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Jones Day

With New Action Plan, White House Launches AI "Space Race"—What Banks Should Know

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The White House has issued an AI Action Plan that aims to position the United States as the leader in artificial intelligence ("AI"), as part of a broader pattern of boosting innovation and reducing regulatory burden, with...more

Ballard Spahr LLP

Jonathan Gould confirmed as Comptroller of the Currency

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The Senate has confirmed Jonathan Gould as Comptroller of the Currency. Gould, who served as Senior Deputy Comptroller and Chief Counsel at the OCC during President Trump’s first term, was confirmed 50-45. Every Democrat...more

Troutman Pepper Locke

In Response to the President’s Directive, CFPB Unveils New Strategy to Tackle Criminal Regulatory Offenses

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Today, the Consumer Financial Protection Bureau (CFPB or Bureau) published a policy statement in the Federal Register outlining its approach to addressing criminally liable regulatory offenses. This publication comes in...more

Akin Gump Strauss Hauer & Feld LLP

CryptoLink - May 2025

In May 2025, the leadership from the SEC provided guidance on digital asset regulation in several keynote addresses and round tables. The SEC's activities in May 2025 suggest a deliberate movement towards establishing a more...more

Ballard Spahr LLP

NYC Comptroller calls for strengthening city, state consumer protection laws, regulations

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Accusing the Trump Administration of “dismantling” the CFPB, New York City Comptroller Brad Lander is calling on city and state officials to fill the void by strengthening consumer protection laws and rules in the city and...more

Carlton Fields

One Fell Swoop: SEC Erases Ambitious Gensler-Era Rulemaking Agenda

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On June 12, 2025, the Securities and Exchange Commission issued a release announcing that it was withdrawing 14 notices of proposed rulemaking issued between March 2022 and November 2023 and stating that it “does not intend...more

Ballard Spahr LLP

Senate Banking Republican reconciliation bill would eliminate CFPB funding source

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The Senate Banking, Housing and Affairs Committee (Banking Committee) would eliminate the CFPB’s current funding source, as part of Committee’s Republican version of its part of the massive budget reconciliation bill,...more

Carlton Fields

No Consensus: Pros and Cons of a Strategic Digital Asset Reserve

Carlton Fields on

With bitcoin hitting its all-time high of $112,000 in May 2025, and President Trump’s ongoing vocal support for cryptocurrency, it is worth examining the establishment of a strategic digital asset reserve. Executive Order...more

Troutman Pepper Locke

The Big Beautiful Bill and the Effects on Bank Lending Into the US

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Every year, foreign lenders make thousands of loans to U.S. entities. The U.S. withholding tax on the related interest payments has been generally stable since 1984. The general rule is that interest paid under these loans...more

Troutman Pepper Locke

2025 Digital Asset Developments - Navigating Change: First 100 Days Under the Trump Administration

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We are pleased to share with you our latest publication, “Navigating Change: First 100 Days under the Trump Administration,” authored by our Digital Assets + Blockchain team. This retrospective examines the pivotal...more

Ballard Spahr LLP

Budget bill would cut CFPB funding

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The huge FY26 budget reconciliation bill, H.R. 1, dubbed the “One Big Beautiful Bill Act,” contains provisions that would slash CFPB spending....more

Ballard Spahr LLP

Trump Administration to withdraw McKernan’s nomination to serve as CFPB Director

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President Trump will withdraw Jonathan McKernan’s nomination as CFPB Director, as he nominates him as the Treasury Department’s Undersecretary of Domestic Policy, the New York Times and Law360 reported....more

Eversheds Sutherland (US) LLP

CFPB withdraws dozens of guidance documents in sweeping regulatory shift

Consistent with President Trump’s de-regulatory agenda, the Consumer Financial Protection Bureau (CFPB or Bureau) is withdrawing over five dozen of its guidance documents, including interpretive rules, advisory opinions, and...more

Carlton Fields

SEC Engages in “Targeted, Common-Sense” Reorganization

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It has been reported that the Securities and Exchange Commission (SEC) recently reduced head count by an estimated 12% due to the Trump administration’s effort to rapidly downsize the federal government. Particularly hard-hit...more

Skadden, Arps, Slate, Meagher & Flom LLP

Servicemember Financial Protections Emerge as a Trump Enforcement Priority

Key Points - - The CFPB and DOJ have recently prioritized enforcement of federal servicemember protections. - The Servicemembers Civil Relief Act and Military Lending Act provide key protections such as interest rate caps,...more

Eversheds Sutherland (US) LLP

Draft legislation proposes shift in regulatory oversight of digital assets

On May 5, 2025, the US House of Representatives Financial Services Committee and Agriculture Committee released a draft bill that would shift oversight of most digital assets from the Securities and Exchange Commission (SEC)...more

Ballard Spahr LLP

Appeals court temporarily bars mass firings at CFPB

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The U.S. Circuit Court of Appeals for the District of Columbia has upheld a temporary injunction issued by Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia prohibiting the CFPB from firing more...more

Ballard Spahr LLP

Republicans ask federal banking agencies to withdraw rules, guidance

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Republicans on the House Financial Services Committee have sent letters to financial regulators asking them to rescind a variety of measures the regulators issued during the Biden Administration....more

Ballard Spahr LLP

House sends Trump resolution to nullify CFPB overdraft rule

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

Ballard Spahr LLP

House Subcommittee to hold Wednesday hearing on role of CFPB

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The House Financial Services Committee’s Financial Institutions Subcommittee will hold a hearing on Wednesday, March 26, to discuss possible changes to the structure and responsibilities of the CFPB....more

Carlton Fields

New SEC Management Boldly Charts New Course

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A shift in leadership at the Securities and Exchange Commission often brings significant changes in regulatory priorities and enforcement approaches. As anticipated in our firm’s EO Watch alert, “Immediate Practical...more

Goodwin

2024 Year in Review - Overview: 2024 Lessons and 2025 Emerging Trends

Goodwin on

Welcome to the “Overview: 2024 Lessons and 2025 Emerging Trends” chapter of our annual report, Consumer Financial Services: 2024 Year in Review. As Goodwin predicted in our previous year in review, the enforcement and...more

Ballard Spahr LLP

Recent Developments Raise Significant Questions about the Future of Regulation and Enforcement of Cryptocurrency

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Recent developments in the world of crypto have come at a rapid pace to open 2025 not only signaling but, in some instances, explicitly declaring the Trump Administration’s intent to significantly relax or eliminate...more

Cadwalader, Wickersham & Taft LLP

Amid Chaos, Regulatory Change Continues Apace, March 2025 - The CFPB Is Dead, Long Live the CFPB

In the two weeks since our last update on what is happening with the Consumer Financial Protection Bureau ("CFPB"), the Trump administration has continued to take actions that make it seem as though they are intending to wind...more

Ballard Spahr LLP

House Committee adopts resolution to nullify CFPB overdraft rule

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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

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