The White House recently issued an executive order (EO) aimed at combatting “politicized or unlawful” debanking. Among other requirements, the EO requires “Federal banking regulators” and the Small Business Administration (SBA) to eliminate from their guidance and other materials the use of reputation risk that could result in debanking and take remedial action against past instances of debanking. This EO is the latest in a …
CFPB Reconsiders Section 1033 Rule Signaling Potential Overhaul of Personal Financial Data Rights Framework
The Consumer Financial Protection Bureau’s position on Section 1033 continues to evolve under the Trump administration. Following a request to vacate the 2024 Personal Financial Data Rights rule (PFDR), on July 29, 2025, the CFPB changed its position, announcing it would initiate a new rulemaking to reconsider the PFDR. On August 22, the CFPB published an advance notice of proposed rulemaking (ANPR) seeking public comment …
US DOJ Memo Clarifies DEI Compliance for Federal Funding Recipients
The US Department of Justice (DOJ) released a memo directed at all federal agencies, setting forth the department’s view on how federal antidiscrimination laws apply to programs or initiatives, including diversity, equity and inclusion (DEI) programs. The memo provides a nonexhaustive list of unlawful DEI practices that could result in revocation of federal grant funding, and it offers best practices for organizations to minimize the …
CFPB Issues Interim Final Rule Extending Small Business Lending Rule Compliance Deadlines
The Consumer Financial Protection Bureau (CFPB) recently issued an interim final rule delaying compliance deadlines for a second time for its small business lending data collection rule, which amended Regulation B pursuant to Section 1071 of the Dodd-Frank Act. The interim final rule extends compliance deadlines for the small business lending rule by roughly one year across all origination tiers. The CFPB states in the …
Click to Cancel Just Got Cancelled: Eighth Circuit Vacates Entirety of FTC’s Negative Option Rule
On July 8, 2025, the US Court of Appeals for the Eighth Circuit vacated the entirety of the Federal Trade Commission’s new Negative Option Rule – popularly known as the Click-to-Cancel Rule – just days before it was scheduled to take full effect. While the rule has been vacated, the FTC can still police unfair and deceptive subscription practices under existing statutory authority. Companies also must continue …
CFPB Withdraws Guidance Documents in Shift From Nonbinding Policymaking
The Consumer Financial Protection Bureau (CFPB) withdrew nearly 70 interpretive rules, policy statements and advisory opinions as part of its shift away from “regulation by guidance.” The rescinded documents impact nearly all consumer protection laws, including the Fair Credit Reporting Act, the Truth in Lending Act, the Consumer Financial Protection Act’s prohibition on unfair, deceptive, or abusive acts or practices, and the Electronic Fund Transfer …
California DFPI Issues Annual Report Detailing Key Consumer Protection Accomplishments
On May 29, 2025, the California Department of Financial Protection and Innovation (DFPI) issued its annual report highlighting its activities and accomplishments in 2024 under the California Consumer Financial Protection Law (CCFPL). The DFPI reported that it issued regulations with new registration requirements for providers of earned wage access products, private postsecondary education financing, debt settlement services and student debt relief services – all of …
Executive Order Seeks to Eliminate Federal Deployment of Disparate Impact Theory of Discrimination
The Trump administration issued an executive order declaring that federal agencies are to discontinue use of disparate impact liability to administer antidiscrimination statutes. The executive order directs agencies to conduct a review of regulations and other guidance that contemplate disparate impact liability. Notably, the directive applies across the entire government – meaning that this order will significantly impact litigation, compliance and enforcement priorities for federal …
CFPB Moves to Vacate Its Own Open Banking Rule, Citing Legal Deficiencies and Overreach
On May 30, the Consumer Financial Protection Bureau (CFPB) filed a motion to vacate its own open banking rule, arguing that the rule exceeds its authority under Section 1033 of the Dodd-Frank Act. The CFPB asserts that the rule exceeds its legal authority by requiring data sharing with authorized third parties, unlawfully prohibits data providers from charging fees, inadequately addresses consumer data and security risks, …
FDIC: Banks Can Engage in Crypto-Related Activities Without Prior Notice
On March 28, 2025, the Federal Deposit Insurance Corporation (FDIC) rescinded guidance issued under the Biden administration that required supervised institutions to notify and await feedback from the FDIC prior to engaging in crypto-related activities. The FDIC’s change of course follows a similar reversal by the Office of the Comptroller of the Currency and aligns with the Trump administration’s efforts to reform federal cryptocurrency regulation. …