CFPB, Federal Agencies, State Agencies, and Attorneys General
The FHFA has directed Fannie Mae and Freddie Mac to prepare proposals for consideration of cryptocurrency as an asset for reserves in their single-family risk assessments, without a conversion to dollars.
“Cryptocurrency is an emerging asset class that may offer an opportunity to build wealth outside of the stock and bond markets,” FHFA Director William J.… Continue Reading
On August 6, 2025, in Corner Post, Inc. v Board of Governors of the Federal Reserve System, the U.S. District Court for the District of North Dakota (the “Court”) granted Corner Post’s motion for summary judgment, finding that the Federal Reserve Board (the “Board”) exceeded its authority in adopting Regulation II, which in part caps debit card interchange fees.… Continue Reading
If you are subject to enforcement by the FTC (excluding antitrust laws), you will not want to miss this webinar on September 9 at Noon, ET. This, of course, includes non-bank fintechs.
As has been the case in prior years, we are delighted to once again have as our guest speaker Malini Mithal, Associate Director of the FTC’s Division of Financial Practices.… Continue Reading
President Trump has issued an Executive Order directing banking agencies to adopt policies to ensure that financial institutions do not use reputational risk as a basis for restricting access to banking services—a process known as “debanking.”
“Individuals, their businesses, and their families have been subjected to debanking on the basis of their political affiliations, religious beliefs or lawful business activities, and have suffered frozen payrolls, debt and crushing interest, and other significant harms to their livelihoods, reputations, and financial well-being,” Trump said, in the order.… Continue Reading
Today’s episode of the Consumer Finance Monitor podcast offers an in-depth analysis of the unitary executive theory and its implications for terminations by President Trump of the Democratic members/commissioners of several so-called independent Federal agencies. The episode features Lev Menand, an associate professor of law at Columbia Law School, who provides expert insights into financial institutions and administrative law and the validity of the Trump terminations.… Continue Reading
On August 5, 2025, the Federal Deposit Insurance Corporation (FDIC) issued FIL-39-2025 to state that an FDIC-supervised institution can use pre-populated customer information to satisfy the requirements of the Customer Identification Program Rule, implementing part of the USA PATRIOT Act (CIP rule).
The CIP rule requires financial institutions to collect information (name, address, date of birth, and taxpayer identification number) from persons opening accounts and to verify the person’s identity.… Continue Reading
As part of the Federal Reserve Board’s Outlook Live Webinar series, on July 17, 2025, examiners from the Minneapolis and Chicago Federal Reserve Banks hosted a webinar to discuss the regulatory requirements related to adverse action notifications under the Equal Credit Opportunity Act (ECOA), as implemented by Regulation B, and the Fair Credit Reporting Act (FCRA).… Continue Reading
In a surprise announcement, the CFPB has said it will issue a revised Section 1033 open banking rule rather than simply killing the Biden Administration rule.
“In light of recent events in the marketplace, the Bureau has now decided to initiate a new rulemaking to reconsider the Rule with a view to substantially revising it and providing a robust justification,” the administration said, in requesting a stay of a lawsuit filed by Forcht Bank and banking trade groups in the U.S.… Continue Reading
As previously reported, both the House and Senate passed bills to ban “trigger leads,” except in limited circumstances, although the versions of the bills that were previously passed are slightly different. The one difference is that the House-passed version calls for a Government Accountability Office study on the value of trigger leads by text message.… Continue Reading
