A federal district court recently vacated the Federal Reserve Board’s Regulation II, which includes a cap on the fees that bank issuers may charge merchants for processing debit transactions. The court concluded that the rule is contrary to law and the Federal Reserve exceeded its statutory authority under the Durbin Amendment. The vacatur is currently stayed pending an anticipated appeal to the US Court of …
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Executive Order Guarantees Efforts Against Debanking Will Continue
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 …
Open Banking Is on Ice as CFPB Seeks to Toss Its Own Rule
Cooley lawyers Obrea Poindexter and Palmer Quamme co-authored an article for Law360 about the Consumer Financial Protection Bureau’s bid to rescind its own rule, implementing Section 1033 of the Dodd-Frank Act concerning personal financial data rights. Read more ›
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 …
FTC Delays Enforcement of Amended Negative Option Rule
On May 9, 2025, the Federal Trade Commission (FTC) voted unanimously to delay enforcement of most portions of its amended Negative Option Rule by 60 days, shifting the compliance deadline for those portions from May 14 to July 14, 2025. Once fully enforced, the rule will impose sweeping new requirements on businesses offering subscription-based services, including enhanced consent, disclosure and cancellation obligations. Read more ›
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 …