CFPB, Federal Agencies, State Agencies, and Attorneys General
The Senate has confirmed John Crews to serve on the NCUA board. Crews will replace Kyle Hauptman as the sole board member of the agency and is expected to become chairman.
Hauptman’s term expired in August 2025, but he stayed on the board as permitted by section 102(c) of the Federal Credit Union Act, which allows any board member to continue to serve after the expiration of their term until a successor has qualified.… Continue Reading
President Trump is renewing his effort to oust Lisa D. Cook from the Federal Reserve Board.
In a letter to Cook, a Biden Administration nominee, Daniel Scavino, Assistant to the President and Deputy Chief of Staff and Director of the Office of Presidential Personnel, repeated allegations that Cook may have made false statements on one or more mortgage applications and stated that the President is considering removing her from her position as a result.… Continue Reading
The Federal Reserve Board, FDIC and OCC have jointly updated interagency documents to delete references to reputational risk.
The agencies took this action to complement their earlier actions to end the use of reputational risk in supervision.
“As the agencies have previously noted, reputation risk can be misused by supervisors as a basis to encourage or pressure a bank to restrict individuals’ and legal businesses’ access to financial services due to their constitutionally protected political or religious beliefs, speech, or conduct or lawful business activities,” the agencies said, in a joint statement.… Continue Reading
Citing federal cutbacks in consumer protection and an increase in consumer complaints, the Illinois Department of Financial and Professional Regulation (IDFPR) has launched a new online submission option intended to modernize and simplify the manner in which Illinois consumers file complaints.
The new portal will accept complaints that will be directed to the Division of Banking (DOB) as well as complaints that will be directed to the Division of Financial Institutions (DFI).… Continue Reading
On a recent episode of the Consumer Finance Monitor Podcast, Alan Kaplinsky, host of the podcast, had the opportunity to interview Amelia O’Rourke-Owens, a legal scholar and former CFPB policy fellow, about her article, “Tearing Holes in Consumer Protection: Democracy’s Safety Net.” Amelia is the founder and CEO of Resilience Solutions, which provides subject matter expertise and consulting services around policy solutions and strategic planning.… Continue Reading
President Donald Trump has nominated John Crews to serve on the NCUA board. If confirmed, Crews would replace Kyle Hauptman as the sole board member of the agency.
Hauptman’s term expired in August 2025, but he has stayed on the board as permitted by section 102(c) of the Federal Credit Union Act, which allows any board member to continue to serve after the expiration of their term until a successor has qualified.… Continue Reading
Kevin Warsh will be sworn in as the new Chairman of the Federal Reserve Board on May 22. He replaces Jerome Powell.
Warsh was confirmed on a 55-45 roll call vote on May 13. All Republicans and one Democrat, Sen. John Fetterman, D-Pa. voted in favor of the nomination. Sen. Kirsten Gillibrand, D-N.Y.,… Continue Reading
Countering an Executive Order issued by President Trump and the adoption by the CFPB of its final rule revising Regulation B, the New York Department of Financial Services recently issued an Industry Letter warning the financial institutions that it regulates that they must consider disparate impact when lending.
“Regulated Entities are reminded that under Section 296-a, covered credit decisions that result in a disparate impact may constitute an unlawful discriminatory practice,” the agency wrote in a letter to financial institutions.… Continue Reading
After attempting to amend its first-in-the-nation AI law for two years and three legislative sessions, on May 9, 2026, the Colorado legislature passed SB 26-189. It now awaits the governor’s signature and is expected to be signed into law, which will go into effect January 1, 2027.
SB 26-189 replaces the original law’s broad “high-risk artificial intelligence system” and “algorithmic discrimination” framework with a narrower regime focused on “automated decision-making technology” (ADMT) that processes personal data used to “materially influence” a “consequential decision.”… Continue Reading
On April 22, 2026, the House Energy & Commerce Committee released the “Securing and Establishing Consumer Uniform Rights and Enforcement over Data Act” (the “SECURE Data Act”). The SECURE Data Act seeks to establish a comprehensive federal framework for consumer privacy rights and the protection of personal data. Subject to certain exemptions, the SECURE Data Act applies to businesses subject to the FTC Act or common carriers subject to title II of the Communications Act of 1934 that either (a) collect and process personal data of more than 200,000 consumers annually and have an annual gross revenue of $25 million or more, or (b) collect and process personal data of 100,000 consumers annually and “derive[] 25 percent or more of the[ir] annual gross revenue .… Continue Reading
