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Cozen O'Connor

Passage of the GENIUS Act: A Turning Point in Stablecoin and Digital Asset Regulation

Cozen O'Connor on

President Donald J. Trump has signed into law the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 or the GENIUS Act of 2025), establishing the first comprehensive federal framework for...more

Nutter McClennen & Fish LLP

The GENIUS Act is Signed into Law: What Banks Need to Know about Payment Stablecoins

On July 18, 2025, President Trump signed into law the Guiding and Establishing National Innovation for U.S. Stablecoins Act (the “GENIUS Act”), after it passed both the U.S. Senate by a vote of 68-30 and the U.S. House in a...more

Troutman Pepper Locke

Federal Banking Agencies Propose Rescission of 2023 CRA Final Rule and Reinstatement of 1995 CRA Regulations

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On July 16, the Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the federal banking agencies) jointly published a proposed rule...more

Vedder Price

Jonathan Gould Confirmed as Comptroller of the Currency

Vedder Price on

On Thursday, July 10, 2025, the U.S. Senate confirmed Jonathan Gould to serve as the next Comptroller of the Currency in a 50–45 vote. Gould will succeed Acting Comptroller Rodney Hood, who offered his congratulations and...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Capital Ratio Podcast | Entering the US Banking Market

When crafting an entry into the U.S. markets, U.K. and European financial institutions need to carefully plan an appropriate strategy. Sebastian Barling, host of “The Capital Ratio” is joined by financial institutions...more

Ballard Spahr LLP

Independent Fed Inspector General assigned to CFPB investigating administration’s actions at the CFPB

Ballard Spahr LLP on

The independent Office of Inspector General (OIG) for the Federal Reserve System (FRS) and Consumer Financial Protection Bureau (CFPB) is investigating the bureau’s workforce reductions and its canceled contracts, according...more

Ballard Spahr LLP

Senate Republicans get Parliamentarian’s approval to slash CFPB funding in massive budget bill

Ballard Spahr LLP on

Senate Banking, Housing and Urban Affairs (Banking Committee) Republicans have received the Senate Parliamentarian’s approval to cut the CFPB’s funding. As a result, in the large budget reconciliation bill now being written...more

Ballard Spahr LLP

Fed to end use of reputational risk in examination programs

Ballard Spahr LLP on

The Federal Reserve Board has announced that it will eliminate reputational risk as a component of examination programs in its supervision of banks. ...more

Kohrman Jackson & Krantz LLP

Federal Reserve Signals Shift Toward Pragmatic Banking Regulation

With a focus on pragmatic and risk-based oversight, new leadership at the Federal Reserve signals a shift in the regulatory landscape for U.S. banks. Earlier this month, the Senate confirmed Federal Reserve Governor Michelle...more

Troutman Pepper Locke

Federal Banking Agencies Issue RFI on Payments and Check Fraud Mitigation Strategies

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On June 16, the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board, and the Office of the Comptroller of the Currency (OCC) issued a joint request for public comment on potential ways to address payments...more

Orrick, Herrington & Sutcliffe LLP

OIG confirms it will investigate CFPB following senators’ requests

On June 6, the OIG for the Fed and the CFPB responded to requests from Sens. Andy Kim (D-NJ) and Elizabeth Warren (D-MA) for a review of recent workforce reductions and contract cancellations at the CFPB. The OIG confirmed it...more

Orrick, Herrington & Sutcliffe LLP

Prudential regulators issue RFI on payments fraud

On June 13, the OCC, the Fed, and the FDIC jointly issued an RFI seeking public input on ways to address rising payments fraud, with a particular emphasis on check fraud. The request for information seeks stakeholder feedback...more

Paul Hastings LLP

GENIUS Act Clears Senate, SEC Withdraws Proposed Rules and Bitcoin Reserve Bill Introduced

Paul Hastings LLP on

The Senate passed the GENIUS Act with bipartisan support, marking a significant step forward in advancing stablecoin legislation. Legislative action on stablecoins will now move to the House of Representatives. The House...more

Orrick, Herrington & Sutcliffe LLP

District court receives amici request to participate in oral argument

On June 13, the U.S. District Court for the District of North Dakota received a motion from two amici curiae seeking leave to participate in oral arguments scheduled for July 23 on the parties’ cross motions for summary...more

GeoDataVision

Why Do Federal Bank Regulators Create a Commercial Monopoly on Key Benchmark Data?

GeoDataVision on

Ever since the 1995 CRA rule was published bank regulators have mandated certain “community” and “market” benchmarks as the basis for rating bank performance under the CRA regulations. Most of that data is in the public...more

Orrick, Herrington & Sutcliffe LLP

Senate Banking Committee proposes to reduce CFPB’s funding to zero

On June 6, the Senate Banking, Housing, and Urban Affairs Committee released its proposed amendment to H.R. 1, the “One Big Beautiful Bill Act,” which included a proposed reduction in the amount of funds the CFPB can annually...more

Orrick, Herrington & Sutcliffe LLP

Senators urge Senate Banking Committee to amend CFPB funding

On June 9, Sen. Elizabeth Warren (D-MA) and other Democratic senators sent a letter to Sen. Tim Scott, Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, insisting the Committee to hold a markup on...more

Orrick, Herrington & Sutcliffe LLP

Fed appoints Michael Horowitz to serve as OIG for Fed and CFPB

On June 6, the Fed appointed Michael E. Horowitz to lead the OIG for the Fed effective June 30. By statute, the Fed’s OIG also serves as Inspector General for the CFPB. The OIG’s mandate includes making recommendations to...more

Orrick, Herrington & Sutcliffe LLP

Bowman confirmed as Fed Vice Chair of Supervision

On June 4, the U.S. Senate voted to confirm Michelle Bowman as Vice Chair for Supervision of the Board of Governors of the Fed for a term of four years. President Trump planned to nominate Fed Governor Michelle Bowman as the...more

Cadwalader, Wickersham & Taft LLP

Heating Up, June 2025 - Vice Chair Bowman Gives Outline of Her Agenda Following Senate Confirmation

Last Friday, following her confirmation by the Senate as Federal Reserve Board Vice Chair of Supervision, Michelle Bowman laid out some of her priorities in a speech entitled “Taking a Fresh Look at Supervision and...more

Ballard Spahr LLP

Senate Banking Republican reconciliation bill would eliminate CFPB funding source

Ballard Spahr LLP on

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

Holland & Knight LLP

U.S. House of Representatives Approves 70 Percent Cut to CFPB Funding

Holland & Knight LLP on

The U.S. House of Representatives has passed an extensive budget reconciliation bill that would reduce the CFPB budget by 70 percent. In a 215-214 vote along party lines, the budget cut first approved by the House Committee...more

Mintz

Federal Reserve Disbands Climate-Focused Internal Groups

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It has been reported that the Federal Reserve has disbanded certain internal groups that were intended to develop “institutional capacity and knowledge” with respect to climate risk. Specifically, among the groups that have...more

Fenwick & West LLP

Bank-Fintech Partnerships Under Scrutiny: What Fintechs Need to Know About AML Expectations

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Bank-fintech partnerships have transformed the financial services landscape, creating new opportunities and challenges for traditional banking institutions and innovative technology companies alike. In a typical arrangement,...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

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