To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week.
Federal Activities
State Activities
Federal Activities:
On August 29, the Federal Communications Commission (FCC) issued a final rule titled “Delete, Delete, Delete; Targeting and Eliminating Unlawful Text Messages; Rules and Regulations Implementing the Telephone Consumer Protection Act of 1991; Advanced Methods to Target and Eliminate Unlawful Robocalls.” This rule, published in the Federal Register as document 2025-16641, aligns the FCC’s regulations with a court decision from the U.S. Court of Appeals for the Eleventh Circuit. The court vacated a revised rule concerning prior express written consent, which the FCC had adopted in 2023. As a result, the FCC reinstated the previous version of the rule, effective immediately. This action was taken without notice and comment, as it was a ministerial order implementing the court’s mandate. For further information, click here.
On August 28, the U.S. Commodity Futures Trading Commission (CFTC) issued a new advisory on the Foreign Board of Trade (FBOT) registration framework. This development marks a pivotal step in aligning U.S. trading regulations with the evolving landscape of global derivatives markets. The advisory issued by the CFTC’s Division of Market Oversight (DMO) addresses the registration framework for non-U.S. entities, legally organized and operating outside the U.S., that wish to provide direct market access to U.S.-based traders. Of particular note, this framework is applicable across all asset classes, encompassing both traditional and digital asset markets. Acting Chairman Caroline Pham emphasized the advisory’s role in providing the regulatory clarity necessary to bring trading activities back to the U.S. that had previously been driven offshore due to stringent enforcement-based regulations. In the press release announcing the advisory, Pham stated, “By reaffirming the CFTC’s longstanding approach to provide U.S. traders with choice and access to the deepest and most liquid global markets, with a wide range of products and asset classes, American companies that were forced to set up shop in foreign jurisdictions to facilitate crypto asset trading now have a path back to U.S. markets.” For more information, click here.
On August 27, the Federal Trade Commission (FTC) published a final rule amending the Telemarketing Sales Rule (TSR) to update the fees charged to entities accessing the National Do Not Call Registry, as mandated by the Do-Not-Call Registry Fee Extension Act of 2007. Effective October 1, the annual fee for accessing the registry will increase from $80 to $82 per area code, and the maximum fee charged to any single entity will rise from $22,038 to $22,626. Additionally, entities adding area codes during the second half of their subscription period will see fees increase from $40 to $41. These adjustments are based on the Consumer Price Index changes since the last fee increase, reflecting a 2.7% rise. The FTC determined that notice and comment were unnecessary for this technical amendment, which does not alter any recordkeeping or reporting requirements. For further information, click here.
On August 27, the Office of the Comptroller of the Currency (OCC) announced the schedule for Community Reinvestment Act (CRA) evaluations to be conducted in the fourth quarter of 2025 and the first quarter of 2026. The OCC invites public comments on the CRA-related activities of national banks and federal savings associations that are slated for evaluation. Interested parties are encouraged to submit their comments directly to the banks at the addresses provided in the schedule or to the relevant OCC supervisory office before the evaluation month. The OCC will review all comments received prior to the conclusion of the CRA evaluation. The detailed CRA evaluation schedule is accessible on the OCC’s website. For more information, click here.
On August 26, the Consumer Financial Protection Bureau (CFPB) took a significant step to modify its supervisory approach to nonbanks by publishing a proposed rule advancing a more stringent definition of “risks to consumers” in the context of § 1024(a)(1)(C) of the Consumer Financial Protection Act (CFPA) when designating nonbanks for supervision. Section 1024(a)(1)(C) of the CFPA authorizes the CFPB to supervise a nonbank covered person that the CFPB has reasonable cause to determine, by order, after notice to the covered person and a reasonable opportunity for such covered person to respond, is engaging, or has engaged, in conduct that poses risks to consumers with regard to the offering or provision of consumer financial products or services. To date, the CFPB has not issued a rule addressing the meaning of “risks to consumers” in the context of § 1024(a)(1)(C). Instead, the CFPB has issued orders in individual cases. The proposed rule aims to limit the CFPB’s oversight of nonbanks to cases where there is a high likelihood of significant harm to consumers, thereby narrowing the scope of its supervisory authority. For more information, click here.
