On April 23, the White House issued an Executive Order entitled Restoring Equality of Opportunity and Meritocracy, directing federal agencies to “eliminate the use of disparate-impact liability in all contexts to the maximum degree possible.” The Executive Order marks a potential shift in how federal fair lending laws will be enforced across the financial services sector.Continue Reading White House Executive Order Eliminates Disparate-Impact Liability Enforcement
On April 7, the White House issued a fact sheet outlining new steps to support the responsible use and procurement of AI across federal agencies. The initiative builds on the Biden Administration’s 2023 Executive Order on AI and is intended to reduce administrative hurdles, improve interagency coordination, and expand access to commercially available AI tools.Continue Reading White House Unveils Government-Wide Plan to Streamline AI Integration
On April 7, the FCC issued an order staying the effective date of a key provision in its Telephone Consumer Protection Act (TCPA) rules. The provision—originally set to take effect on April 11, 2025—would have required that a consumer’s revocation of consent apply broadly to all robocalls and robotexts from a sender, not just the type of message that prompted the opt-out.Continue Reading FCC Issues One Year Waiver for Consent Revocation Rule
On April 1, the Conference of State Bank Supervisors (CSBS) submitted a letter to the House Financial Services Committee expressing concerns with an introduced draft of H.R. 2392—the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act of 2025 (the “Act”)—which purports to establish a comprehensive regulatory framework for payment stablecoins in the U.S. In the letter, CSBS expresses support for the development of a national framework for payment stablecoin issuers (PSIs), while warning that the current draft would unnecessarily preempt state regulatory authority and introduce risks to consumer protection and financial stability.Continue Reading CSBS Flags Key Risks in Draft Stablecoin Legislation
On March 21, the U.S. Department of the Treasury submitted a report to the Office of Management and Budget affirming that all 11 programs administered by the Community Development Financial Institutions (CDFI) Fund are required by law. The report includes citations to the specific statutory authorities underlying each program.Continue Reading Treasury Confirms All CDFI Fund Programs Are Backed by Law Amid Executive Order Review
On February 25, a federal judge in the United District Court for the Eastern District of Kentucky approved a joint motion between the CFPB and banking trade groups to pause litigation over the agency’s 1033 open banking rule. The lawsuit challenges the CFPB’s rule requiring banks to allow consumers to share deposit and credit card account information with third-party fintech providers.Continue Reading Federal Court Pauses Open Banking Rule Litigation
On February 19, 2025, President Donald Trump signed an executive order (the “Order”) mandating that independent agencies, including the SEC, the FCC, and the FTC, submit proposed regulations for presidential review before finalization. The order marks a significant shift in the regulatory process, altering the long-standing autonomy of these agencies by subjecting them to executive oversight.Continue Reading Trump Executive Order Requires Independent Agencies to Submit Regulations for Presidential Review
On February 19, a federal magistrate judge for the United States District Court for the Southern District of Florida issued a report and recommendation rejecting a trade group’s challenge to the CFPB’s small business lending data rule. The ruling found that merchant cash advances lawfully fall within the scope of the rule. The trade group’s lawsuit sought to exclude merchant cash advances from the rule, arguing, among other things, that such transactions do not constitute “credit” under the Equal Credit Opportunity Act (the “ECOA”) and that the rule was arbitrary and capricious, in violation of the Administrative Procedure Act.Continue Reading CFPB Small Business Lending Data Rule Survives Challenge in Federal Court
On February 6, 2025, the Eleventh Circuit Court of Appeals struck down the FCC’s one-to-one consent rule (previously discussed here). Applying the Supreme Court’s decision in Loper Bright Enters. v. Raimondo, the Eleventh Circuit ruled that the FCC exceeded its legal authority by enforcing additional consent restrictions not explicitly outlined in the Telephone Consumer Protection Act (TCPA).Continue Reading Eleventh Circuit Strikes Down One-to-One Consent Rule
On January 24, the FCC issued an order postponing the effective date of its one-to-one consent rule. The rule, which would have required companies to obtain individual consent for each marketing partner before sharing customer data, was originally slated to go into effect on January 27, 2025. However, the FCC’s order has put the rule on hold until at least January 26, 2026, unless a court ruling dictates an earlier implementation date.Continue Reading Delays Implementation of One-to-One Consent Rule
On January 20, President Trump issued a memorandum instituting a regulatory freeze pending review. This action, a common practice for new administrations, directs federal agencies to halt any new rulemaking until agency heads appointed by the incoming president have reviewed and approved pending regulations. The freeze has significant implications for the financial services industry.Continue Reading Trump Administration Issues Regulatory Freeze