Popular, Consumer Financial Protection Bureau (CFPB), Financial Institutions

Financial Institutions Face Investigations and Possible Referral to DOJ Based on Past ‘Debanking’ Practices

Morgan Lewis on 8/8/2025

An executive order signed by the US president on August 7, 2025, titled Guaranteeing Fair Banking for All Americans, seeks to prohibit financial institutions from engaging in “debanking” practices, such as denying services or...more

Rhode Island Enacts New Financial Institutions Cybersecurity Law With Immediate Effect

Cooley LLP on 7/31/2025

As the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) scale back rulemaking and enforcement, states are advancing more prescriptive cybersecurity standards for financial institutions, including...more

CFPB will kill Section 1033 Open Banking Rule

Ballard Spahr LLP on 5/29/2025

The CFPB is planning to repeal its Section 1033 Open Banking Rule, according to a filing in a federal lawsuit challenging the rule. On the same day the Final Rule was issued, the Banking Policy Institute (BPI) and Kentucky...more

CFPB’s repeal of two final rules leads to dismissal of two cases

Orrick, Herrington & Sutcliffe LLP on 5/27/2025

Recently, federal district courts dismissed two cases which challenged two final rules promulgated by the CFPB under the previous administration. Specifically, these dismissals came soon after President Trump repealed the...more

President Trump repeals two CFPB rules

Orrick, Herrington & Sutcliffe LLP on 5/19/2025

On May 9, President Donald Trump repealed two CFPB rules which were brought under the previous administration. The first action repealed the CFPB’s overdraft lending rule (S. J. Res. 18), which would have capped overdraft...more

Banking Nominees Advance, SEC Tackles Tokenization and OCC Issues Custody Guidance

Paul Hastings LLP on 5/16/2025

Several significant regulatory and policy developments took place this week in Washington. The Senate banking committee advanced several key nominations, including Michelle Bowman to serve as vice chair for supervision at the...more

President Trump Signs Resolution Nullifying CFPB Overdraft Fee Rule

Sheppard Mullin Richter & Hampton LLP on 5/16/2025

On May 9, President Trump signed a Congressional Review Act resolution repealing the CFPB’s final rule restricting overdraft fees at large financial institutions. The rule, originally finalized under the Biden administration,...more

CFPB Overdraft and Digital Payment Rules Repealed by Trump Administration

Holland & Knight LLP on 5/14/2025

President Donald Trump on May 9, 2025, signed into law measures to eliminate two CFPB rules established under the Biden Administration. The first rule repealed was the CFPB's Overdraft Rule, one aspect of the Biden...more

Trump signs resolution nullifying CFPB overdraft rule

Ballard Spahr LLP on 5/13/2025

President Trump has signed a Congressional Review Act (CRA) resolution nullifying the CFPB’s controversial overdraft rule. ...more

CFPB Rescinds Dozens of Regulatory Guidance Documents in Major Regulatory Shift

Troutman Pepper Locke on 5/12/2025

The Consumer Financial Protection Bureau (CFPB or Bureau) announced the withdrawal of 67 regulatory guidance documents, including interpretive rules, policy statements, and advisory opinions that have been issued since the...more

CFPB Bites of the Month - April 2025 - "I'll Remember April and the CFPB"

Hudson Cook, LLP on 4/22/2025

In this month's article, we share some of our top "bites" covered during the April 2025 webinar....more

House sends Trump resolution to nullify CFPB overdraft rule

Ballard Spahr LLP on 4/11/2025

The resolution to nullify the CFPB’s overdraft rule now is in President Trump’s hands....more

2024 Year in Review: Cards, Payments, and Consumer Banking

Goodwin on 3/14/2025

We expect continued scrutiny by regulators on fees, including enforcement actions and rulemakings, with the caveat that the new administration could shift federal priorities away from this fee crackdown....more

House Committee adopts resolution to nullify CFPB overdraft rule

Ballard Spahr LLP on 3/7/2025

The House Financial Services Committee on March 5 took the first step toward repealing the CFPB’s overdraft rule, adopting a resolution under the Congressional Review Act. ...more

Resolutions to nullify CFPB overdraft rule introduced in House, Senate

Ballard Spahr LLP on 2/28/2025

The Chairmen of the House and Senate committees with jurisdiction over banking issues have introduced Congressional Review Act resolutions to nullify the CFPB’s overdraft rule. House Financial Services Committee Chairman Rep....more

Fintech trade group argues to sustain open banking rule

Orrick, Herrington & Sutcliffe LLP on 2/14/2025

On February 12, a trade group representing the fintech industry filed a motion to intervene in a pending lawsuit regarding the CFPB’s final rule on open banking, in order to defend it. The suit was filed originally by a bank...more

House Republicans may start Congressional Review Act process to nullify overdraft rule

Ballard Spahr LLP on 2/10/2025

House Republicans appear ready to start the Congressional Review Act (CRA) process to attempt to repeal the Biden Administration’s controversial overdraft rule....more

Weekly Blockchain Blog - January 2025 #2

BakerHostetler on 1/21/2025

U.S. Web3 Companies Launch Products and Tech Integrations - A major U.S. cryptocurrency exchange recently launched a “Bitcoin-based loans” product that allows customers to post BTC as collateral for USDC loans. ...more

Leaning In: The CFPB Publishes Rule on Fees for Overdraft Services

Morrison & Foerster LLP on 1/8/2025

On December 30, 2024, the Consumer Financial Protection Bureau (CFPB) published a final rule that may dramatically change the way that certain large financial institutions offer overdraft services to consumers. Under the...more

CFPB Finalizes Rule Preventing Overdraft Fee Loophole for Large Banks

Goodwin on 12/30/2024

In December 2024, the Consumer Financial Protection Bureau (CFPB) finalized a rule that closes a loophole exempting overdraft loans from lending laws, a major step in the CFPB’s efforts to curb junk fees....more

CFPB Issues Final Rule Limiting Overdraft Fees at Large Banks, Treats Overdraft as Credit

Cooley LLP on 12/23/2024

On December 12, 2024, the Consumer Financial Protection Bureau (CFPB) issued a final rule that treats covered overdraft services offered by banks with more than $10 billion in assets (large banks) as credit, bringing them for...more

CFPB finalizes overdraft lending rule for “very large financial institutions”

Orrick, Herrington & Sutcliffe LLP on 12/20/2024

On December 12, the CFPB issued a final rule, restricting the amount that certain financial institutions can charge for their overdraft service. As previously covered by InfoBytes, historically, the Fed exempted banks from...more

Big Banks, Beware – CFPB Issues Final Rule to Cap Overdraft Fees

Saul Ewing LLP on 12/19/2024

After nearly a year of speculation, the Consumer Financial Protection Bureau (“CFPB”) issued a final rule (the “Rule”) to cap overdraft fees that financial institutions with at least $10 billion in assets can assess to...more

CFPB Finalizes Controversial Overdraft Overhaul

Brownstein Hyatt Farber Schreck on 12/19/2024

On Dec. 12, the Consumer Financial Protection Bureau (CFPB) finalized a controversial rulemaking that would fundamentally alter how banks and credit unions offer overdraft services. The proposed rule was issued in January...more

CFPB Finalizes Rule on Overdraft Fees for Large Financial Institutions

Troutman Pepper Locke on 12/17/2024

On December 12, the Consumer Financial Protection Bureau (CFPB or Bureau) announced the finalization of its rule addressing overdraft fees. The rule targets financial institutions with more than $10 billion in assets,...more

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