On May 23, the CFPB notified a Kentucky federal court that it now considers its own 2023 open banking rule “unlawful” and plans to set the rule aside. The Bureau announced its intent to seek summary judgement against the...more
On May 20, the U.S. Senate voted 66-32 to move forward with the Guardrails and Enforcement for Neutral Issuers of United States Stablecoins (GENIUS) Act (the “Act”), pushing the stablecoin bill past a major procedural hurdle....more
5/23/2025
/ Banking Sector ,
Cryptocurrency ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
Government Agencies ,
Legislative Agendas ,
New Legislation ,
Proposed Legislation ,
Regulatory Requirements ,
Stablecoins
On May 9, the U.S. Department of the Treasury announced that President Trump intends to nominate Jonathan McKernan to serve as the Undersecretary of Domestic Finance. McKernan had been awaiting Senate confirmation to lead the...more
On April 4, the Securities and Exchange Commission’s (SEC) Division of Corporation Finance issued a statement clarifying that reserve-backed U.S. dollar stablecoins are not securities, at least under current law and...more
4/21/2025
/ Cryptocurrency ,
Digital Assets ,
Financial Regulatory Reform ,
FinTech ,
New Guidance ,
Proposed Legislation ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Stablecoins ,
Technology Sector
On April 1, the Conference of State Bank Supervisors (CSBS) submitted a letter to the House Financial Services Committee expressing concerns with an introduced draft of H.R. 2392—the Stablecoin Transparency and Accountability...more
The CFPB has announced plans to withdraw its May 2024 interpretive rule that subjected buy-now, pay-later (BNPL) products to regulations applicable to credit cards under the Truth in Lending Act (TILA). The move was revealed...more
On February 18, the Maryland Office of Financial Regulation (OFR) issued an alert to address industry concerns regarding its January guidance on licensing requirements for assignees of residential mortgage and installment...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 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 12, the city of Baltimore filed a lawsuit against the Trump administration and CFPB Acting Director Ross Vought, alleging that efforts to defund the agency violate the Administrative Procedure Act. The lawsuit...more
On February 8, the CFPB requested a 90 day stay in a lawsuit filed by a major tech company challenging the agency’s risk-based supervision order. The lawsuit, filed in the U.S. District Court for the District of Columbia,...more
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 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 3, 2025, the CFPB announced a reboot of its no-action letter and compliance assistance sandbox policy, aimed at promoting consumer-beneficial innovation in financial services. The new policies are designed to...more
On November 13, the Federal Reserve Board issued two cease and desist orders against a state-chartered bank and a bank holding company for alleged compliance deficiencies.
The Federal Reserve Board first order was against...more
On November 1, a debt collection trade group filed a complaint in federal court challenging an October 1 CFPB advisory opinion that warned debt collectors against seeking payment on unverified or potentially inflated medical...more
Florida recently enacted H1347, revising the state’s criteria for what constitutes usurious consumer loans.
The Florida Consumer Finance Act prohibits charging an interest rate of more than 18% per year on a loan of...more
On April 17, the Kansas Legislature signed SB 345, to become the most recent state to enact disclosure requirements for small business lenders.
The law’s requirements apply to “providers” which are defined as persons who...more
4/22/2024
/ Commercial Loans ,
Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Kansas ,
Lenders ,
New Legislation ,
Small Business ,
State and Local Government ,
State Legislatures