John L. Culhane, Jr.

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The federal banking agencies, the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, have issued a joint statement establishing a coordinated approach for the handling of highly sensitive information during bank examinations. While the statement does not impose new supervisory expectations, it represents an important acknowledgment that the examination process itself can create cybersecurity and information security risks if highly sensitive information is not handled appropriately.… Continue Reading

The U.S. Government Accountability Office (GAO) recently issued a report recommending that the federal banking agencies adopt a more rigorous and transparent process for identifying and eliminating outdated, unnecessary, or unduly burdensome banking regulations. Although the report focuses on improving the agencies’ review process rather than recommending the repeal of any specific regulations, its conclusions align closely with the Trump Administration’s broader effort to reduce regulatory burdens throughout the federal government.… Continue Reading

The California Department of Financial Protection and Innovation (DFPI) has taken the next step in its challenge to a bank-fintech lending program by appealing the Los Angeles County Superior Court’s decision in Opportunity Financial, LLC v. Hewlett. According to the Superior Court docket, a Notice of Appeal was filed on July 21, 2026, ensuring that the closely watched dispute over the “true lender” doctrine will now move to the California Second Appellate District Court of Appeal. … Continue Reading

At the July 27, 2026 meeting of the Financial Literacy and Education Commission (FLEC), Comptroller of the Currency Jonathan Gould outlined the Office of the Comptroller of the Currency’s approach to financial literacy, emphasizing digital financial education, responsible innovation, and the important role that banks, particularly community banks, play in helping consumers navigate an increasingly complex financial system.… Continue Reading

On July 27, 2026, CFPB Deputy Director Mark Paoletta delivered remarks at a meeting of the Financial Literacy and Education Commission that left little doubt that the Bureau’s approach to financial education has undergone a dramatic philosophical shift under Acting Director Russell Vought. In his remarks, Paoletta sharply criticized former CFPB Director Rohit Chopra’s views on financial literacy while outlining the Bureau’s new priorities under the Trump Administration.… Continue Reading

Governor Mikie Sherrill has announced her intention to nominate Christopher L. Peterson, one of the nation’s best-known consumer protection scholars and former senior Consumer Financial Protection Bureau official, to serve as Director of the New Jersey Division of Consumer Affairs. Peterson will begin serving as Acting Director on August 3, pending his formal nomination and confirmation by the New Jersey Senate. … Continue Reading

According to a report by Eleanor Mueller of Semafor, Russell Vought is expected to remain at the Consumer Financial Protection Bureau in a senior adviser role after his service as Acting Director ends on August 1, continuing until Brian Johnson is confirmed by the Senate and sworn in as CFPB Director.… Continue Reading

The Oregon Department of Consumer and Business Services, Division of Financial Regulation (DFR), has proposed to issue Bulletin No. DFR 2026-X, reminding nonbank “Buy Now, Pay Later” (BNPL) companies and BNPL service providers that they generally must obtain Oregon lending licenses before offering BNPL products to Oregon consumers. Unlike a few other states, Oregon has not enacted a statute that specifically applies to BNPL companies and service providers.… Continue Reading

“Nature abhors a vacuum.” — Aristotle

The Consumer Financial Protection Bureau’s dramatic retreat from enforcement during 2025 and 2026 has created one of the most significant shifts in consumer financial services regulation since the Bureau opened its doors in 2011.

Much has been written about what the CFPB is no longer doing.… Continue Reading

The Senate Committee on Banking, Housing, and Urban Affairs has scheduled a confirmation hearing for Brian Johnson, President Trump’s nominee to serve as Director of the Consumer Financial Protection Bureau (CFPB).

The hearing will take place on Thursday, July 23, 2026, at 10:00 a.m. EDT in Room 538 of the Dirksen Senate Office Building.… Continue Reading