On July 11, 2026, the bipartisan 21st Century ROAD to Housing Act (act) automatically became law after President Donald Trump neither vetoed nor signed the law into effect. While the act is primarily aimed at increasing the nation’s housing supply, thereby making home ownership more affordable, it contains a number of provisions of direct consequence to financial institutions: a prohibition on large institutional investor purchases …
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CFPB Seeks Input on Potential Reforms to Mortgage Disclosure Rules, Rescission Rights
On July 9, the Consumer Financial Protection Bureau (CFPB) published a request for information (RFI) seeking public comment on proposed changes to the mortgage origination framework to improve credit availability and reduce compliance burdens for financial institutions. The RFI was issued pursuant to Executive Order 14393, “Promoting Access to Mortgage Credit” (March 13, 2026), which states that recent statutory and regulatory changes have limited access …
CFPB Reboots Customer Complaint System
The Consumer Financial Protection Bureau (CFPB) announced several major updates to its consumer complaint portal. These updates build on prior changes to the CFPB portal and aim to address what the CFPB described as a “plague [of] issues that severely limit” the effectiveness and utility of the portal. The changes The CFPB announced seven changes to the system: Clarifying closure definition for consistency As companies’ …
OCC Clarifies NBA Preemption: State Money Transmitter Licenses Not Required for National Banks
The Office of the Comptroller of the Currency (OCC) issued an interpretive letter confirming that the National Bank Act (NBA) preempts state money transmitter licensing requirements as applied to national banks, regardless of whether the bank satisfies a state law exemption from the licensing requirement. The letter affirms settled doctrine in restating the OCC’s position that states are not permitted to require national banks to …
Agencies Propose Customer Identification Program Requirements for Stablecoin Issuers
On June 22, the Financial Crimes Enforcement Network (FinCEN), together with the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Federal Reserve), Federal Deposit Insurance Corporation (FDIC) and National Credit Union Administration (NCUA), published a joint notice of proposed rulemaking (NPRM) to implement customer identification program (CIP) requirements for permitted payment stablecoin issuers (PPSIs) under the Guiding …
CFPB Rescinds Advisory Opinion on Special Purpose Credit Programs
On June 17, the Consumer Financial Protection Bureau (CFPB) rescinded its 2020 advisory opinion “Equal Credit Opportunity (Regulation B); Special Purpose Credit Program,” which addressed regulatory uncertainty regarding the application of the Equal Credit Opportunity Act’s Regulation B to certain aspects of special purpose credit programs (SPCPs) “designed by for-profit organizations to meet special social needs.” The advisory opinion had clarified the content a for-profit …
Spotlight on CFPB’s Recent Statement on Ability to Pay and Immigration Status
The Consumer Financial Protection Bureau (CFPB) issued a statement reminding creditors that assessing a consumer’s ability to pay debt obligations under the Truth in Lending Act (TILA) may warrant or require consideration of immigration status when relying on an individual’s employment income. The statement follows a recent White House executive order designed to mitigate risks to the financial system “posed by the extension of credit …
Agencies Strip Reputation Risk From Interagency Supervisory Guidance
Recently, the Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC) and Federal Reserve Board (Federal Reserve) jointly updated 15 supervisory interagency guidance documents by removing references to “reputation risk.” The updated guidance follows other agency actions to remove “reputation risk” from supervisory guidance and examinations and is part of a broader federal effort to eliminate so-called politicized or unlawful debanking. …
AI Executive Order Creates Voluntary Framework for Frontier Models, Advances Critical Infrastructure Cybersecurity
On June 2, 2026, President Donald Trump signed a new executive order (EO) addressing the intersection of artificial intelligence and cybersecurity. This EO has direct implications for AI developers, critical infrastructure companies, and any business operating at the intersection of AI and cybersecurity. The EO directs federal agencies to take a series of actions (many within 30 to 60 days) with the purposes of upgrading …
The New Colorado AI Act: What Financial Institutions Need to Know
Colorado recently upended its landmark artificial intelligence legislation, just a month before the bill’s effective date and with days left in the legislative session. Senate Bill 26-189 (SB 189) repeals and replaces Senate Bill 24-205, the 2024 law that first established Colorado’s AI legislative framework, with a substantially narrowed scope, and pushes back the effective date to January 1, 2027. SB 189 contains a restructured …