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 This reverses a Biden-era interpretation, issued in 2022 but withdrawn by the Trump administration in May 2025, which…
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…
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…
Over the past month, the Consumer Financial Protection Bureau (CFPB) took a slew of actions with the apparent aim to decrease the CFPB’s regulatory authority. On May 14, 2025, the CFPB proposed rescinding the “NBR Rule” which requires nonbanks to register certain agency enforcement and court orders with the CFPB related to…
On June 24, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it had approved a new rule about the use of algorithms and artificial intelligence (AI) for home appraisals and valuations. The new rule was promulgated by the CFPB, the Federal Reserve, the Federal Deposit Insurance Corporation, the National…
At the close of an extended term, on July 1, 2024, the U.S. Supreme Court expanded the time period for bringing a facial challenge to a federal agency rule. Before the decision in Corner Post, Inc. v. Board of Governors of the Federal Reserve System, the law in at least…
On Tuesday, March 5, 2024, the Consumer Financial Protection Bureau (CFPB) issued a final rule (Final Rule) which amends provisions of Regulation Z, which implements the Truth in Lending Act (TILA). The Final Rule amends the provisions related to the permissible late fee that a credit card issuer may impose…
In late January, the West Virginia Legislature introduced two bills aiming to regulate and expand the telemarketing laws in West Virginia. The first bill, House Bill 4886, would amend the Code of West Virginia by adding a new section that establishes a $1000 civil administrative penalty for each instance that…
In October 2023, the Consumer Financial Protection Bureau (CFPB) proposed a new rule intended to encourage “open banking”. “Open banking” is a practice of sharing, with consent, consumers’ banking and financial data (account balances, transaction history, payment due dates, routing numbers, and the like) with third-party vendors who in turn…
On July 19, 2023, the Consumer Financial Protection Bureau (“CFPB”) sued Snap Finance LLC, Snap R TO LLC, Snap Second Look LLC, Snap U.S. Holdings LLC, and Snap Finance Holdings LLC (collectively, the Snap Defendants or Snap). The complaint alleged that the Snap Defendants violated the: Consumer Financial Protection Act…
On June 21, 2023, the Office of the Comptroller of the Currency (OCC), Treasury, Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Consumer Financial Protection Bureau (CFPB), and Federal Housing Finance Agency (FHFA) (collectively, the “Agencies”) published a proposed…
On May 30, 2023, the Federal Trade Commission (FTC) announced that it had finalized a consent order with one of the nation’s largest credit and debit card providers in an administrative action regarding alleged violations of the Electronic Funds Transfer Act (EFTA), as amended, 15 U.S.C. § 1693o-2, and its implementing regulation,…
On March 24, 2023, the Federal Deposit Insurance Corporation (FDIC) announced that it had issued an advisory letter to a United States-based neobank, demanding that the company immediately cease and desist and take immediate corrective action to address allegedly false and misleading statements regarding the company’s insured status under the Federal Deposit…
On March 17, the U.S. Department of Housing and Urban Development (HUD) announced that it had submitted a Final Rule entitled Restoring HUD’s Discriminatory Effects Standard. The Rule reinstates HUD’s 2013 discriminatory effects rule and repeals its 2020 rule governing Fair Housing Act (FHA) disparate impact claims. Some of the…
On February 23, 2023, the Federal Communications Commission (FCC) issued a Further Notice of Proposed Rulemaking (FNPRM) seeking public comment on proposed rules targeting unlawful text messages. If the proposed rules are adopted, they will comprise the FCC’s “first action to protect consumers from unwanted and illegal texts.” If adopted,…
On December 12, 2022, the Consumer Financial Protection Bureau (“CFPB”) proposed a rule (“Proposed Rule”) that would require non-bank financial institutions to register with the CFPB when they become subject to certain final public orders by a Federal, State, or local government agency in connection with the offering or provision…
On October 4, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it has issued a consent order against a nonbank provider of a money transfer service for multiple violations of the Electronic Fund Transfer Act (EFTA), 15 U.S.C. § 1693 et seq., and its implementing Regulation E, 12 C.F.R. Part…
On June 3, 2021, the Second Circuit ruled that the New York State Department of Financial Services (DFS) lacked legal standing to challenge the Office of the Comptroller of the Currency’s (OCC’s) fintech charter program. The Second Circuit concluded that DFS lacked Article III standing because it failed to allege…