A federal judge has issued an injunction delaying the compliance dates of the CFPB’s open banking rule (“Rule”)....more
11/6/2025
/ Arbitrary and Capricious ,
Banks ,
Compliance Dates ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Data-Sharing ,
Financial Institutions ,
Financial Services Industry ,
Open Banking ,
Preliminary Injunctions ,
Regulatory Requirements ,
Statutory Authority
The CFPB has issued an interpretive rule that says the federal Fair Credit Reporting Act (FCRA) preempts states from regulating broad areas of credit reporting.
...more
10/30/2025
/ Biden Administration ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Credit Reports ,
Fair Credit Reporting Act (FCRA) ,
Federal v State Law Application ,
Financial Services Industry ,
Interpretive Rule ,
Preemption ,
Statutory Interpretation ,
Trump Administration
The NCUA has issued a Notice of Proposed Rulemaking to codify the elimination of reputational risk from its supervisory program, becoming the latest federal financial regulator to do so. ...more
10/29/2025
/ Credit Unions ,
Executive Orders ,
Financial Institutions ,
Financial Services Industry ,
Government Agencies ,
NCUA ,
NPRM ,
Proposed Rules ,
Regulatory Oversight ,
Regulatory Reform ,
Risk Management ,
Rulemaking Process ,
Supervision ,
Supervisory Guidance
The FDIC and the OCC have issued a Notice of Proposed Rulemaking that seeks to establish a standard definition for what constitutes an “unsafe or unsound practice.”
...more
10/10/2025
/ Banking Examinations ,
Banks ,
Examination Priorities ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
NPRM ,
OCC ,
Proposed Rules ,
Regulatory Agenda ,
Regulatory Oversight ,
Risk Management ,
Rulemaking Process
The FDIC and the OCC have approved the joint publication of a Notice of Proposed Rulemaking that would codify the removal of reputational risk from their supervisory programs....more
10/8/2025
/ Anti-Discrimination Policies ,
Banks ,
Discriminatory Lending Practices ,
Executive Orders ,
FDIC ,
Financial Regulatory Agencies ,
Financial Regulatory Reform ,
Financial Services Industry ,
NPRM ,
OCC ,
Proposed Rules ,
Regulatory Agenda ,
Regulatory Oversight ,
Rulemaking Process ,
Supervision ,
Supervisory Guidance
On September 22, 2025, a panel of the First Circuit Court of Appeals issued a significant opinion in Conti v. Citizens Bank, N.A., holding unanimously that the National Bank Act does not preempt a Rhode Island statute...more
9/29/2025
/ Appeals ,
Banks ,
Class Action ,
Consumer Financial Products ,
Dodd-Frank ,
Escrow Accounts ,
Federal v State Law Application ,
Financial Services Industry ,
Mortgage Lenders ,
Mortgages ,
National Bank Act ,
OCC ,
Preemption
The CFPB has filed a complaint against Synapse Financial Technologies Inc, alleging that the company engaged in unfair acts and practices in violation of the Section 1036(a)(1)(B) of the CFPA by failing to maintain sufficient...more
8/29/2025
/ Bank Accounts ,
Bankruptcy Code ,
Chapter 11 ,
Civil Monetary Penalty ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Financial Services Industry ,
FinTech ,
Non-Bank Lenders ,
Recordkeeping Requirements ,
Regulatory Violations ,
Unfair or Deceptive Trade Practices
Contending that the Biden Administration’s investigation of Credova Financial LLC was an instance of politically motivated debanking, the CFPB is dropping its probe of the company....more
Republican senators on the Banking, Housing and Urban Affairs Committee are asking banking regulators to review their process of using Matters Requiring Attention (MRA) in the bank supervisory process....more
8/28/2025
/ Administrative Procedure Act ,
Banking Regulators ,
Banks ,
Congressional Committees ,
FDIC ,
Federal Reserve ,
Financial Regulatory Reform ,
OCC ,
Regulatory Oversight ,
Regulatory Reform ,
Rulemaking Process ,
Supervision ,
Supervisory Guidance
As promised, the CFPB is issuing an Advance Notice of Proposed Rulemaking soliciting comments on the agency’s open banking rule....more
8/22/2025
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Data Privacy ,
Data Security ,
Dodd-Frank ,
Financial Institutions ,
Financial Regulatory Reform ,
FinTech ,
Open Banking ,
Regulatory Agenda ,
Rulemaking Process
The banking plaintiffs in the suit challenging the CFPB’s open banking rule (“Rule”) have asked a federal court to delay the compliance date of the Rule, contending that even though the Trump Administration has said it was...more
8/22/2025
/ Banks ,
Compliance Dates ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Management ,
Dodd-Frank ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Notice of Proposed Rulemaking (NOPR) ,
Open Banking ,
Regulatory Agenda ,
Rulemaking Process ,
Stays ,
Trump Administration
Federal banking regulators have issued a joint statement in an effort to provide clarity on banks’ engagement in crypto-asset related activities....more
8/20/2025
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Regulators ,
Banks ,
Cryptoassets ,
Cybersecurity ,
Investment ,
Joint Statements ,
New Guidance ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Regulatory Oversight ,
