Senior CFPB Official Resigns, Citing No Path Forward for Enforcement Program
Senior CFPB Official Resigns, Citing No Path Forward for Enforcement Program The Consumer Financial Protection Bureau’s principal deputy enforcement director, Michael Salemi, announced his resignation last week, becoming the third enforcement leader to depart the...
State Attorneys General Press Major BNPL Firms for Lending Details
State Attorneys General Press Major BNPL Firms for Lending Details Seven state attorneys general last week launched a multistate inquiry into leading Buy Now, Pay Later (BNPL) lenders, sending formal inquiries to companies including Affirm, Klarna, PayPal, Afterpay,...
CFPB Shifts Active Litigation to DOJ As Funding Runs Dry
CFPB Shifts Active Litigation to DOJ As Funding Runs Dry Last week, the Consumer Financial Protection Bureau (CFPB) announced it will transfer its remaining enforcement and litigation duties to the U.S. Department of Justice (DOJ) amid what it described as an imminent...
Appeals Court Clears Way for Colorado to Enforce Interest Rate Caps on Out-of-State Loans
Appeals Court Clears Way for Colorado to Enforce Interest Rate Caps on Out-of-State Loans Last week, Colorado secured a major legal victory allowing the state to enforce its 36 percent interest rate cap on consumer loans made to residents, even when those loans...
Trump Administration Says CFPB May No Longer Legally Request Funds from Federal Reserve, Setting Tentative Shutdown Date of Early 2026
Trump Administration Says CFPB May No Longer Legally Request Funds from Federal Reserve, Setting Tentative Shutdown Date of Early 2026 The Trump administration has officially determined that the Consumer Financial Protection Bureau (CFPB)’s current funding mechanism...
Federal Reserve Reducing Bank Supervision Staff By 30 Percent
Federal Reserve Reducing Bank Supervision Staff By 30 Percent The Federal Reserve is planning to reduce its banking supervision staff by 30 percent by the end of next year, which would cut the supervision and regulation division from a previous authorized staff count... CFPB Rescinds Nonbank Registry Rule
CFPB Rescinds Nonbank Registry Rule The Consumer Financial Protection Bureau (CFPB) is rescinding two rules finalized during the Biden administration, including the nonbank registry rule, which required nonbanks to register and report violations of both local and...
Government Shutdown Puts Senate Consideration of Clarity Act on Hold
Government Shutdown Puts Senate Consideration of Clarity Act on Hold With the U.S. Senate currently focused on issues surrounding the government shutdown, it is running out of time to consider bills related to the regulation of the crypto market. For example, the... 