On June 23, Oregon enacted SB 605, barring medical-debt information from appearing in consumer credit reports. The measure, which amends the Oregon Unlawful Trade Practices Act, takes effect January 1, 2026....more
7/7/2025
/ Consumer Protection Laws ,
Credit Reports ,
Debt Collection ,
Healthcare ,
Hospitals ,
Legislative Agendas ,
Medical Debt ,
New Legislation ,
Oregon ,
Regulatory Agenda ,
Regulatory Reform ,
State and Local Government
On May 14, the CFPB issued a proposed rule to rescind recent amendments to its nonbank supervisory program. The amendments were designed to expand and formalize the Bureau’s process for subjecting nonbank covered persons to...more
5/23/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Industry ,
Non-Bank Lenders ,
Proposed Rules ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Reform ,
Rescission ,
Rulemaking Process
On April 4, the California Department of Financial Protection and Innovation (DFPI) issued proposed regulations under the Digital Financial Assets Law (DFAL). The proposal provides clarification on DFAL’s licensing framework...more
4/14/2025
/ California ,
Cryptocurrency ,
Department of Financial Protection and Innovation (DFPI) ,
Digital Assets ,
FinTech ,
Government Agencies ,
Licensing Rules ,
Proposed Rules ,
Regulatory Agenda ,
Regulatory Requirements ,
Rulemaking Process
On March 20, the OCC announced that it will no longer treat reputation risk as a standalone category in its supervision of national banks and federal savings associations. The decision marks a dramatic shift in the agency’s...more
On February 20, the Virginia General Assembly passed the High-Risk Artificial Intelligence Developer and Deployer Act. If signed into law, Virginia would become the second state, after Colorado, to enact comprehensive...more
3/24/2025
/ Artificial Intelligence ,
Compliance ,
Consumer Protection Laws ,
Enforcement ,
New Legislation ,
Regulatory Agenda ,
Regulatory Requirements ,
Risk Management ,
State Attorneys General ,
State Legislatures ,
Technology Sector
On March 18, Acting Comptroller of the Currency Rodney Hood reiterated the OCC’s commitment to ensuring fair access to banking services, including for cryptocurrency firms. Speaking at a retail banking industry conference,...more
On March 4, the California DFPI finalized regulations under the Debt Collection Licensing Act (DCLA). The final regulations, which take effect July 1, 2025, clarify key licensing and reporting requirements....more
3/17/2025
/ California ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Debt Collection ,
Department of Financial Protection and Innovation (DFPI) ,
Final Rules ,
New Regulations ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Requirements ,
Reporting Requirements
The CFPB is facing pushback from the U.S. Senate over two final rules issued under the Biden administration: one expanding oversight of nonbank digital payment providers and another limiting the reporting of medical debt....more
On March 3, the FDIC announced the withdrawal of its proposed rule on brokered deposits, citing concerns regarding potential disruptions to the financial sector. This move follows significant pushback from industry...more
On February 27, new CFPB Director Jonathan McKernan testified before the Senate Banking Committee, emphasizing his commitment to enforcing the law while operating within the confines of the law. His testimony focused on his...more
On February 19, 2025, President Donald Trump signed an executive order (the “Order”) mandating that independent agencies, including the SEC, the FCC, and the FTC, submit proposed regulations for presidential review before...more
On February 12, the Trump administration announced Jonathan McKernan as the Director of the CFPB and Jonathan Gould as the Comptroller of the Currency. McKernan and Gould will replace Acting Directors Russell Vought and...more
On February 7, California Governor Gavin Newsom announced the appointment of Khalil “KC” Mohseni as the new Commissioner of the California Department of Financial Protection and Innovation (DFPI). Mohseni has been serving as...more
2/19/2025
/ California ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Department of Financial Protection and Innovation (DFPI) ,
Enforcement Actions ,
Financial Institutions ,
Governor Newsom ,
New Legislation ,
Regulatory Agenda ,
Regulatory Oversight ,
State and Local Government
On January 31, 2025, the CFPB announced President Donal Trump had appointed Scott Bessent as Acting Director of the CFPB. In a brief statement, Bessent expressed his commitment to advancing the administration’s agenda to...more
On January 23, 2025 the New York Department of Financial Services (NYDFS) announced proposed regulations to curb overdraft fees and insufficient funds fees charged by banks in New York. The proposed rules aim to protect...more
2/3/2025
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Fees ,
Financial Institutions ,
New York ,
NYDFS ,
Overdraft Fees ,
Proposed Rules ,
Regulatory Agenda ,
Regulatory Requirements ,
Rulemaking Process ,
Unfair or Deceptive Trade Practices
On January 24, the FCC issued an order postponing the effective date of its one-to-one consent rule. The rule, which would have required companies to obtain individual consent for each marketing partner before sharing...more
On January 10, 2025, the Maryland Office of Financial Regulation (OFR) issued guidance significantly expanding licensing requirements for assignees of residential mortgage loans in Maryland. The guidance stems from an April...more
On January 17, 2025, the CFPB filed a complaint against an Illinois-based non-depository mortgage lender for allegedly engaging in discriminatory practices. The CFPB alleges the lender engaged in improper redlining by...more
1/27/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Discrimination ,
ECOA ,
Enforcement Actions ,
Legislative Agendas ,
Lenders ,
Mortgage Lenders ,
Mortgages ,
Race Discrimination ,
Redlining ,
Regulatory Agenda ,
Trump Administration
On January 20, President Trump issued a memorandum instituting a regulatory freeze pending review. This action, a common practice for new administrations, directs federal agencies to halt any new rulemaking until agency heads...more
1/27/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Legislative Agendas ,
Proposed Rules ,
Regulatory Agenda ,
Regulatory Freeze ,
Rulemaking Process ,
Trump Administration
The FDIC will shift its focus and priorities under the leadership of its new Acting Chairman, Travis Hill. In a statement released on January 20, 2025, Chairman Hill signaled a potential departure from some of the initiatives...more
On January 14, 2025, the American Fintech Council (AFC) submitted a letter to the Ohio Department of Financial Institutions, urging it to re-examine its recent guidance on responsible bank partnerships and provide more...more
On January 13, 2025, the CFPB announced a proposed rule aimed at prohibiting companies from including in consumer agreements terms that operate to waive consumers’ legal rights, allow companies to unilaterally change key...more
The Consumer Financial Protection Bureau (CFPB) released a comprehensive report today, outlining detailed recommendations to strengthen state-level consumer protection laws and address modern risks in consumer financial...more
On January 8, the CFPB announced its intent to pursue rulemaking that would allow the agency to oversee nonbank personal loan lender. The announcement came in response to a petition filed in September 2022 by the Consumer...more
On December 6, the CFPB issued an order establishing supervisory authority over a major tech company. While the company is already subject to CFPB’s enforcement authority, the Bureau has determined that the company meets the...more