Risk Management
The FHFA has directed Fannie Mae and Freddie Mac to prepare proposals for consideration of cryptocurrency as an asset for reserves in their single-family risk assessments, without a conversion to dollars....more
8/15/2025
/ Consumer Financial Products ,
Crypto Exchanges ,
Cryptocurrency ,
Digital Assets ,
Fannie Mae ,
FHFA ,
Financial Services Industry ,
Freddie Mac ,
Mortgages ,
New Guidance ,
Regulatory Requirements ,
Risk Assessment ,
Risk Management
President Trump has issued an Executive Order directing banking agencies to adopt policies to ensure that financial institutions do not use reputational risk as a basis for restricting access to banking services—a process...more
8/12/2025
/ Adverse Action ,
Banking Regulators ,
Banks ,
Consumer Financial Products ,
Executive Orders ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
OCC ,
Regulatory Reform ,
Reputation Management ,
Risk Management ,
Trump Administration
On August 5, 2025, the Federal Deposit Insurance Corporation (FDIC) issued FIL-39-2025 to state that an FDIC-supervised institution can use pre-populated customer information to satisfy the requirements of the Customer...more
In a surprise announcement, the CFPB has said it will issue a revised Section 1033 open banking rule rather than simply killing the Biden Administration rule....more
8/5/2025
/ Biden Administration ,
Consumer Financial Protection Bureau (CFPB) ,
Data Privacy ,
Data-Sharing ,
Final Rules ,
Financial Services Industry ,
Open Banking ,
Proposed Rules ,
Regulatory Reform ,
Rulemaking Process ,
Trump Administration
On June 20, 2025, the Office of the Comptroller of the Currency (OCC), Treasury, the Board of Governors of the Federal Reserve System (FRB), and the Federal Deposit Insurance Corporation (FDIC) announced they are seeking...more
7/10/2025
/ Automated Clearing House (ACH) ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
FDIC ,
Federal Reserve ,
Financial Crimes ,
Financial Fraud ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Fraud ,
FRB ,
Government Agencies ,
OCC ,
Payment Systems ,
Regulatory Agencies ,
Request For Information ,
Zelle
In its motion for a summary judgment in a lawsuit challenging the regulation, the CFPB stated it has concluded that the Section 1033 Rule (Rule) exceeds the agency’s statutory authority to create an open banking system...more
6/5/2025
/ Administrative Procedure Act ,
Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Management ,
Data Privacy ,
Data-Sharing ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Open Banking ,
Regulatory Authority ,
Statutory Interpretation
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
5/29/2025
/ Banks ,
Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Open Banking ,
Popular ,
Regulatory Reform ,
Repeal ,
Trump Administration
At the request of both sides of the lawsuit, a federal judge has voided the CFPB’s credit card late fee rule....more
4/16/2025
/ Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debit and Credit Card Transactions ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Industry ,
Judicial Authority ,
Late Fees ,
Regulatory Reform ,
Settlement ,
Trump Administration
Using the Congressional Review Act, the Senate has voted to nullify a CFPB final rule that would subject large cash apps to the bureau’s supervision....more
3/12/2025
/ Congressional Review Act ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Deregulation ,
Electronic Payment Transactions ,
Enforcement Actions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financial Transactions ,
FinTech ,
Fraud ,
Mobile Apps ,
Mobile Payments ,
Nonbank Firms ,
Payment Systems ,
PayPal ,
Regulatory Oversight ,
Trump Administration ,
Venmo
Chairman Kyle S. Hauptman announced that the National Credit Union Administration (NCUA) will no longer publish overdraft and non-sufficient fund (NSF) fee income for individual credit unions with more than $1 billion in...more
The Federal Deposit Insurance Corporation (FDIC) is further postponing the compliance date requirements to display the FDIC official digital sign on an insured depository institution’s (IDI) digital channels, as well as on...more
3/6/2025
/ Banks ,
Compliance Dates ,
Consumer Financial Products ,
Disclosure Requirements ,
FDIC ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Posting Requirements ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements
In the latest edition of its Consumer Compliance Outlook, the Federal Reserve (Fed) identified the four most significant fair lending violations that it found in examining state member banks in 2022. These are violations that...more
3/6/2025
/ Banks ,
Civil Rights Act ,
Consumer Financial Products ,
Consumer Lenders ,
Fair Lending ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
Regulatory Requirements ,
Regulatory Violations ,
Risk Management
In a significant ruling on February 18, 2025, the Wisconsin Court of Appeals determined that National Bank Act (NBA) does not preempt the procedural “right to cure” notice requirements mandated by the Wisconsin Consumer Act...more