On August 26, the U.S. Small Business Administration (SBA) took action to enforce President Donald Trump’s directive by issuing a letter to its network of more than 5,000 lenders. This letter mandates the cessation of alleged politicized or unlawful banking practices, requiring lenders to reinstate qualified customers who were wrongfully denied access to financial services based on political, religious, or ideological beliefs. It further warns that punitive measures will be taken against lenders who fail to comply with the directives. In the press release announcing the letter, SBA Administrator Kelly Loeffler emphasized that the agency is committed to ending discriminatory debanking practices that have targeted right-leaning businesses, nonprofits, and individuals, including Christian, pro-life, and Second Amendment organizations. For more information, click here.
On August 26, the Federal Deposit Insurance Corporation (FDIC) held a briefing to discuss the second quarter 2025 banking profile, led by Acting Chairman Travis Hill and Andy Felton, director of the Division of Insurance and Research. The FDIC highlighted that the Deposit Insurance Fund’s reserve ratio surpassed the statutory minimum of 1.35%, marking a significant recovery from its dip during the COVID-19 pandemic. The quarter saw a slight decline in net income. Excluding these expenses, the return on assets would have increased. Loan growth was robust, marking the highest quarterly increase in years, with improvements across various loan categories. Asset quality remained favorable, although some portfolios showed persistent weaknesses. The FDIC also addressed ongoing supervision reforms and the implementation of the GENIUS Act, which involves regulatory tasks related to digital assets and stablecoins. The briefing concluded with a discussion on the agency’s regulatory agenda, including potential changes to deposit insurance and capital requirements. For more information, click here.
On August 25, the Homebuyers Privacy Protection Act (H.R.2808) was presented to Trump for signature. Sponsored by Representative John W. Rose (R-TN), this bill seeks to restrict the conditions under which credit reporting agencies can share consumer credit reports with third parties in the context of residential mortgage transactions. Specifically, it prohibits such sharing unless the transaction involves a firm offer of credit or insurance, and either the third party has the consumer’s consent, has originated a mortgage for the consumer, is a current mortgage loan servicer, or maintains a specified banking relationship with the consumer. These provisions are set to take effect 180 days following the bill’s enactment. For more information, click here.
On August 25, the CFPB made public the data from its “Making Ends Meet” survey program, which examines consumers’ evolving financial status. This series of surveys provides insights into financial decision-making, perceptions, and well-being, covering various demographics such as age, income, and homeownership status. By releasing this data, the CFPB aims to facilitate detailed analysis of consumer financial behaviors and challenges, including their ability to manage expenses following income loss. The survey data, spanning from 2019 to 2025, is particularly valuable for understanding consumer experiences with debt and financial stability, with recent findings indicating a decline in overall financial well-being across several demographic groups. Researchers and policymakers can access this data to better understand emerging risks to household financial stability. For more information, click here.
On August 25, FINRA announced the launch of its Crypto and Blockchain Education Program, aimed at providing financial professionals with a robust understanding of crypto assets and blockchain technology. This innovative program features foundational e-learning courses available for FLEX admins starting in September, with broader access in October, and plans for in-person training in collaboration with Georgetown University by 2026. Participants will explore a range of topics, including crypto terminology, blockchain operations, and fraud schemes, through self-paced modules and immersive learning experiences. Developed by FINRA’s subject matter experts, the program promises trusted content and engaging application-based activities to enhance retention. For more information, click here.
