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 …
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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 …
Busy Week for AI: FCA Reopens AI Input Zone, Regulators Issue Statement on Frontier AI Cyber Risks
May 2026 has brought a flurry of AI-related activity from the UK’s financial regulators. On 14 May, the Financial Conduct Authority (FCA) reopened its AI Input Zone to collect stakeholder views on good and poor practice in AI use cases in financial services. The following day, the Bank of England, FCA and HM Treasury published a joint statement on frontier AI models and cyber resilience. …
White House Issues Executive Orders Targeting Financial System Integrity, Fintech Innovation
On May 19, 2026, President Donald Trump signed an executive order titled, “Restoring Integrity to America’s Financial System.” The order is designed to mitigate risks to the financial system “posed by the extension of credit or financial services to the inadmissible and removable alien population.” The order stops short of requiring firms to verify each customer’s citizenship status – a controversial move that was reportedly …
Senator Warren Challenges OCC Over Crypto Trust Charters
This week, Sen. Elizabeth Warren, ranking member of the Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to the Office of the Comptroller of the Currency (OCC) challenging the agency’s granting of national trust charters to crypto companies “in apparent violation of the National Bank Act.” According to Warren, the nine crypto companies that have received national trust charters since December 2025 …
UK Government Confirms Cross-Cutting Reforms to Financial Services Regulatory Framework
On 12 May 2026, HM Treasury published its formal response to its July 2025 consultation on cross-cutting reforms to the UK regulatory framework, a key pillar of the government’s Financial Services Growth and Competitiveness Strategy. The response confirms that the government will introduce primary legislation to reform the legislative framework around how the Financial Conduct Authority (FCA) and Prudential Regulatory Authority (PRA) operate. These reforms …
Chopra Appointed First Secretary of California’s New Business and Consumer Services Agency
On May 12, 2026, California Gov. Gavin Newsom announced the appointment of former Director of the Consumer Financial Protection Bureau (CFPB) Rohit Chopra as the first secretary of California’s newly created Business and Consumer Services Agency (BCSA). Set to launch on July 1, 2026, the new cabinet-level agency is designed to strengthen consumer protection and fairness through the coordination of licensing, enforcement and rulemaking efforts across …
FinCEN Proposes New Rules for AML Whistleblower Incentives and Protections
The Financial Crimes Enforcement Network (FinCEN) recently published a notice of proposed rulemaking (NPRM) titled “Whistleblower Incentives and Protections.” The proposal implements 31 USC § 5323 as amended by the Anti-Money Laundering Act of 2020 (AML Act) and the AML Whistleblower Improvement Act of 2022, establishing procedures for submitting tips, applying for awards and obtaining confidentiality and anti-retaliation protections. The NPRM represents a significant step …