Today’s podcast episode is a continuation of a previous repurposed webinar held on August 12th, focusing on emerging opportunities in the consumer financial services sector under the Trump administration. The session aims to provide insights into the evolving regulatory landscape and its implications for businesses and consumers. The first part of the webinar, released last Thursday, September 4, covered the recently passed GENIUS Act (which creates a federal infrastructure for Stablecoin); developments in crypto-backed lending and credit builder loans; the mortgage industry; developments in earned wage access and rent-to-own and lease-to-own financing products; and insights on income share agreements.… Continue Reading

The CFPB is proposing a rule that standardizes determinations that nonbanks pose “risks to consumers,” a move that could result in fewer nonbanks being designated as posing risk and thus subject to CFPB supervisory jurisdiction.

The proposed rule states that “conduct that poses risks to consumers with regard to the offering or provision of consumer financial products or services” consists of conduct that:

  • Presents a high likelihood of significant harm to consumers; and
  • Is directly connected to the offering of a consumer financial product or service as defined by the CFPA.
… Continue Reading

President Trump is appealing a federal judge’s decision that blocked him from firing Lisa Cook from the Federal Reserve Board.

Trump filed a brief notice in U.S. District Court for the District of Columbia saying he would appeal Judge Jia M. Cobb’s decision to the U.S. Court of Appeals for the District of Columbia.… Continue Reading

Chief Justice John Roberts has issued a temporary stay allowing President Trump to fire recently reinstated FTC Commissioner Rebecca Slaughter, even though she was fired without cause.

Slaughter, the lone Democrat on the Commission, had been reinstated by a divided panel of the U.S. Court of Appeals for the District of Columbia.… Continue Reading

In the latest episode of our podcast, we explore the significant shifts in the regulatory landscape under the second Trump administration and how these recent deregulatory actions have opened new pathways for banks and FinTech companies by reducing barriers to entry and compliance costs. This evolving environment presents opportunities for innovation and market expansion, although state law oversight, including licensing and regulatory requirements, cloud the picture.… Continue Reading

The CFPB recently released a Report on Actions Taken to Implement Gold Standard Science that addresses steps the CFPB has taken and plans to take to implement the May 2025 Executive Order entitled “Restoring Gold Standard Science” (GSS) and subsequent guidance issued to federal agencies.

In the introductory portions of the Report, the CFPB advises as follows:

“Until the CFPB adopts formal policies and procedures governing the production and use of scientific information, CFPB staff are developing policies and procedures to help ensure that the scientific information produced and used by the CFPB, to the extent practicable, meets all GSS requirements.… Continue Reading

A divided federal appeals court has ruled that President Trump illegally fired Democratic FTC member Rebecca Slaughter and has ordered that she be reinstated to her position.

“The government has no likelihood of success on appeal given controlling and directly on point Supreme Court precedent,” Judges Patricia Millett and Cornelia Pillard of the U.S.… Continue Reading

Citing President Trump’s Executive Order, the SBA has sent letters to its network of more than 5,000 lenders instructing them to end what the Trump Administration said is politicized or unlawful debanking.

The SBA is requiring all lenders to stop debanking and reinstate qualified customers who were denied services on the basis of political, religious or ideological beliefs.… Continue Reading

The CFPB has filed a complaint against Synapse Financial Technologies Inc, alleging that the company engaged in unfair acts and practices in violation of the Section 1036(a)(1)(B) of the CFPA by failing to maintain sufficient records of the location of consumers’ funds, failing to ensure the records matched the records maintained by its partnering banks, and causing consumers to lose access to their funds.… Continue Reading

On August 7, President Trump signed a landmark executive order, “Guaranteeing Fair Banking for All Americans.” This sweeping action prohibits financial institutions of any size from denying services to individuals or businesses based on political or religious beliefs, orientation, or lawful industry involvement.

The order is already being called one of the most consequential banking actions in years.… Continue Reading