Inc’s RKT Rocket Homes Real Estate and loan servicer Pennsylvania Higher Education Assistance Agency, according to CNBC.

The notices of voluntary dismissal were released in legal filings Thursday morning and come amid a shakeup at the agency sparked by Elon Musk’s Department of Government Efficiency, or DOGE.

The report indicates that DOGE’s government efficiency initiative has led to the closing of the CFPB’s headquarters in Washington, and the dismissal of around 200 agency employees.

Check This Out: Ron Paul Responds To Elon Musk’s DOGE Invite: ‘I’d Love to Help Bring Sanity Back!’ — Warns Of Big ‘Threat’ To Retirement Funds And 401(k)s

The enforcement shift also aligns with a change in directors after Russell Vought took over for former director Rohit Chopra earlier this month.

Under Chopra, the CFPB accused Capital One of withholding more than $2 billion in interest; argued that Vanderbilt ignored affordability signs; accused Rocket of providing illegal payments to real estate agents; and targeted the Pennsylvania Higher Education Assistance Agency’s loan collection process.

“The Plaintiff, the Consumer Financial Protection Bureau, dismisses with prejudice this action against all Defendants," the agency reportedly said in the Capital One case dismissal.

CNBC reported that the agency used similar language in the other cases.

Shares of Capital One, Berkshire Hathaway and Rocket Companies all moved higher following the dismissals.

At the time of publication, Benzinga Pro shows.

• Capital One shares up 1.34% at $199.41
• Berkshire shares up 2.06% at $504.30 and
• Rocket Companies shares 0.34% at $13.13.

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Photo: Shutterstock.