Four advance notices of proposed rulemaking scheduled for publication on August 8 will solicit public comment on whether the CFPB should raise the size thresholds that determine which nonbank entities qualify as “larger...more
On July 29, the U.S. District Court for the Eastern District of Kentucky granted the CFPB’s request to stay litigation challenging its open banking rule. The rule (previously discussed here) aimed to establish industry-wide...more
Two states have recently finalized significant updates to their money transmission laws, signaling continued nationwide alignment with the Conference of State Bank Supervisors’ Model Money Transmission Modernization Act...more
On July 14, the U.S. District Court for the District of Arizona granted the Federal Trade Commission’s request for a temporary restraining order against multiple defendants operating a nationwide debt relief scheme. The...more
On July 23, the U.S. District Court for the Eastern District of Pennsylvania denied the Department of Justice’s motion to terminate a consent order requiring a Pennsylvania bank to implement a five-year fair lending...more
On July 23, a coalition of consumer advocacy organizations filed a lawsuit against the CFPB and Acting Director Russel Vought in the U.S. District Court for the District of Columbia, alleging the agency unlawfully delayed...more
On July 10, Massachusetts Attorney General Andrea Joy Campbell announced a $2.5 million settlement with a student loan company to resolve allegations that its underwriting practices violated the Massachusetts Consumer...more
7/25/2025
/ Algorithms ,
Artificial Intelligence ,
Consumer Protection Laws ,
Enforcement Actions ,
Fair Lending ,
Financial Services Industry ,
Regulatory Requirements ,
Settlement ,
State Attorneys General ,
Student Loans ,
Technology
On July 18, the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS ACT) was signed into law, creating the first federal regulatory framework for payment stablecoins. The law prohibits the issuance...more
On July 18, the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS ACT) was signed into law, creating the first federal regulatory framework for payment stablecoins. The law prohibits the issuance...more
On July 21, the CFPB withdrew its plan to repeal rules that provide procedures for state officials to notify the Bureau before initiating enforcement actions under the Consumer Financial Protection Act (CFPA). The CFPB cited...more
On June 30, California Governor Newsom has signed AB 130, a budget trailer bill related to housing. This legislation includes new requirements for mortgage servicers of subordinate mortgages, defined in the bill, and took...more
On July 10, 2025, the U.S. Senate confirmed Jonathan Gould as Comptroller of the Currency in a 50–45 vote. Gould will serve a five-year term and returns to the OCC, where he previously served as Chief Counsel and Senior...more
On July 1, 2025, the U.S. Court of Appeals for the Fifth Circuit affirmed a district court’s denial of a preliminary injunction sought by several short-term lenders challenging amendments to the City of Dallas’s short-term...more
On July 11, 2025, the Consumer Financial Protection Bureau (CFPB) announced a proposed $9 million settlement resolving its November 2021 lawsuit against a national pawn lender and its subsidiaries. The company and its...more
On June 30, 2025, Connecticut Governor Ned Lamont signed Public Act No. 25-66, enacting broad revisions to Connecticut’s money transmission statutes. The new law, effective October 1, 2025, updates definitions, expands...more
On July 11, the U.S. District Court for the Eastern District of Texas vacated the CFPB’s Medical Debt Rule, concluding that the rule exceeded the Bureau’s statutory authority under the Fair Credit Reporting Act (FCRA). The...more
On July 14, the OCC, Federal Reserve, and FDIC announced the release of a joint statement clarifying how existing laws and regulations apply to crypto-asset safekeeping services offered by banking organizations. The statement...more
On July 9, the New York Department of Financial Services (NYDFS), joined by regulators from five other states, entered into a multistate settlement with a money transmitter headquartered in New York. The $4.2 million consent...more
On June 26, Rhode Island Governor Dan McKee signed companion bills S 0169 and S 0172 into law, twin measures that amend the state’s Deceptive Trade Practices Act and Interest and Usury statute to impose some of the nation’s...more
On July 4, the “One Big Beautiful Bill Act,” was signed into law, which includes a provision to reduce the cap on the CFPB’s annual funding. The bill lowers the cap from 12% to 6.5% of the Federal Reserve’s total operating...more
On June 25, the California DFPI announced that it had finalized a consent order with a cryptocurrency kiosk operator, alleging violations of the Digital Financial Assets Law (DFAL) and the California Consumer Financial...more
On July 1, the CFPB terminated two separate consent orders, one involving a federal credit union and the other involving a national mortgage servicer. Both orders stemmed from 2024 enforcement actions and involved alleged...more
On July 8, 2025, the U.S. Court of Appeals for the Eighth Circuit vacated the FTC’s “click-to-cancel” Negative Option Rule, holding that the FTC violated the FTC Act and the Administrative Procedure Act when it finalized the...more
On June 24, the Department of Housing and Urban Development (HUD) issued a Request for Information (RFI) to evaluate how Buy Now Pay Later (BNPL) loans may affect FHA-insured mortgage underwriting. The RFI seeks comment on...more
On June 27, Pennsylvania enacted Senate Bill 202, which significantly expands the Commonwealth’s Money Transmitter Act (MTA) to include virtual currency transmission. Under the amended law, transmitting virtual currency is...more
7/7/2025
/ Anti-Money Laundering ,
Cryptocurrency ,
Digital Assets ,
FinTech ,
Legislative Agendas ,
Licensing Rules ,
New Legislation ,
Pennsylvania ,
Regulatory Oversight ,
Regulatory Requirements ,
State and Local Government