The federal regulation of open banking in the United States has been in an extraordinary state of limbo. The Consumer Financial Protection Bureau’s final rules implementing Section 1033 of the Dodd-Frank Act, the product of a long rulemaking journey that began in 2016, remain codified in the Code of Federal Regulations but are effectively unenforceable.… Continue Reading

After much back and forth between the U.S. House of Representatives and Senate over an extended period of time, both chambers have passed major housing legislation entitled “21st Century ROAD to Housing Act.

Although initially a ceremony in which President Trump would sign the Act into law was scheduled for June 24, 2026, the ceremony was canceled with President Trump apparently tying his willingness to sign the legislation to the Senate passing the Save America Act, which includes various provisions regarding federal elections.… Continue Reading

North Carolina has become the first state in the nation to enact a comprehensive prohibition on third-party litigation financing in civil cases. Governor Josh Stein signed House Bill 315, now Session Law 2026-14, titled the “Prohibit Litigation Investments Act” on June 22, 2026, at which point it took effect. It applies to civil proceedings commenced on or after June 22, 2026 or litigation funding contracts entered into, renewed or amended on or after June 22, 2026.… Continue Reading

In a series of five Mortgagee Letters, the U.S. Department of Housing and Urban Development (HUD) recently modified policies for Federal Housing Administration (FHA) insured residential mortgage loans to reduce regulatory burdens and promote affordability. A HUD summary of the modifications indicates that the modifications are in accordance with Executive Order 14393, Promoting Access to Mortgage Credit.… Continue Reading

Apparently building off the comments it received about complaint intake as well as its prior revisions to the complaint portal, on June 24, 2026, the Consumer Financial Protection Bureau (CFPB) issued a press release announcing a series of significant reforms to its consumer complaint system, particularly with respect to credit reporting complaints.… Continue Reading

At a May 19, 2026 Ballard Spahr webinar, “Cutting Out the Middleman: The Surge in FinTech Applications to Charter Banks, Industrial Banks and National Trust Companies,” a distinguished panel of banking, fintech, crypto, and consumer financial services professionals explored one of the most important developments currently reshaping the financial services industry: the growing movement by fintech companies, payments firms, lenders, and crypto-native businesses to obtain their own banking charters rather than relying on traditional bank partnerships.… Continue Reading

The Aspen Institute’s Financial Security Program has announced a significant new initiative designed to address what many now view as one of the most pressing consumer protection challenges facing the United States: the explosion of fraud and scams targeting American consumers.

The newly launched Scam Prevention Initiative builds upon the work of the Aspen Institute’s National Task Force on Fraud and Scam Prevention and reflects an increasingly broad consensus that scams can no longer be viewed solely as an issue for consumers or financial institutions to solve on their own.… Continue Reading

Senator Elizabeth Warren (D-MA), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, joined by Senators Raphael Warnock (D-GA), Andy Kim (D-NJ), and Lisa Blunt Rochester (D-DE), recently sent a detailed letter to CFPB Acting Director Russell Vought seeking explanations for the agency’s removal of thousands of webpages and other materials from the CFPB’s website.… Continue Reading

Only days after the en banc U.S. Court of Appeals for the District of Columbia Circuit issued a limited remand in National Treasury Employees Union v. Vought, U.S. District Judge Amy Berman Jackson has moved promptly to begin proceedings concerning whether the preliminary injunction currently governing the Consumer Financial Protection Bureau (“CFPB”) should be modified, suspended, or dissolved.… Continue Reading

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