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Who’s Who at the Helm of Federal Banking Regulatory Agencies? Newly inaugurated President Trump signed his first batch of Executive Orders on January 20, 2025. Among them was an Executive Order that included a regulatory freeze, blocking all regulatory agencies from proposing or issuing any rules until they are reviewed and approved by a Trump-appointed executive. We have started to see those Trump-appointed executives take their places across the financial regulatory agencies and expect them

Last weekend created some excitement for those of us working in risk and compliance. On Friday, February 7, 2025, Russell Vought was appointed as the Interim Director of the Consumer Financial Protection Bureau (CFPB). On Saturday the 8th, Mr. Vought ordered employees to “cease supervision and examination activity”, before telling staff Monday to “stand down from performing any work task.” Then, the agency’s chief operating officer informed employees on Sunday that the CFPB’s headquarters would

Under Director Rohit Chopra, the CFPB has laid out a bold blueprint for stronger state-level consumer protections. As its tenure ends, the agency urges states to follow its lead in enhancing consumer safeguards. But will states answer that call? This article, written by senior contributor Barbara Boccia, CRCM, MBA, JD, explores the impact of recent CFPB decisions and their potential implications for state-level regulations. From consumer protection measures to financial institution compliance, it delves into

As soon as Treasury Secretary Scott Bessent took the helm as Acting Director at the Consumer Financial Protection Bureau (CFPB), he ordered a “freeze” on all rulemaking and enforcement actions. Additionally, the CFPB requested an adjournment of a lawsuit challenging the bureau’s $8 credit card late fee rule, halting oral arguments that were scheduled to start.  It is likely all investigative hearings are being postponed or canceled. Next, we have questions about what other actions

This week we’re sharing two updates from the regulators. The first about UDAP/UDAAP and the second on Elder Financial Abuse… OCC Updates Booklet on Unfair or Deceptive Acts or Practices and Unfair, Deceptive, or Abusive Acts or Practices On December 3rd, the OCC announced updates and rescissions to their booklet containing information for examiners regarding UDAP and UDAAP. In their announcement, the OCC said that the updated booklet… provides further clarity regarding sound risk management