In October 2025, the Bank Policy Institute (BPI) issued a series of letters opposing efforts by several digital asset and payment firms to secure federal banking charters from the Office of the Comptroller of the Currency (OCC). BPI raised concerns that these companies are seeking trust charters even though, in…
On October 27, 2025, the Office of the Comptroller of the Currency (OCC) announced that it is seeking public comment on its proposal to eliminate certain recovery planning guidelines applicable to insured national banks, federal savings associations, and federal branches of foreign banks with at least $100 billion in assets….
The Consumer Financial Protection Bureau (CFPB) issued an interpretive rule on October 20, 2025 stating that the Fair Credit Reporting Act (FCRA) preempts state measures barring medical debt in consumer credit reports. This reverses a Biden-era interpretation, issued in 2022 but withdrawn by the Trump administration in May 2025, which…
The Consumer Financial Protection Bureau (CFPB) has once again found itself at the center of an intense policy debate. Its August 2025 Advance Notice of Proposed Rulemaking (ANPR) on Personal Financial Data Rights — better known as the Open Banking Rule under Section 1033 of the Dodd-Frank Act — drew…
This year has seen a lot of activity in the cryptocurrency regulatory space, with several states amending existing statutes regulating money transmitters or instituting new regulatory mechanisms to address digital assets. For example, on June 27 Pennsylvania became the 27th state to regulate virtual currency and a few months later,…
FTC Settles with Amazon Over Enrollment and Cancellation Processes for Prime Memberships On September 25, 2025, the Federal Trade Commission announced it had reached a settlement with Amazon.com, Inc. and two company executives, resolving allegations that the company’s enrollment and cancellation processes for Amazon Prime subscription memberships violated Section 5(a) of the…
The Federal Communication Commission (FCC) has recently issued a final rule under the Telephone Consumer Protection Act (TCPA), which formally eliminates a prior rule which had required that a customer’s “prior written consent” to receive telemarketing “robocalls” be limited to receiving those calls from one specific seller. 47 CFR §…
On September 8, 2025, the Attorney General of the District of Columbia sued one of the country’s largest operators of Bitcoin Automated Teller Machines (BTMs) alleging that the company’s BTMs charged undisclosed fees and relied heavily on scams and fraud. The Attorney General accused the company of failing to implement adequate…
In August 2025, President Donald Trump issued an executive order broadly aimed at preventing banks from closing or restricting accounts due to a customer’s “political or religious beliefs,” a practice known as “debanking.” The order, titled “Guaranteeing Fair Banking for All Americans,” instructs federal banking regulators to revise supervisory practices,…
On August 19, 2025, the Federal Deposit Insurance Corporation (FDIC) Board of Directors published a Notice of Proposed Rulemaking to update regulations on how banks display the FDIC official digital sign and related non-deposit signage. The proposal aims to simplify signage requirements introduced in 2023, which mandated the use of…
The Consumer Financial Protection Bureau (CFPB) announced that it filed a complaint against a banking-as-a-service platform on August 21, 2025 in the U.S. Bankruptcy Court for the Central District of California, San Fernando Valley Division. The complaint alleges that the California-based company violated the Consumer Financial Protection Act by failing to maintain adequate records of…
Earlier this month, the CFPB issued four separate advance notices of proposed rulemaking with respect to rules that give the CFPB authority over nonbank companies in the auto finance, international money transfer, debt collection, and consumer credit reporting spaces. According to the CFPB, the current thresholds impose a compliance burden…
On August 18, the California Department of Financial Protection and Innovation (DFPI) reached a settlement with a former mortgage lender and servicer to resolve allegations that, among other things, the company overcharged thousands of California borrowers in per diem interest, in violation of state financial regulations. The company was licensed as a…
On July 21, 2025, the CFPB announced that it was withdrawing its planned recission of Section 1082.1 of the Consumer Financial Protection Act (CFPA) implementing regulations, which contains procedures by which state officials must notify the CFPB prior to taking an action enforcing the federal CFPA. Specifically, Section 1082.1 requires…
On July 21, 2025, the Consumer Financial Protection Bureau (CFPB) announced that it had terminated its October 2024 consent order with a Florida-based credit union. The original order alleged that the credit union had engaged in unfair practices related to its online and mobile banking services, in violation of Sections 1031 and 1036(a)(1)(B) of the…
An Illinois federal district court judge presiding over a revived redlining case denied a joint motion to vacate a 2024 voluntary settlement between the Consumer Financial Protection Bureau (CFPB) and a Chicago-based non-bank lender. In November 2024, the parties voluntarily entered into a settlement to resolve the CFPB’s allegations that the…
This Thursday, July 10, Massachusetts Attorney General Andrea Joy Campbell announced a $2.5 million settlement with a company that offers education financing products based in Delaware. The settlement resolved allegations related to the company’s lending practices, which Campbell’s office claimed violated consumer protection and fair lending laws because of the company’s use of artificial intelligence…
On July 10, 2025, Attorney General James Uthmeier of Florida launched an investigation into a cryptocurrency and stock trading platform, with the goal of assessing whether the platform is breaking Florida’s Deceptive and Unfair Practices Act by falsely promoting its crypto platform as the least expensive way to purchase crypto….
On June 16, 2025, the New York Attorney General announced it had entered into a stipulated final judgment to settle its suit against a non-bank money transfer provider over alleged violations of federal and state consumer protection laws related to remittance transfers. The lawsuit alleged the company provided inaccurate disclosures…
On June 16, 2025, the FTC announced it had reached a settlement with a UK-based payment processor, resolving allegations that the company facilitated deceptive tech-support schemes by processing payments for merchants engaged in misleading practices, including impersonating well-known software brands and using scare tactics to sell unnecessary services in violation…