CFPB, Federal Agencies, State Agencies, and Attorneys General
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
Today’s podcast features the second part of a repurposed webinar produced on September 3, 2025, which dives into the legal risks, compliance challenges, and emerging constitutional questions stemming from the GENIUS Act. The conversation examines the strict prohibition of deceptive claims regarding federal backing or insurance for stablecoins, highlighting the significant civil liabilities and penalty provisions attached to violations.… Continue Reading
Contending that it cannot abolish the CFPB on its own, the Trump Administration said that the union arguing that such a plan exists should not be entitled to an en banc hearing before an appeals court.
“Although factual disputes exist surrounding those actions, all the parties and both the majority and dissenting opinions agree that the Executive Branch lacks power to unilaterally abolish [the] CFPB based on policy disagreements with Congress’s choices,” the Justice Department said, in response to the request for an en banc hearing filed by the National Treasury Employees Union in the U.S.… Continue Reading
The federal Judicial Branch no longer has funds to sustain full operations, the U.S. Courts system has announced.
“Until the ongoing lapse in government funding is resolved, federal courts will maintain limited operations necessary to perform the Judiciary’s constitutional functions,” the Administrative Office of the U.S. Courts said in an announcement on the U.S.… Continue Reading
A federal appeals court has rejected the Trump Administration’s request to delay its response to an en banc hearing request in the lawsuit challenging the mass firings at the CFPB due to the government shutdown.
The National Treasury Employees Union (NTEU), which is challenging the firings, had not opposed the Administration’s request.… Continue Reading
Financial institutions may continue to make loans that would otherwise be subject to federal flood insurance statutes even though the authorization for the National Flood Insurance Program (NFIP) has lapsed, federal financial regulators reassured lenders.
During a NFIP lapse, lenders are permitted to make these loans without requiring federal flood insurance, the Farm Credit Administration, FDIC, Federal Reserve Board, OCC and NCUA said, in joint guidance to financial institutions.… Continue Reading
Today’s podcast features the first part of a recent webinar produced on September 3, 2025, which examined the key provisions of the Guiding and Establishing National Innovation for U.S. Stablecoins, or GENIUS, Act (the Act) and its regulatory impact on banks, Fintechs and the future of stablecoins. The discussion covers critical definitions, licensing, oversight and enforcement requirements, and the relationship to state stablecoin laws.… Continue Reading
We recently wrote about the new policy statement issued by the Securities and Exchange Commission (SEC) “that the presence of an issuer-investor mandatory arbitration provision will not impact decisions whether to accelerate the effectiveness of a registration statement under the Securities Act.” This reverses the agency’s previous position that it would not use its authority to accelerate the effective date of a company’s registration statement when the company’s governing documents contained a mandatory arbitration provision covering disputes under the federal securities laws.… Continue Reading
NCUA Chairman Kyle S. Hauptman said that through the issuance of a policy statement he is reenforcing an agency policy to prohibit officials from setting new policy through enforcement actions.
Hauptman said that the policy statement fulfills a goal he listed in January, after being appointed Chairman: “Codifying our procedures to protect Americans from regulation-by-enforcement.… Continue Reading
