The federal banking agencies, the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, have issued a joint statement establishing a coordinated approach for the handling of highly sensitive information during bank examinations. While the statement does not impose new supervisory expectations, it represents an important acknowledgment that the examination process itself can create cybersecurity and information security risks if highly sensitive information is not handled appropriately.… Continue Reading

The U.S. Government Accountability Office (GAO) recently issued a report recommending that the federal banking agencies adopt a more rigorous and transparent process for identifying and eliminating outdated, unnecessary, or unduly burdensome banking regulations. Although the report focuses on improving the agencies’ review process rather than recommending the repeal of any specific regulations, its conclusions align closely with the Trump Administration’s broader effort to reduce regulatory burdens throughout the federal government.… Continue Reading

The California Department of Financial Protection and Innovation (DFPI) has taken the next step in its challenge to a bank-fintech lending program by appealing the Los Angeles County Superior Court’s decision in Opportunity Financial, LLC v. Hewlett. According to the Superior Court docket, a Notice of Appeal was filed on July 21, 2026, ensuring that the closely watched dispute over the “true lender” doctrine will now move to the California Second Appellate District Court of Appeal. … Continue Reading

A New York trial court, in a decision issued on July 20, 2026, has handed the New York Attorney General a significant early victory in her lawsuit against Early Warning Services, LLC (“EWS”), the operator of the Zelle peer-to-peer payment network. In People of the State of New York v. Early Warning Services, LLC, Index No.… Continue Reading

The new California Business and Consumer Services Agency (BCSA), launched on July 1, 2026, will focus on improper practices that drive costs up for state residents, agency Secretary Rohit Chopra said, in a recent blog post.

“A key priority for the agency is to crack down on harmful and corrupt practices that wrongfully raise costs for families and honest businesses,” Chopra wrote.… Continue Reading

At the July 27, 2026 meeting of the Financial Literacy and Education Commission (FLEC), Comptroller of the Currency Jonathan Gould outlined the Office of the Comptroller of the Currency’s approach to financial literacy, emphasizing digital financial education, responsible innovation, and the important role that banks, particularly community banks, play in helping consumers navigate an increasingly complex financial system.… Continue Reading

On July 27, 2026, CFPB Deputy Director Mark Paoletta delivered remarks at a meeting of the Financial Literacy and Education Commission that left little doubt that the Bureau’s approach to financial education has undergone a dramatic philosophical shift under Acting Director Russell Vought. In his remarks, Paoletta sharply criticized former CFPB Director Rohit Chopra’s views on financial literacy while outlining the Bureau’s new priorities under the Trump Administration.… Continue Reading

A newly launched academic institute is seeking to influence the future direction of consumer financial services regulation by promoting a policy framework centered on consumer choice, market competition, empirical research, and innovation. In the podcast we are releasing today on Consumer Finance Monitor, our host Alan Kaplinsky (founder, former chair for 25 years and now senior counsel) interviewed Professors Todd Zywicki of George Mason University Antonin Scalia Law School and Tom Miller of Mississippi State University about their newly created Institute for Consumer Financial Choice (ICFC), its mission, and its ambitious agenda.… Continue Reading

Yesterday, the State of Utah, joined by the attorneys general of Alabama, Arkansas, Florida, Georgia, Iowa, Louisiana, Mississippi, Montana, Nebraska, Oklahoma, South Carolina, South Dakota, Texas, and West Virginia, filed an amicus brief in support of the plaintiffs’ motion for a preliminary injunction in the pending challenge to Oregon House Bill 4116.… Continue Reading

The Office of the Comptroller of the Currency (“OCC”) filed an amicus curiae brief on July 28, 2026, in National Association of Industrial Bankers, et al. v. Sean O’Day, pending in the U.S. District Court for the District of Oregon. While the OCC takes no position on preliminary injunctive relief, it strongly defends the federal interest-rate exportation framework under the National Bank Act and the Depository Institutions Deregulation and Monetary Control Act of 1980 (“DIDMCA”), and rejects Oregon’s interpretation of Section 525’s opt-out provision.… Continue Reading