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
The banking plaintiffs in the suit challenging the CFPB’s open banking rule (“Rule”) have asked a federal court to delay the compliance date of the Rule, contending that even though the Trump Administration has said it was rescinding the rule and writing a new one, the compliance dates technically remain in effect.… Continue Reading| Consumer Finance Monitor
Today’s episode of the Consumer Finance Monitor podcast is centered around a novel and thought-provoking article by David Horton, a professor of law at the University of California, Davis. The article, titled “Do Arbitrators Follow the Law? Evidence from Clause Construction, “dives into the intriguing question of whether arbitrators render decisions that align with judicial rulings.… Continue Reading| Consumer Finance Monitor
An earned wage access (EWA) law has gone into effect in Louisiana. The legislation, passed earlier this year, became law without the signature of Gov. Jeff Landry. The legislation’s sponsor, state Rep. Vinney St. Blanc told the Louisiana Radio Network that if you’re a health care provider or a nurse and your child breaks his arm, “I have something.… Continue Reading| Consumer Finance Monitor
On August 8, 2025, the Consumer Financial Protection Bureau (“CFPB”) issued four advance notices of proposed rulemaking (“ANPR”) inviting comments on whether it should substantially reduce the number of nonbank companies the CFPB supervises in the auto finance, international money transfer, debt collection, and consumer credit reporting markets. An agency spokesperson told Law 360, “As part of President Trump’s overhaul of this abusive agency, ‘Larger Participant’ regulations ...| Consumer Finance Monitor
Federal banking regulators have issued a joint statement in an effort to provide clarity on banks’ engagement in crypto-asset related activities. The statement does not create any new supervisory requirements but warns financial institutions that they must be particularly diligent in dealing with crypto-asset safekeeping. “Given the virtual nature of crypto-assets, and the potentially increased operational risks associated with crypto-asset safekeeping, a banking organization’s cybersec...| Consumer Finance Monitor
The recent American Association of Residential Mortgage Regulators Annual Conference included a presentation highlighting the rising use of Artificial Intelligence (“AI”) in the Financial Services industry. As this will clearly be an ongoing focus of all regulators, not just residential mortgage regulators, we thought a short summary of the presentation, and some or our reactions to the presentation, might be of interest.… Continue Reading| Consumer Finance Monitor
A federal judge has dismissed a high-profile case involving allegations that a home appraiser was racially biased in his appraisal. U.S. District Judge Stephanie A. Gallagher of the U.S. District Court for the District of Maryland ruled that Nathan Connolly and the estate of Shani Mott, who passed away in March of 2024, failed to provide an appraisal expert to support their claims against Shane Lanham and his company, 20/20 Valuations, LLC.… Continue Reading| Consumer Finance Monitor
The Trump Administration can, among other things, resume plans to begin firing more than 1,400 employees at the CFPB, two judges on the U.S. Court of Appeals for the District of Columbia ruled last Friday. In a 2-1 majority opinion, the D.C. Circuit dissolved a preliminary injunction issued by District Court Judge Amy Berman Jackson.… Continue Reading| Consumer Finance Monitor
Today on our podcast, we’re releasing a repurposed recording of our July 23, 2025, webinar titled “Student Lending Legislation and Litigation: 2025 Mid-Year Review.” The webinar features esteemed partners John Culhane and Tom Burke, who dive into the intricacies of student lending litigation and regulatory developments. As a senior partner in the Consumer Financial Services Group, John Culhane shares his extensive knowledge on higher education finance, focusing on state legislation and ...| 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
State attorneys general are not waiting to see what the future holds for the CFPB. With federal oversight receding, states are stepping up| Consumer Finance Monitor
Accusing the Trump Administration of “dismantling” the CFPB, New York City Comptroller Brad Lander is calling on city and state officials to fill the void| 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
As previously reported, based on an unopposed motion submitted by the Department of Justice (DOJ) and Consumer Financial Protection Bureau (CFPB) the| Consumer Finance Monitor
Despite massive attempted layoffs and cancellation of third-party vendor contracts, the Trump Administration did not and does not intend to shut down the| Consumer Finance Monitor
The Senate Banking, Housing and Affairs Committee (Banking Committee) would eliminate the CFPB’s current funding source, as part of Committee’s Republican| Consumer Finance Monitor
The CFPB recently issued its long-awaited proposed rule amending the mortgage servicing rules under Regulation X, with a focus on streamlining and| Consumer Finance Monitor
Today, the CFPB issued its final rule defining larger participants of the consumer debt collection market. The final rule becomes effective on January 2,| Consumer Finance Monitor
The CFPB recently made filings with the Office of Management and Budget (OMB) regarding the following rules: Loan Originator Compensation Requirements| Consumer Finance Monitor
