On April 3, the CFPB informed a Florida federal district court that it plans to initiate new rulemaking to revise its small business lending data collection rule under Section 1071 of the Dodd-Frank Act. The Bureau agreed to...more
On March 24, Kentucky enacted House Bill 701, establishing a statutory framework to support blockchain-based activity and clarifying the treatment of digital assets under state law. The legislation defines key terms, permits...more
On March 21, the U.S. Department of the Treasury submitted a report to the Office of Management and Budget affirming that all 11 programs administered by the Community Development Financial Institutions (CDFI) Fund are...more
Following President Trump’s March 6 Executive Order establishing a Strategic Bitcoin Reserve and U.S. Digital Asset Stockpile, federal agencies and market participants may begin to grapple with the operational and compliance...more
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
On March 25, Virginia Governor Glenn Youngkin vetoed two bills that sought to impose new restrictions on “high-risk” artificial intelligence (AI) systems and fintech lending partnerships. The vetoes reflect the Governor’s...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 March 26, the CFPB filed a motion to vacate its recent settlement against an Illinois-based mortgage lender accused of engaging in discriminatory marketing practices in violation of the Equal Credit Opportunity Act (ECOA)...more
On March 27, the FTC announced that a fintech company offering cash advances through a mobile app has agreed to pay $17 million to resolve allegations that it violated the FTC Act and the Restore Online Shoppers’ Confidence...more
3/31/2025
/ Consent ,
Consumer Protection Laws ,
Enforcement Actions ,
False Advertising ,
Federal Trade Commission (FTC) ,
FinTech ,
Mobile Apps ,
ROSCA ,
Settlement ,
Subscription Services ,
UDAAP ,
Unfair or Deceptive Trade Practices
On March 24, acting FDIC Chairman Travis Hill informed Congress that the agency is preparing to eliminate the use of “reputation risk” as a basis for supervisory criticism. In a letter to Rep. Dan Meuser (R-Pa.), Hill...more
The Federal Housing Finance Agency (FHFA) has taken two significant deregulatory steps affecting its oversight of the government-sponsored enterprises, Fannie Mae and Freddie Mac (GSEs). The agency rescinded a 2024 advisory...more
3/31/2025
/ Affordable Housing ,
Consumer Protection Laws ,
Deregulation ,
Fannie Mae ,
FHFA ,
Freddie Mac ,
Mortgages ,
Regulatory Oversight ,
Regulatory Reform ,
Special Purpose Credit Programs ,
UDAP
On January 17, the Pennsylvania Attorney General filed a civil enforcement action in the U.S. District Court for the Eastern District of Pennsylvania against a group of mortgage brokers and their manager, alleging that they...more
Following President Trump’s March 6 Executive Order establishing a Strategic Bitcoin Reserve, released alongside a White House Briefing, the U.S. government has taken its most formal step yet toward integrating digital assets...more
3/28/2025
/ Blockchain ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Assets ,
Executive Orders ,
Financial Services Industry ,
Investment ,
National Security ,
Regulatory Oversight ,
Technology ,
Trump Administration
On February 20, the SEC announced the creation of its Cyber and Emerging Technologies Unit (CETU) to address misconduct involving new technologies and strengthen protections for retail investors. The CETU replaces the SEC’s...more
On March 7, the OCC issued Interpretive Letter 1183 and an accompanying statement affirming prior guidance regarding whether national banks and federal savings associations may engage in cryptocurrency-related activities,...more
3/17/2025
/ Banking Sector ,
Blockchain ,
Cryptocurrency ,
Digital Assets ,
Financial Institutions ,
Financial Services Industry ,
Interpretive Letters ,
OCC ,
Payment Systems ,
Regulatory Requirements ,
Risk Management ,
Stablecoins
On March 1, and despite recent policy shifts under the new administration, the CFPB sent a letter to the judge overseeing its lawsuit against a fintech lender in the United States District Court for the Southern District of...more
On March 3, the FDIC announced the withdrawal of its proposed rule on brokered deposits, citing concerns regarding potential disruptions to the financial sector. This move follows significant pushback from industry...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 26, the FDIC withdrew its amicus brief in the 10th Circuit Court of Appeals challenging Colorado’s 2023 opt-out law which aimed to restricting higher-cost online lending. The FDIC’s decision follows a shift in the...more
3/3/2025
/ Depository Institutions ,
DIDMCA ,
FDIC ,
Financial Institutions ,
FinTech ,
Lenders ,
Loans ,
Regulatory Reform ,
Regulatory Requirements ,
State and Local Government ,
True Lender
On December 23, 2024, the California Department of Financial Protection and Innovation (DFPI) announced a consent order with a lender to resolve its investigation into the company’s crypto-backed lending program, which the...more
3/3/2025
/ California ,
Consumer Financial Products ,
Consumer Lenders ,
Consumer Protection Laws ,
Cryptocurrency ,
Department of Financial Protection and Innovation (DFPI) ,
Disclosure Requirements ,
Enforcement Actions ,
Loans ,
Settlement ,
State and Local Government
In an order issued in January and made public on February 24, a judge in the United States District Court for the Northern District of California granted class certification to consumers alleging a fintech lender’s loan...more
3/3/2025
/ California ,
Class Action ,
Consumer Financial Products ,
Consumer Protection Laws ,
Fees ,
Financial Services Industry ,
FinTech ,
Lenders ,
State and Local Government ,
State Attorneys General ,
Unfair or Deceptive Trade Practices
On February 25, a federal judge in the United District Court for the Eastern District of Kentucky approved a joint motion between the CFPB and banking trade groups to pause litigation over the agency’s 1033 open banking rule....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 23, the CFPB filed a joint stipulation in the United District Court for the Central District of California to dismiss its lawsuit against an online lending platform. The lawsuit, originally filed in May 2024,...more
Just over one month into the second Trump Administration, the crypto industry appears poised to notch yet another victory in its longstanding tug-of-war with regulators — perhaps its most significant to date. On February 21,...more
2/28/2025
/ Blockchain ,
Compliance ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
FinTech ,
Popular ,
Regulatory Reform ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation