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  New York AG sues Capital One in case mirroring dropped CFPB lawsuitFriday, May 16, 2025 The state of New York is suing Capital One Financial Corp., alleging charges similar to those previously brought by the Consumer Financial Protection Bureau in a lawsuit the bureau later dropped. Capital One told Dodd Frank Update it plans to defend itself against the allegations. |
 CFPB withdraws data broker rule proposalFriday, May 16, 2025 The Consumer Financial Protection Bureau withdrew its notice of proposed rulemaking designed to prevent harmful information-sharing practices by data brokers. The bureau’s interim leadership determined the proposal did not align with the agency’s current policy interpretations or objectives. |
 MBA recommends TILA, HMDA revisions in OMB responseFriday, May 16, 2025 In an effort to roll back rules some would describe as “unnecessary, unlawful, unduly burdensome and unsound,” the Office of Management and Budget issued a request for information for interested stakeholders. The Mortgage Bankers Association responded with a list of recommended revisions and rescissions for rules spread across various agencies. |
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House FSC discusses process reforms for bank mergers, new bank formationFriday, May 16, 2025 The House Financial Services Committee held a hearing to explore how the current regulatory regime governing bank mergers and new (de novo) bank formation impacts the financial sector. Lawmakers and witnesses discussed potential regulatory reforms aimed at fostering competition and ensuring widespread access to financial services. |
 CFPB to rescind a slew of guidance materials dating back to 2011Tuesday, May 13, 2025 Acting leadership at the Consumer Financial Protection Bureau (CFPB) announced a list of 39 guidance materials to be rescinded, including several applicable to mortgage originators and servicers issued since the CFPB assumed its functions in 2011.
 Trump signs repeals of CFPB overdraft, larger participant rulesTuesday, May 13, 2025 The Consumer Financial Protection Bureau’s final rules limiting overdraft fees charged by certain financial institutions and another giving the bureau authority to supervise large digital payment providers have been invalidated via resolutions of disapproval signed by President Donald Trump.
 Trump to tap CFPB nominee for Treasury roleTuesday, May 13, 2025 President Donald Trump intends to nominate Jonathan McKernan to a position at the Treasury, according to an announcement by Treasury Secretary Scott Bessent. McKernan is awaiting Senate confirmation of Trump’s nomination of him to be director of the Consumer Financial Protection Bureau.
Federal Reserve acknowledges rising inflation, unemployment risksTuesday, May 13, 2025 The Federal Reserve announced there will be no change to the federal funds rate following the May meeting of the Federal Open Markets Committee (FOMC). The committee concluded maintaining the target range at 4-1/4 to 4-1/2 percent was the best approach given economic indicators suggesting the risk of higher inflation and unemployment has increased.
 CFPB moves to dismiss medical debt rule lawsuitFriday, May 9, 2025 The Consumer Financial Protection Bureau moved for dismissal regarding multiple claims cited in a lawsuit challenging the legality of its final rule prohibiting medical debt information from being considered in credit decisions.
 CFPB plans to deprioritize ‘Buy Now, Pay Later’ lending activitiesFriday, May 9, 2025 In the agency’s latest announcement regarding its enforcement and supervisory priorities, the Consumer Financial Protection Bureau said it will not prioritize oversight of “Buy Now, Pay Later” (BNPL) loan providers. The bureau also is considering further action related to its new policy position on BNPL products.
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