John L. Culhane, Jr.

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On November 10, 2025, the U.S. Court of Appeals for the Tenth Circuit, in a 2–1 decision, issued its opinion in National Association of Industrial Bankers et al. v. Weiser. 

In resolving what it described as “an issue of first impression,” the court held that Section 27 of the Federal Deposit Insurance Act (FDIA) does not preempt the interest rate limitations imposed on state banks by a state that has elected to exercise its right under Section 525 of the Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA) to opt-out of Section 27 with respect to “loans made in such State.” Section… Continue Reading

Effective October 29, 2025, the CFPB finalized its rule, published at 90 Fed. Reg. 48737-60, rescinding certain amendments to the rules made on February 22, 2022 (prior blog) and on March 29, 2023 (prior blog) (collectively, the 2022 and 2023 amendments).

Under Section 1053(e) of the Consumer Financial Protection Act, the CFPB is authorized to prescribe rules for hearings and adjudication proceedings.… Continue Reading

On October 29, 2025, CFPB withdrew its proposed rule titled Registry of Supervised Nonbanks That Use Form Contracts To Impose Terms and Conditions That Seek To Waive or Limit Consumer Legal Protections, which was published on February 1, 2023. The proposed rule would have required nonbanks to submit annual reports on the terms and conditions in their form contracts and on related court or arbitrator decisions on the enforceability of those terms and conditions.… Continue Reading

Effective October 27, 2025, the CFPB rescinded the amendments to the Procedures for Supervisory Designation Proceedings that it adopted in April 2022, November 2022, and April 2024, , with the exception of some limited process adjustments.

Section 1024(b)(7) of the Consumer Financial Protection Act authorizes the CFPB to “prescribe rules to facilitate supervision” of the nonbank covered persons described in section 1024(a), i.e.,… Continue Reading

The CFPB is proposing major changes to its final rule that would require financial institutions to report information contained in loan applications submitted by small businesses, including women-owned and minority-owned small businesses.

The rule is better known as the “Section 1071 rule” after the section of the Dodd-Frank Act that required the CFPB to adopt it.… Continue Reading

The CFPB is running out of money and has no legal way to replenish its coffers, absent Congressional appropriation, the Trump Administration told a federal court.

The bureau “anticipates exhausting its currently available funds in early 2026,” the Justice Department told the U.S. District Court for the District of Columbia as part of a lawsuit filed by the National Treasury Employees Union (NTEU).… 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

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