We are excited to announce the launch of a new six-part podcast mini-series focused on one of the most important and often misunderstood areas of consumer financial services: debt sales. A new episode will be released each Monday, with our first episode being released this coming Monday. This mini-series will run in addition to our regular Consumer Finance Monitor Podcast episodes, which will continue to be released on Thursdays.… Continue Reading
Joseph J. Schuster
White House Issues Executive Order Targeting Cybercrime, Fraud, and Foreign “Scam Centers”
By Alan S. Kaplinsky & Joseph J. Schuster on
Posted in Fintech
On March 6, 2026, President Trump issued Executive Order 14390, a sweeping directive aimed at combating cyber-enabled fraud schemes targeting Americans. The Executive Order was published in the Federal Register on March 11, 2026.
The Order reflects growing federal concern about large-scale cyber fraud operations—often referred to as “scam centers”—run by transnational criminal organizations (TCOs) that target U.S.… Continue Reading
CRS says policymakers are facing myriad of BNPL issues
Posted in Buy Now Pay Later
Although an interpretive rule that made Buy Now Pay Later (BNPL) services subject to the Truth in Lending Act has been withdrawn, the issue remains a flashpoint in the industry and among policymakers, according to the Congressional Research Service (CRS).
“Whether BNPL providers should be subject to the Truth in Lending Act (TILA, 15 U.S.C.… Continue Reading
New York publishes Buy Now, Pay Later Rules
By John D. Socknat & Joseph J. Schuster on
Posted in Buy Now Pay Later, NYDFS
The New York Department of Financial Services has published proposed rules governing Buy Now, Pay Later (BNPL) financing plans operating in the state.
The proposal, among other things, would require BNPL providers to register with the state. The regulations implement a law signed by Governor Kathy Hochul as part of her FY26 budget plan.… Continue Reading
D.C. Circuit Hears En Banc Argument in National Treasury Employees Union v. Vought: A Defining Case for the CFPB’s Future
By Alan S. Kaplinsky & Joseph J. Schuster on
Posted in CFPB
On February 24, 2026, the full United States Court of Appeals for the District of Columbia (consisting of 11 judges sitting en banc) heard oral argument in National Treasury Employees Union v. Vought (No. 25-5091), a case that could prove pivotal not only for the workforce of the Consumer Financial Protection Bureau (CFPB) but also for the scope of presidential authority over independent agencies more broadly.… Continue Reading
California Court Grants Summary Judgment to OppFi, Rejects DFPI “True Lender” Theory
By Alan S. Kaplinsky & Joseph J. Schuster on
In a very significant and potentially precedent-setting February 24, 2026 decision, the Los Angeles County Superior Court (Hon. Gary D. Roberts) issued a tentative decision granting summary judgment in favor of Opportunity Financial, LLC (“OppFi”) and against the California Department of Financial Protection and Innovation (“DFPI”). The ruling rejects the DFPI’s claim that OppFi was the “true lender” of certain loans originated by Utah-chartered FinWise Bank and therefore subject to California’s 36% interest rate cap under the California Financing Law (CFL), as amended by AB 539.… Continue Reading
FDIC creates new office to handle appeals of material supervisory determinations
Posted in FDIC
In a move viewed favorably by FDIC-regulated institutions, the FDIC has approved amendments to the agency’s Guidelines for Appeals of Material Supervisory Determinations that were proposed back in July of 2025. A new supervisory appeals office will now establish review panels that include someone with bank supervisory experience and someone with industry experience.… Continue Reading
CFPB blasts former Bureau leadership for ‘regulatory overreach’
The CFPB, under former Director Rohit Chopra, regularly engaged in regulatory overreach, the Bureau’s current leadership said in its semi-annual report, covering the period from April 1- September 30, 2024.
“As indicated throughout the Report, under his leadership, the Bureau regularly engaged in an overreach of its statutory mandates via punishment of disfavored industries,” the Bureau, under current Acting Director Russell Vought said, in the report.… Continue Reading
NCUA outlines supervisory priorities
Posted in NCUA
Promising that the NCUA will not engage in “regulation by enforcement,” NCUA Chairman Kyle Hauptman has sent a letter to credit unions outlining his supervisory priorities for 2026.
“NCUA is dedicated to supporting credit unions, developing right-sized regulations and policies that safely advance innovation within the credit union system, and protecting member deposits and the Share Insurance Fund through productive, streamlined credit union supervision,” Hauptman wrote in his letter.… Continue Reading
Trump Takes on Swipe Fees: What He Said and Why It Matters
Posted in Credit Cards
In a Truth Social post, President Trump backed a bill called the Credit Card Competition Act (sometimes called the Durbin-Marshall credit card mandate), saying it will help put an end to what he calls “out-of-control swipe fee rip-offs.” Swipe fees — more formally known as interchange fees — are the charges merchants pay every time a customer pays with a credit card.… Continue Reading