The CFPB is considering proposing amendments to Regulation V, which implements the Fair Credit Reporting Act (FCRA), to address concerns related to information furnished to consumer reporting agencies regarding coerced debt. This follows the CFPB’s issuance of an advance notice of proposed rulemaking on December 13, 2024 to solicit information on amending the definitions of “identity theft” and “identity theft report,” as well as other related amendments to Regulation V.… Continue...| Consumer Finance Monitor
Citing a host of recent U.S. Supreme Court rulings interpreting the Federal Arbitration Act (FAA), the Securities and Exchange Commission (SEC) has “determined that the presence of an issuer-investor mandatory arbitration provision will not impact decisions whether to accelerate the effectiveness of a registration statement under the Securities Act.” This new policy statement reverses the agency’s previous position that it would not use its authority to accelerate the effective date of ...| Consumer Finance Monitor
If Congress does not reauthorize the National Flood Insurance Program (NFIP) by September 30, major parts of the program will expire—a lapse that could cause major problems in the mortgage industry. In past NFIP lapses, borrowers were not able to purchase flood insurance to close, renew or increase loans secured by property that required flood insurance.… Continue Reading| Consumer Finance Monitor
President Trump is asking the Supreme Court to allow him to fire Lisa D. Cook from the Federal Reserve Board. “This application involves yet another case of improper judicial interference with the President’s removal authority—here, interference with the President’s authority to remove members of the Federal Reserve Board of Governors for cause,” Solicitor General D.… Continue Reading| Consumer Finance Monitor
In this episode of the Consumer Finance Monitor podcast, host Alan Kaplinsky welcomes Pat Utz, CEO and co-founder of Abstract, a venture capital-backed AI company headquartered in New York. Pat brings extensive expertise on artificial intelligence. The podcast focuses on current developments in AI regulation and implementation, first covering President Trump’s recent “Winning the Race: America’s AI Action Plan” and its potential impact on federal policy.… Continue Reading| Consumer Finance Monitor
Banking groups said their members will have to unnecessarily spend significant time and money if a federal court does not delay the compliance dates of an open banking rule that the CFPB said it intends to rewrite. “Plaintiffs and their members cannot simply stop all work needed to timely comply with a complex regulation that remains on the books, gambling on the outcome of a process that will last well into 2026 at a minimum,” the Bank Policy Institute, Kentucky Bankers Association, and ...| Consumer Finance Monitor
The CFPB recently released its Spring 2025 Regulatory Agenda. In this post, we focus on various residential mortgage-related items included in the Regulatory Agenda. We will address other aspects of the Regulatory Agenda in separate blog posts. To register for our webinar on the Regulatory Agenda, click here. An initial observation regarding the Regulatory Agenda in general is that it is very ambitious, with a total of 24 rulemaking items, plus one long term action, yet it is not clear how ...| Consumer Finance Monitor
The CFPB has released an ambitious Spring Regulatory Agenda that lists 24 regulatory initiatives the bureau has been and/or will be working on during the 12-month period from June 2025 through May 2026 as well as one long term action. “The CFPB is under interim leadership pending the confirmation of a permanent director, and is carefully considering various sources in setting its future priorities,” the agency said.… Continue Reading| Consumer Finance Monitor
President Trump has signed a bill that would restrict the use of “trigger leads” in the mortgage industry. The legislation will become effective on March 5, 2026. We previously reported on the passage of the legislation here. The law amends the Fair Credit Reporting Act to prohibit consumer reporting agencies from furnishing a trigger lead except in limited circumstances. … Continue Reading| Consumer Finance Monitor
A divided federal appeals court has ruled that President Trump illegally fired Lisa Cook from her position as a member of the Federal Reserve Board. The decision, by a three-judge panel of the U.S. Court of Appeals for the District of Columbia, means that Cook may vote on whether to cut interest rates during a two-day meeting that started today.… Continue Reading| Consumer Finance Monitor
Thirty-two attorneys general representing states, territories and Washington, D.C. are asking Congress to pass legislation to provide financial| Consumer Finance Monitor
President Trump has issued an Executive Order directing banking agencies to adopt policies to ensure that financial institutions do not use reputational| Consumer Finance Monitor
On June 30, 2023, the U.S. Supreme Court announced long-awaited opinions in two cases challenging the Biden Administration’s authority to proceed with its| Consumer Finance Monitor
As we previously reported, on August 7, 2025, President Trump issued an Executive Order (the “EO”) titled “Guaranteeing Fair Banking for All Americans”| Consumer Finance Monitor
The CFPB has announced it will not make enforcement of its rule requiring financial institutions to report their lending to women-owned, LGBTQI+-owned and| Consumer Finance Monitor
As we have reported previously, including here, here, and here, the CFPB’s section 1071 small business loan data collection and reporting rule is facing| Consumer Finance Monitor
The Fifth Circuit Court of Appeals has issued a stay that blocks for many financial institutions the implementation of a CFPB rule that requires the| Consumer Finance Monitor
The California Reinvestment Coalition has filed a lawsuit against the CFPB in a California federal district court seeking a declaration that the CFPB’s| Consumer Finance Monitor
The saga of the CFPB’s section 1071 small business data collection and reporting rule continues. Rise Economy, fka California Reinvestment Coalition| Consumer Finance Monitor
The consumer financial services landscape is undergoing a transformative shift under the second Trump administration, with significant deregulatory| Consumer Finance Monitor
Having previously announced that it was withdrawing its Buy Now, Pay Later rule, the CFPB recently said that it does not intend to issue a revised rule.| Consumer Finance Monitor