CFPB, Federal Agencies, State Agencies, and Attorneys General
During recent Congressional Hearings Acting CFPB Director Russell Vought, testifying for the first time in that capacity, stated that the Trump Administration has succeeded in improving the structure and operation of the CFPB, but more work needs to be done.
In fact, in testimony before the Senate Committee on Banking, Housing, and Urban Affairs he said he would prefer that the agency be abolished.… Continue Reading
In a pair of very important decisions issued today, the U.S. Supreme Court reshaped the constitutional landscape governing independent federal agencies. In Trump v. Slaughter, Court overruled the 91-year-old precedent of Humphrey’s Executor v. United States, 295 U.S. 602( 1935), and held that members of the Federal Trade Commission may be removed by the President at will, notwithstanding statutory “for cause” removal protections.… Continue Reading
The CFPB has adopted new Enforcement Principles designed to roll back standards used by the Biden Administration.
The bureau recently applied the new principles in attempting to ensure that customers affected by Bilt’s transition of its credit card services to a new bank partner were not harmed by the change. The CFPB stated that “[h]ere, instead of initiating a protracted investigation, followed by a public enforcement action, which could be litigated for years before consumers get any redress, as the Biden CFPB would have done under the former Director Chopra, this leadership engaged with Bilt directly and collaboratively.… Continue Reading
Banking trade groups uniformly support the nomination of former CFPB executive Brian Johnson to head the bureau.
“Brian has a distinguished track record in bank regulatory policy both at the Bureau and on Capitol Hill, and he will bring a thoughtful approach to setting the Bureau’s priorities in the years ahead if confirmed,” said Rob Nichols, President/CEO of the American Bankers Association.… 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
President Donald Trump issued another significant Executive Order affecting the financial services industry, this time directed at integrating financial technology innovation more directly into the U.S. regulatory framework. The Executive Order, entitled “Integrating Financial Technology Innovation into Regulatory Frameworks,” was signed on May 19, 2026 and appears designed to accelerate the integration of fintech firms, digital asset providers, and other non-bank innovators into the traditional banking and payments system.… 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
Today, we released a new episode of the award-winning Consumer Finance Monitor Podcast examining one of the most significant recent federal developments in the fight against scams and fraud: Executive Order 14390.
Hosted by Alan Kaplinsky (the founder, chair for 25 years and now Senior Counsel in the Consumer Financial Services Group), the episode features returning guests Kate Griffin and Nick Bourke of the Aspen Institute, who previously joined the podcast to discuss Aspen’s landmark report, United We Stand: A National Strategy to Prevent Scams.… Continue Reading
The CFPB’s Office of Inspector General is still investigating the agency’s workforce and contracting moves to see what impact it has had on agency actions.
“We are reviewing the CFPB’s workforce and contracting actions to determine their high-level effects on mission-related activities and support functions,” the OIG said, in an update of its activities.… Continue Reading
The FDIC has issued FIL-14-2026 rescinding its guidance governing the re-presentment of the same transaction after raising questions about the Biden Administration’s prior guidance.
“Based on a review and assessment of the guidance in FIL-32-2023, the FDIC concludes that the guidance is overly broad in scope and has raised uncertainty regarding when, for instance, disclosures regarding re-presentments may result in ‘unfairness’ concerns under Section 5 of the Federal Trade Commission Act,” the FDIC said in announcing the rescission.… Continue Reading
