On Thursday, November 13, 2025, the Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking (NPRM) to amend provisions of Regulation B (12 CFR Part 1002), which implements the Equal Credit Opportunity Act (ECOA). The NPRM proposes to modify Regulation B by: Removing language supporting disparate-impact liability under the ECOA. Narrowing the prohibition on discouragement of applicants or prospective applicants. Establishing new standards …
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10th Circuit Upholds Colorado’s DIDMCA Opt Out, Deepening States’ Power Over Bank-Fintech Partnership Lending – But Not Without Dissent
On November 10, 2025, the US Court of Appeals for the 10th Circuit issued its opinion in National Association of Industrial Bankers v. Weiser, a closely watched case testing the boundaries of state authority over interest-rate caps for loans made by state-chartered banks over the internet. The decision, which reversed a district court injunction, allows Colorado to enforce its own limits on loans to Colorado …
CFPB Faces Uncertain Future as Funding Shortfall Looms
On November 10, the Consumer Financial Protection Bureau (CFPB) informed the US District Court for the District of Columbia that it expects to run out of funds in early 2026. The CFPB filed the Notice of Potential Lapse in the ongoing National Treasury Employees Union v. Vought lawsuit, in which the union representing CFPB employees is challenging the Trump administration’s efforts to shut down the agency. …
Court Enjoins CFPB’s Open Banking Rule Pending New Rulemaking
On October 29, 2025, the US District Court for the Eastern District of Kentucky issued a preliminary injunction that prevents the Consumer Financial Protection Bureau (CFPB) from enforcing its Personal Financial Data Rights (PFDR) final rule until the CFPB completes its new rulemaking. The injunction, therefore, halts compliance deadlines that would have required certain financial institutions to implement new data-sharing standards as early as June …
Attorneys General Share Updates on State Priorities
Cooley partner Kate Goodman recently attended the National Association of Attorneys General’s Fall Consumer Protection Conference in Washington, DC. The annual conference for attorneys general and staff, consumer advocates and industry stakeholders, explores hot topics in consumer protection, with the first day open to the public and the remaining days exclusive to attorneys general and their staff. One of the central themes was price transparency …
Federal Debanking Scrutiny Prompts Compliance Questions
Michelle Rogers, partner and chair of Cooley’s financial services enforcement and regulatory practice group, and lawyers Elyse Moyer and Christine Thebaud co-authored an article in Law360 detailing compliance questions and concerns following the US Small Business Administration’s recent instruction to its network of lenders to cease any “politicized or unlawful debanking” actions. Read the article (subscription required)
Federal Banking Regulators Rescind Guidance on Climate-Related Financial Risks
On October 16, the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC) and the Federal Reserve (Fed) jointly announced the rescission of guidance intended to mitigate climate-related financial risks at large financial institutions. The October 2023 interagency guidance, “Principles for Climate-Related Financial Risk Management for Large Financial Institutions,” had required financial institutions[1] with more than $100 billion in total assets to …
OCC to Halt Fair Lending Exams
The Office of the Comptroller of the Currency (OCC) recently announced a stop to fair lending examinations of the banks it supervises until early 2026, in the most recent change in the federal government’s policy shift away from fair lending enforcement and supervision. As reported by Bloomberg Law, an internal OCC email from Chief National Bank Examiner Jay Gallagher announced that the agency would “defer” all …
FinCEN Clarifies Certain Ambiguities in SARs Requirements
The US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recently issued answers to FAQs to clarify certain requirements related to suspicious activity reports (SARs). The FAQs were jointly issued with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Office of the Comptroller of the Currency. The FAQs do not establish …
SBA Provides Some Clarity to Smaller Lenders in Complying with Debanking Efforts
The US Small Business Administration (SBA) recently provided additional guidance to the smaller lenders in its network on how to comply with its prior directive on eliminating “politicized or unlawful debanking” activities. The initial letter to lenders came in response to a Trump administration executive order (EO) that directs the SBA and other “Federal banking regulators”[1] to identify and remediate past instances and prevent against …