On August 21, Acting U.S. Assistant Attorney General Matthew R. Galeotti addressed the American Innovation Project Summit in Jackson, WY, emphasizing the Justice Department’s commitment to fair enforcement of criminal laws within the digital asset industry. Galeotti highlighted the department’s role in prosecuting criminal activities such as fraud and money laundering, while ensuring that well-intentioned innovators are not unfairly targeted. He reassured attendees that merely writing code or innovating without ill intent is not criminal. The department aims to provide clarity and avoid using indictments as regulatory tools, focusing instead on prosecuting those with criminal intent. Galeotti cited recent prosecutions, including a China-based money laundering syndicate and a Ponzi scheme involving cryptocurrency, as examples of the department’s efforts to maintain integrity in the digital asset ecosystem. He concluded by acknowledging the industry’s role in combating bad actors and reaffirming the department’s dedication to supporting lawful innovation. For more information, click here.
On August 20, the CFPB released a report detailing its actions to implement the “Gold Standard Science” (GSS) as mandated by Executive Order 14303, issued by Trump. The order, aimed at restoring rigorous scientific standards across federal agencies, required the CFPB to develop policies ensuring adherence to the GSS principles. The CFPB’s report outlines its progress in integrating these standards into its research activities, focusing on reproducibility, transparency, and interdisciplinary collaboration. The CFPB is also developing standardized metrics and evaluation mechanisms to assess compliance and plans to leverage technology, including AI-driven tools, to enhance data collection and analysis. Challenges in implementing GSS, such as balancing technical detail with accessibility, are being addressed through iterative improvements to ensure that research outputs meet both professional and public needs. For more information, click here.
On August 20, Federal Reserve Board Governor Christopher J. Waller delivered a speech at the Wyoming Blockchain Symposium, highlighting the ongoing “technology-driven revolution” in the payment systems sector. He emphasized the transformative impact of advancements in computing, data processing, and distributed networks, which have led to innovations such as instant payments, digital wallets, and stablecoins. Waller discussed the dual role of the private sector in driving innovation and the public sector, particularly the Federal Reserve, in providing essential infrastructure and regulatory frameworks. He underscored the importance of embracing new technologies like AI and stablecoins, while also advocating for regulatory clarity, as evidenced by the recent passage of the GENIUS Act. Waller concluded by stressing the need for continued collaboration between the Federal Reserve and industry innovators to enhance the U.S. payment system’s efficiency and global competitiveness. For more information, click here.
On August 19, U.S. Securities and Exchange Commission (SEC) Chair Paul Atkins delivered a speech at the Wyoming Blockchain Symposium discussing Project Crypto, which aims to modernize digital asset regulation and reshore crypto offerings. Chair Atkins discussed the SEC’s use of exemptive authority. He also emphasized that very few crypto tokens are, by themselves, securities. The determination of whether a token is a security depends on the broader package of rights and how the token is offered and sold, rather than the token itself. He signaled a friendlier, more innovation-focused approach to crypto, stating that the SEC wants to embrace innovation and future proof the market against regulatory missteps. For more information, click here.
State Activities:
On August 15, Illinois Governor JB Pritzker approved Public Act 104-0383. This legislation, effective immediately, amends the Student Loan Servicing Rights Act and introduces Article 7, focusing on Educational Income Share Agreements (EISAs). An EISA is defined as an agreement between a consumer and a provider under which the provider advances a sum of money to the consumer or a third party on the consumer’s behalf for post-secondary higher education needs and the consumer is obligated to make periodic payments based on the consumer’s income. There is an EISA duration under which the obligation is complete regardless of how much has been paid as long as the consumer has paid any prior amounts due. The EISA is not guaranteed under Title IV of the federal Higher Education Act of 1965. Highlights of the act include that: EISA payments cannot exceed 8% of a consumer’s income, with a cap on the effective annual percentage rate equal to the greater of 8.5% or the high yield of the 10-year U.S. Treasury Notes plus 4.5%; EISA providers are required to offer clear and concise disclosures to ensure consumers are fully informed before entering into agreements, disclosing detailed information about the agreement, including payment calculation methods, income thresholds, and potential payment obligations at various income levels; and the Illinois attorney general is empowered to enforce violations of the act under the Consumer Fraud and Deceptive Business Practices Act, ensuring compliance and accountability. For more information, click here.
