On June 17, the Consumer Financial Protection Bureau (CFPB) rescinded its 2020 advisory opinion “Equal Credit Opportunity (Regulation B); Special Purpose Credit Program,” which addressed regulatory uncertainty regarding the application of the Equal Credit Opportunity Act’s Regulation B to certain aspects of special purpose credit programs (SPCPs) “designed by for-profit organizations to meet special social needs.” The advisory opinion had clarified the content a for-profit …
Spotlight on CFPB’s Recent Statement on Ability to Pay and Immigration Status
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 …
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 …
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 …
CFPB Finalizes Narrower Version of Section 1071 Small Business Lending Rule
The Consumer Financial Protection Bureau (CFPB) finalized its long‑awaited rule implementing Section 1071 of the Dodd‑Frank Act, a rulemaking designed to address funding gaps facing women-owned, minority-owned and small businesses by requiring data collection and reporting on loan applications. Although the final rule is significantly narrower than the final rule published during the Biden administration (2023 rule), it nonetheless establishes a federal data collection and …
CFPB Finalizes Significant Changes to Regulation B
On April 22, 2026, the Consumer Financial Protection Bureau (CFPB) published in the Federal Register a final rule amending Regulation B, the regulation implementing the Equal Credit Opportunity Act (ECOA). The final rule is largely unchanged from the CFPB’s notice of proposed rulemaking issued in November 2025. Effective July 21, 2026, the final rule: Expressly eliminates the “effects test,” commonly referred to as disparate impact. …
CFPB Adds Disclosures to Consumer Complaint Portal
The Consumer Financial Protection Bureau (CFPB) recently added two new disclosures and an attestation requirement to the CFPB portal through which consumers may submit complaints about a financial product or service. The recent additions are under the heading “Credit and consumer reporting complaint notice” and appear to be limited to complaints against consumer reporting agencies (CRAs) regarding inaccurate or incomplete information on a consumer report. …
Reports Suggest CFPB Plans Full Notice-and-Comment Rulemaking for Open Banking Rewrite
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 …
CFPB and DOJ Withdraw 2023 Statement on ECOA and Noncitizen Borrowers
On January 12, 2026, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) formally withdrew their October 2023 joint statement addressing creditors’ consideration of immigration status under the Equal Credit Opportunity Act (ECOA) and its implementing Regulation B. The withdrawal is another explicit renunciation of the previous administration’s policies applicable to financial services, though the agencies were clear that withdrawal of the …
CFPB Submits to Court Order, Seeks New Funding
On January 9, 2026, the Consumer Financial Protection Bureau (CFPB) requested $145 million in new funding from the Federal Reserve. This development follows a ruling by the US District Court for the District of Columbia that the CFPB’s refusal to request additional funding from the Federal Reserve would violate the preliminary injunction in National Treasury Employees Union, et al. v. Russell Vought. The ruling, therefore, essentially required …