CFPB, Federal Agencies, State Agencies, and Attorneys General
The quality of the CFPB’s information security program “has decreased since last year, leading us to conclude the program no longer is effective,” the bureau’s Inspector General (IG), said in a report.
The bureau’s overall security program has decreased from “manageable and measurable” to “defined,” the IG said in an annual audit conducted between April 2025 and October 2025, which is only one step above the lowest security rating.… Continue Reading
Comptroller of the Currency Joseph Gould is vowing that his agency will take a variety of steps to promote federal preemption, Law360 reported.
Speaking as part of a fireside chat at the Clearing House’s annual conference, Gould said that defending preemption will require rebuilding its political legitimacy, the news service reported.… Continue Reading
Today’s podcast features the second part of a recent webinar produced on September 24, 2025, titled: “A New Era for Banking: What President Trump’s Debanking Executive Order and Related State Laws Mean for Financial Institutions, Government, and Banking Customers.”
In Part 2, we discuss the following topics:
The Trump Administration has declined to respond to a Supreme Court petition by the two ousted Democratic NCUA board members who are asking for the court to consider their case.
“The Government hereby waives its right to file a response to the petition in this case, unless requested to do so by the Court,” Solicitor General D.… Continue Reading
A federal judge has issued an injunction delaying the compliance dates of the CFPB’s open banking rule (“Rule”).
In issuing the injunction, U.S. District Judge Danny C. Reeves of the U.S. District Court for the Eastern District of Kentucky said the bureau has said it is rewriting the Rule that was issued during the Biden Administration.… Continue Reading
The CFPB has formally rescinded its rule creating a registry for nonbank enforcement actions.
The rule, proposed during the Biden Administration, would have required certain nonbank entities to register certain covered enforcement or court orders, and comply with ongoing, attested reporting requirements on the entity’s compliance with such orders.
The repeal was effective on October 29, 2025.… Continue Reading
Democrats on the Senate Banking, Housing and Urban Affairs Committee are accusing Acting CFPB Director Russell Vought of trying to shut down the CFPB by starving it of funding.
“You have…let the fiscal year pass without having requested any funding for the CFPB to perform its work, an unprecedented approach that threatens to leave the agency unable to fulfill its many statutory obligations on behalf of consumers across the country,” the Democrats, led by ranking Democratic Sen.… Continue Reading
Today’s podcast features the first part of a recent webinar produced on September 24, 2025, titled: “A New Era for Banking: What President Trump’s Debanking Executive Order and Related State Laws Mean for Financial Institutions, Government, and Banking Customers.”
In Part 1, we discuss the following topics:
1. History of Debanking, including:
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.
“Congress meant to occupy the field of consumer reporting and displace [state] laws within that field,” the bureau said, in the rule that went into effect on October 28.… Continue Reading
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.
“NCUA has determined that assessing reputation risk is subjective, ambiguous, and lacking in measurable criteria,” the agency said, in announcing the action.… Continue Reading
