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 …
Key Fair Lending Updates From the Fed’s 2025 Interagency Webinar
On December 16, the Federal Reserve (Fed) hosted its annual Fair Lending Interagency Webinar, during which it, the National Credit Union Administration (NCUA) and the Consumer Financial Protection Bureau (CFPB) offered insight into their fair lending programs. The Fed highlighted its risk-focused approach to fair lending supervision, emphasizing the importance of tailored risk assessments, recurring training and robust monitoring of discretionary lending practices. Examiners continue …
FDIC Paves Way for Banks to Issue Stablecoins in New Rulemaking
The Federal Deposit Insurance Corporation (FDIC) issued a notice of proposed rulemaking (NPRM) to establish the application process for FDIC-supervised banks seeking to issue payment stablecoins through subsidiaries. The rulemaking is the first action by the FDIC to implement the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act), which establishes a federal regulatory system for stablecoins. Background Enacted in July 2025, the …
Personal Financial Data Rights Interim Final Rule Expected Soon
The Consumer Financial Protection Bureau’s (CFPB) open banking rulemaking is at a pivotal moment. After the US District Court for the Eastern District of Kentucky enjoined enforcement of the CFPB’s Personal Financial Data Rights (PFDR) rule in October, the CFPB this week disclosed in a court filing that it will issue an interim final rule under Section 1033 of the Dodd-Frank Act. The CFPB recently …
DOJ Ends Disparate-Impact Liability Under Title VI, Narrowing Civil Rights Enforcement
On December 9, 2025, the US Department of Justice (DOJ) issued a final rule eliminating “disparate-impact” liability from its Title VI regulations. The final rule rescinds portions of DOJ’s Title VI regulations that allowed disparate-impact claims (i.e., challenges to neutral policies with disproportionate effects on protected groups) and aligns DOJ’s enforcement approach with the administration’s broader campaign to curtail disparate-impact liability across federal agencies. This …
FinCEN’s NPRM Signals an Expanded Use of Section 311
The Financial Crimes Enforcement Network (FinCEN) recently issued a notice of proposed rulemaking (NPRM), pursuant to section 311 of the USA PATRIOT Act, finding that a class of transactions involving 10 Mexican gambling establishments are of “primary money laundering concern.” According to the press release announcing the NPRM, FinCEN has assessed that the gambling establishments have “directly and indirectly” facilitated money laundering benefiting a Mexico-based …
CFPB Seeks to Narrow Section 1071 Rule
The Consumer Financial Protection Bureau (CFPB) recently released a proposed rule to scale back the 2023 final small business lending data collection rule (2023 final rule). The proposed rule would significantly narrow the scope of the 2023 final rule by redefining “small business,” limiting the types of transactions and institutions covered by the rule, removing several discretionary data points, and replacing a tiered compliance schedule …