In a significant procedural development in the ongoing litigation over the future of the Consumer Financial Protection Bureau (“CFPB”), the en banc U.S. Court of Appeals for the District of Columbia Circuit has issued an order granting a limited remand to the district court in National Treasury Employees Union v. Vought, while denying the CFPB’s request to immediately modify the stay pending appeal.… Continue Reading

The New Jersey Attorney General and Division of Consumer Affairs recently issued a comprehensive Enforcement Statement signaling an aggressive enforcement posture toward so-called “junk fees” under the New Jersey Consumer Fraud Act (CFA). The Enforcement Statement was issued in conjunction with Governor Mikie Sherrill’s Executive Order No. 19, which directs state agencies to review and recommend measures to eliminate or reduce junk fees across a broad range of industries.… Continue Reading

The CFPB has adopted new Enforcement Principles designed to roll back standards used by the Biden Administration.

The bureau recently applied the new principles in attempting to ensure that customers affected by Bilt’s transition of its credit card services to a new bank partner were not harmed by the change. The CFPB stated that “[h]ere, instead of initiating a protracted investigation, followed by a public enforcement action, which could be litigated for years before consumers get any redress, as the Biden CFPB would have done under the former Director Chopra, this leadership engaged with Bilt directly and collaboratively.… Continue Reading

On May 12, 2026, we produced a 90-minute webinar in which we explored one of the most important and rapidly developing issues in consumer financial services law: coerced debt and the emerging legislative efforts designed to address it. The webinar has been re-purposed into a two-part podcast series, the first of which was released this past Thursday, June 11th, and the second of which is being released today, Thursday, June 18th.… Continue Reading

Banking trade groups uniformly support the nomination of former CFPB executive Brian Johnson to head the bureau.

“Brian has a distinguished track record in bank regulatory policy both at the Bureau and on Capitol Hill, and he will bring a thoughtful approach to setting the Bureau’s priorities in the years ahead if confirmed,” said Rob Nichols, President/CEO of the American Bankers Association.… Continue Reading

Three leading financial services trade associations (the National Association of Industrial Bankers (NAIB), the Online Lenders Alliance (OLA), and the American Financial Services Association (AFSA)) have just filed a lawsuit in Federal District Court in the District of Oregon challenging a recently enacted Oregon law effective June 5, 2026, that seeks to impose Oregon’s 36% interest-rate cap on consumer finance loans made by out-of-state state-chartered banks in their home states to Oregon residents.… Continue Reading

Based on reports published around the IPO and the first day of trading, the SpaceX offering appears to have set or approached a remarkable number of records. Some are clear-cut “firsts,” while others are more accurately described as unprecedented milestones. In my view, the three most extraordinary records are:

  1. Largest IPO ever ($75 billion raised);
  2. Largest valuation ever for a newly public company ($1.77 trillion at pricing); and
  3. Creation of the world’s first trillionaire as a direct result of an IPO.
… Continue Reading

President Trump has nominated Brian Johnson for a five year term to serve as Director of the Consumer Financial Protection Bureau (CFPB). Johnson is the third nomination Trump has made to fill the position. The first two nominations were Jonathan McKiernan and Stuart Levenbach. Perhaps, the third time will be a charm.… Continue Reading

On May 12, 2026, we produced a 90-minute webinar in which we explored one of the most important and rapidly developing issues in consumer financial services law: coerced debt and the emerging legislative efforts designed to address it. The webinar has been re-purposed into a two-part podcast series, the first of which is being released today, June 11th, and the second of which is being released next Thursday, June 18th.… Continue Reading

On June 8, 2026, the National Credit Union Administration (NCUA) announced the adoption of an Interim Final Rule clarifying the authority of federal credit unions (FCUs) to impose non-interest charges and fees, including interchange fees associated with payment card transactions. The rule, which becomes effective on June 30, 2026, reinforces NCUA’s position that federal law exclusively governs FCUs’ authority to assess such fees and that state laws purporting to regulate those fees are preempted.… Continue Reading