On January 8, the OCC announced a notice of proposed rulemaking to amend its national bank chartering regulations to make clear that national trust companies can engage in non-fiduciary activities. According to the OCC, the proposal would neither expand nor contract its chartering authority under the National Bank Act.Continue Reading OCC Proposes Clarifying Amendments to National Trust Bank Chartering Rule
President Donald Trump has announced a proposed cap on credit card interest rates and voiced support for legislation addressing credit card transaction fees. The statements were made in two separate posts on a social media platform. Continue Reading Trump Signals Credit Card Interest Rate Cap and Backs Credit Card Competition Act of 2026
On January 9, CFPB Acting Director Russel Vought submitted a $145 million funding request to Federal Reserve Board Chair Jerome Powell for the CFPB’s second quarter of fiscal year 2026. The notice states the submission was made in accordance with a court order directing the CFPB to continue to following the funding processes set out in the Consumer Financial Protection Act, which requires quarterly transfers in an amount the Director determines is reasonably necessary from the Federal Reserve System’s “combined earnings” (previously discussed here).Continue Reading In a Retreat, CFPB Submits $145 Million Funding Request Following Court Order
On January 5, New York City Mayor Zohran Mamdani issued two executive orders aimed at increasing scrutiny of pricing practices that the City views as contributing to affordability concerns. Executive Order 9 addresses certain add-on or post purchase charges commonly referred to as “junk fees,” while Executive Order 10 targets subscription enrollment and cancellation practices described by City officials as “subscription tricks and traps.”Continue Reading New York City Targets “Junk Fees” and Subscription Practices Through New Executive Orders
On January 7, the NYDFS finalized a rule amending its banking regulations to implement New York’s state Community Reinvestment Act requirements for certain nonbank mortgage lenders. The rule requires DFS to review how covered mortgage bankers serve the credit needs of their communities.Continue Reading New York Finalizes CRA-Style “Equitable Access” Rules for Mortgage Bankers
On January 12, the CFPB and DOJ withdrew their October 2023 joint statement addressing how creditors’ consideration of immigration or citizenship status may intersect with the ECOA. The joint statement, published in the Federal Register on October 18, 2023, had cautioned that certain creditor policies affecting noncitizen borrowers could, in some circumstances, raise fair lending concerns. Continue Reading CFPB and DOJ Withdraw Joint Statement Addressing ECOA and Noncitizen Borrowers
On March 15, 2026, certain providers of commercial financing must submit an annual Commercial Financing Annual Report to the California Department of Financial Protection and Innovation pursuant to the California Consumer Financial Protection Law. The reporting requirement applies to entities engaged in offering or providing commercial financing or other financial products or services to small businesses, nonprofits, or family farms whose activities are principally directed or managed from California.Continue Reading California DFPI Sets March 15, 2026 Deadline for Commercial Financing Annual Reports
On December 30, Baltimore Mayor Brandon M. Scott announced that the City of Baltimore filed a civil action against a fintech provider offering small-dollar cash advance products, alleging violations of the Baltimore Consumer Protection Ordinance. According to the City, the fintech’s cash-advance product that was promoted as an earned wage access or overdraft-style service but allegedly imposed costs that far exceeded Maryland’s 33 percent interest-rate cap for consumer loans.Continue Reading Baltimore Sues Fintech for Alleged Unfair and Deceptive Cash-Advance Practices
On December 30, the U.S. District Court for the District of Columbia ordered that the CFPB must continue requesting funding from the Board of Governors of the Federal Reserve System under the statutory funding framework established by Congress. The Court ruled that the CFPB may not decline to request funding based on its interpretation of the Federal Reserve’s operating losses or an asserted lack of available “combined earnings.” (previously discussed here).Continue Reading Federal Court Orders CFPB to Continue Requesting Funding Operations Amid Defunding Dispute
On December 19, New York Governor Kathy Hochul signed into law S8416, amending New York’s General Business Law to enact the Fostering Affordability and Integrity Through Reasonable Business Practices Act. The law expands the state’s primary consumer protection statute beyond deceptive acts to also prohibit unfair and abusive business practices.Continue Reading New York Enacts FAIR Business Practices Act Expanding State Consumer Protection Law
On December 23, the CFPB issued an advisory opinion stating earned wage access products fall outside the definition of credit under TILA’s Regulation Z, withdrawing a Biden-era proposed interpretive rule that identified all such products as credit.Continue Reading CFPB: Earned Wage Products Are Not Loans Under TILA