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.
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
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
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
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
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
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
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
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
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.
