New York has taken a significant step toward comprehensive regulation of buy now, pay later (BNPL) by requiring licensure and disclosures designed for credit cards, even though BNPL transactions are closed end. The New York Department of Financial Services (NYDFS) recently published proposed rules to implement legislation that establishes a licensing and supervision framework for entities that provide BNPL services. The first-of-its-kind legislation, signed by Gov. …
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HUD Proposes Rule Limiting Public Housing for Mixed Immigration Status Families
On February 20, 2026, the Department of Housing and Urban Development (HUD) published a proposed rule that would limit federal housing assistance for families with mixed immigration statuses. The proposed rule would revise HUD’s regulations implementing Section 214 of the Housing and Community Development Act of 1980 (Section 214), which limits financial assistance provided through HUD’s public housing programs to US citizens and certain categories …
US Treasury Releases New AI Risk Management Resources for Financial Institutions
The US Department of the Treasury recently announced two new resources to assist with the adoption of artificial intelligence (AI) in the financial services sector. The resources were developed by the Artificial Intelligence Executive Oversight Group (AIEOG), a public-private partnership between Treasury’s Financial and Banking Information Infrastructure Committee and the nonprofit Financial Services Sector Coordinating Council. They are part of a broader initiative to improve …
CFPB Adds Disclosures to Consumer Complaint Portal
The Consumer Financial Protection Bureau (CFPB) recently added two new disclosures and an attestation requirement to the CFPB portal through which consumers may submit complaints about a financial product or service. The recent additions are under the heading “Credit and consumer reporting complaint notice” and appear to be limited to complaints against consumer reporting agencies (CRAs) regarding inaccurate or incomplete information on a consumer report. …
FHFA Repeals Fair Housing and Fair Lending Rule
On February 6, 2026, the Federal Housing Finance Agency (FHFA) published a final rule repealing its Fair Lending, Fair Housing, and Equitable Housing Finance Plans regulation (part 1293).[1] Adopted in May 2024, part 1293 codified the FHFA’s fair housing and fair lending oversight of Fannie Mae, Freddie Mac and the Federal Home Loan Banks (together, the regulated entities). After publishing a notice of proposed rulemaking …
Navigating the Age Assurance Maze: FTC Signals Potential Guidance on Harmonizing COPPA With Robust Age Assurance Technologies
On January 28, the Federal Trade Commission (FTC) hosted a workshop on age assurance, where FTC leadership signaled new guidance may be forthcoming to clarify potential conflicts between age assurance efforts and federal law. At the workshop, titled, “Protecting American Children: A Workshop to Explore Age Verification Technologies,” FTC leadership acknowledged a tension between implementing age assurance technologies, which may be required to comply with …
Reports Suggest CFPB Plans Full Notice-and-Comment Rulemaking for Open Banking Rewrite
Reportedly, the Consumer Financial Protection Bureau (CFPB) now plans to pursue a notice‑and‑comment rulemaking process for its rewrite of the Biden‑era open banking rule, marking a shift from prior indications that the CFPB would issue an interim final rule. In December 2025, reports suggested that the Section 1033 open banking rulemaking might be advanced through an interim final rule ahead of the CFPB’s expected funding …
NYSE Announces Development of Tokenized Securities Trading Platform
On January 19, 2026, the New York Stock Exchange (NYSE) announced the development of a new platform for trading tokenized securities. The new platform will, subject to necessary regulatory approvals, enable companies to issue digital tokens representing securities. It will provide 24/7 trading, instant settlement via blockchain infrastructure, and the ability to fund transactions using stablecoins. The NYSE is touting the planned platform as an …
Executive Order Seeks to Limit Large Institutional Investors From Purchasing Single-Family Homes
On January 20, 2026, the Trump administration issued an executive order to limit the purchase of single-family homes by Wall Street investors. Declaring it the administration’s policy that “large institutional investors should not buy single-family homes that could otherwise be purchased by families,” the executive order aims to “preserve the supply of single-family homes for American families and increase the paths to homeownership.” While the …
California DFPI Seeks Comment on Potential Registration Requirement for Reporting Agencies
On January 12, 2026, the California Department of Financial Protection and Innovation (DFPI) issued an invitation for comments on a proposed rulemaking concerning registration and reporting for consumer-reporting providers. Background In 2024, the DFPI finalized registration and reporting requirements under the California Consumer Financial Protection Law (CCFPL) for four categories of providers of financial products and services. These regulations, effective February 15, 2025, require providers …