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On October 28, the CFPB issued an interpretive rule under the Fair Credit Reporting Act (FCRA) declaring that federal law generally preempts state laws governing the content of consumer credit reports. The Bureau’s action, led by Acting Director Russell Vought, replaces and withdraws a July 2022 interpretive rule issued under the prior administration, which had concluded that the FCRA’s preemption provisions were limited in scope.Continue Reading CFPB Issues Interpretive Rule Asserting Federal Preemption Over State Medical Debt Credit Reporting Laws

On October 21, 2025, the National Credit Union Administration (NCUA) announced a proposed rule to formally remove “reputation risk” from its supervisory framework under the Federal Credit Union Act. The proposal would amend Parts 702 and 791 of the NCUA’s regulations to prohibit the agency from taking adverse action against a federally insured credit union based on reputation risk.Continue Reading NCUA Proposes Rule Prohibiting Use of Reputation Risk in Supervision

On September 8, 2025, the U.S. District Court for the Western District of Washington denied an earned wage access provider’s motion to dismiss a putative class action brought by a servicemember. The plaintiff alleged that the company’s cash advance product violated the Military Lending Act (MLA) and the Truth in Lending Act (TILA).Continue Reading District Court Allows Class Action Claims Against EWA Provider to Proceed Under TILA and MLA

On September 5, the Homebuyers Privacy Protection Act (H.R. 2808) was signed into law. The law amends the Fair Credit Reporting Act to restrict the sale of consumer information generated when borrowers apply for residential mortgage loans.Continue Reading Homebuyers Privacy Protection Act Signed Into Law, Restricting Trigger Leads

On September 4, the CFPB published its Spring 2025 Unified Agenda on the Office of Information and Regulatory Affair’s website. The agenda identifies 24 regulatory items across the final, proposed, and prerule stages, covering a wide range of consumer finance issues.Continue Reading CFPB Releases Spring 2025 Agenda Signaling Deregulatory Shift

On August 26, 2025, the CFPB published a notice of proposed rulemaking to narrow the scope of its authority to designate nonbanks for supervision under the Consumer Financial Protection Act (CFPA). The proposal follows earlier announcements by the Bureau that it would reassess its use of this authority (previously discussed here).Continue Reading CFPB Proposes Rule Narrowing Nonbank Supervisory Authority Under CFPA

On July 30, 2025, the President’s Working Group on Digital Asset Markets released a comprehensive report recommending substantial regulatory action and legislative proposals aimed at providing clearer pathways for crypto issuance, trading, and banking engagement. In the absence of new legislation, the report urges securities and derivatives regulators—the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC)—to utilize existing authorities to offer immediate regulatory clarity.Continue Reading President’s Working Group Report Lays Foundation for U.S. Crypto Market Structure

On August 7, the U.S. Court of Appeals for the Ninth Circuit reversed a district court’s dismissal of a putative class action alleging violations of the Washington Consumer Protection Act (WCPA) against a company offering a “HomeOwner Agreement” product. The plaintiffs claimed the arrangement functioned as a reverse mortgage loan subject to the Washington Consumer Loan Act (WCLA) and Washington Reverse Mortgage Act (WRMA), and that the defendant failed to comply with licensing, counseling, and other statutory requirements.Continue Reading Ninth Circuit Revives Washington Consumer Protection Claims over “HomeOwner Agreement”

On August 7, President Trump signed an Executive Order directing federal banking regulators to prevent financial institutions and financial service providers from denying or restricting financial services and products based on the recipients political or religious beliefs. The Order also requires regulators to remove the concept of “reputational risk” that the administration believes could lead to debanking from supervisory guidance, manuals, and related examination materials.Continue Reading Trump Signs Executive Order on Debanking

On August 12, a coalition of banking trade associations sent a joint letter to Congress warning that the recently enacted GENIUS Act contains a loophole that could allow the indirect payment of interest or yield on payment stablecoins. The Act (previously discussed here) establishes a federal regulatory framework for payment stablecoins, including restrictions on interest payments, limits on nonfinancial company issuers, and provisions affecting state-chartered institutions.Continue Reading Trade Groups Urge Congress to Address GENIUS Act Loopholes

On August 2, the U.S. Senate passed the Homebuyers Privacy Protection Act (H.R. 2808) by unanimous consent, which amends the Fair Credit Reporting Act (FCRA) to restrict consumer reporting agencies from sharing “trigger leads” generated in connection with residential mortgage credit inquiries. The bill now awaits the President’s signature and would take effect 180 days after enactment.Continue Reading Congress Passes Homebuyer Lead Reform Bill, Limiting Mortgage Lead Sharing Under FCRA