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We recently blogged about President Trump’s Truth Social post in which he announced his intent to impose a 10% per annum interest rate cap on credit cards for one year beginning on January 20, 2026, the one-year anniversary of his second term of office. On January 21, during his speech delivered at the World Economic Forum in Davos, Switzerland, he announced his support for legislation to accomplish that result.… Continue Reading

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

As part of his campaign for election, New York City Mayor Zohran Mamdani vowed to make New York City more affordable. To that end and as part of his affordability initiative, he has issued Executive Orders 9 and 10 intended to crack down on “junk fees” and “subscription tricks and traps.” 

City officials said that by signing the “junk fees” Executive Order 9, Mamdani was signaling that his administration will crack down on “companies who mislead New Yorkers into paying more for services, saving New Yorkers money amidst our cost-of-living crisis.” … Continue Reading

The Supreme Court has denied a request to consider on an expedited basis a petition from two ousted Democratic NCUA board who are challenging their firings.

Todd Harper and Tanya Otsuka are challenging their firings even though the Federal Credit Union Act, unlike some federal laws governing other financial regulators, does not state that members of the agency board may only be removed for cause.… Continue Reading

The Trump Administration has declined to respond to a Supreme Court petition by the two ousted Democratic NCUA board members who are asking for the court to consider their case.

“The Government hereby waives its right to file a response to the petition in this case, unless requested to do so by the Court,” Solicitor General D.… 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

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

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

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

As the government shutdown drags on, some financial services programs—particularly housing programs– are being affected.

The CFPB is funded through the Federal Reserve system, not through annual appropriations, and technically is still operating, although as we have reported previously many CFPB employees are not being permitted to work. (That CFPB funding mechanism was the subject of a Supreme Court case and the court found the funding system constitutional.)… Continue Reading