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On September 1, 2026, Ballard Spahr (through its representative, Adam Maarec), in response to an invitation from the House Financial Services Committee (HFSC or Committee), attended a roundtable at the U.S. Capitol focused on the future of the Consumer Financial Protection Bureau. The discussion, “Modernizing Consumer Financial Protection: Reform, Accountability, and Opportunity,” featured House Financial Services Committee Chairman French Hill, Financial Institutions Subcommittee Chairman Andy Barr, Consumer Bankers Association President and CEO Lindsey Johnson, and Financial Technology Association President and CEO Penny Lee, with opening remarks from former CFPB Director Kathy Kraninger.… Continue Reading

As previously reported, in February 2022, eight federal agencies issued an Interagency Statement encouraging the offering of special purpose credit programs (SPCPs) under the Equal Credit Opportunity Act (ECOA). The agencies were the CFPB, FDIC, OCC, Fed, NCUA, HUD, DOJ, and FHFA. Seven of the agencies have now rescinded the Interagency Statement.… Continue Reading

The Consumer Financial Protection Bureau announced on August 14, 2026, that it will cease its discretionary publication of consumer complaint narratives and associated data visualizations in the Consumer Complaint Database which it is statutorily required to maintain under the Dodd-Frank Act. The CFPB’s announcement represents a significant change in the way the Bureau makes consumer complaint information available to the public.… Continue Reading

CFPB guidance on ability to repay, immigration status, and fair lending creates a difficult compliance dilemma for creditors.

The CFPB’s June 5, 2026 statement on “Ability to Repay and Immigration Status” presents creditors with a difficult, and potentially unprecedented, compliance dilemma. The Bureau says that when creditors are required to assess a consumer’s ability to repay, they may, and in some circumstances may be required to, consider information about the consumer’s immigration status if that information bears on the consumer’s current or reasonably expected future income.… Continue Reading

David McGrath of HFSC Staff to be Guest on Webinar on August 24, 2026

The House Financial Services Committee has taken the next step in its effort to overhaul the Consumer Financial Protection Bureau (CFPB) by inviting public comment on the discussion draft of the CFPB Reform Act of 2026.… Continue Reading

We are delighted to announce that David McGrath, Majority Staff of the House Financial Services Committee and one of the architects of the CFPB Reform Act of 2026 Discussion Draft will be our featured guest for Ballard Spahr’s webinar on Monday, August 24, 2026, from 12:00 p.m. to 1:30 p.m. ET.… Continue Reading

CFPB Deputy Director Mark Paoletta has become the Bureau’s Acting Director following the expiration of Russell Vought’s service as Acting Director on August 1. Under the Federal Vacancies Reform Act, Vought could serve as Acting Director only for a limited period.

President Trump has nominated Brian Johnson to serve as the CFPB’s next Director, but the Senate Committee on Banking, Housing, and Urban Affairs has not yet voted on his nomination.… Continue Reading

The new California Business and Consumer Services Agency (BCSA), launched on July 1, 2026, will focus on improper practices that drive costs up for state residents, agency Secretary Rohit Chopra said, in a recent blog post.

“A key priority for the agency is to crack down on harmful and corrupt practices that wrongfully raise costs for families and honest businesses,” Chopra wrote.… Continue Reading

A newly launched academic institute is seeking to influence the future direction of consumer financial services regulation by promoting a policy framework centered on consumer choice, market competition, empirical research, and innovation. In the podcast we are releasing today on Consumer Finance Monitor, our host Alan Kaplinsky (founder, former chair for 25 years and now senior counsel) interviewed Professors Todd Zywicki of George Mason University Antonin Scalia Law School and Tom Miller of Mississippi State University about their newly created Institute for Consumer Financial Choice (ICFC), its mission, and its ambitious agenda.… Continue Reading