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Joseph Reilly

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Financial services companies depend on Joe for all aspects of their regulatory and compliance needs. Drawing from two decades of experience in the sector, he provides actionable guidance in a complex and evolving landscape.

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Today, another significant decision was issued in the ongoing battle over the fate of the Consumer Financial Protection Bureau (CFPB or Bureau). In National Treasury Employees Union (NTEU) v. Vought, the D.C. federal district court granted the plaintiffs’ motion to clarify the existing preliminary injunction and squarely rejected the Department of Justice Office of Legal Counsel’s (OLC) interpretation of the CFPB’s funding statute. In so holding, the ruling makes clear that the CFPB cannot justify noncompliance with the court’s existing preliminary injunction by declining to request funds from the Federal Reserve.

In two recent litigation status reports, the Consumer Financial Protection Bureau (CFPB or Bureau) indicated that it is working to issue interim final rules for both Section 1071 and Section 1033 in light of an opinion from the U.S. Department of Justice’s Office of Legal Counsel (OLC) concluding that the Bureau cannot lawfully draw funds from the Federal Reserve Board at this time. Specifically, as discussed here, the OLC concluded that the Federal Reserve System presently has no “combined earnings” from which the CFPB may lawfully draw funds under the Dodd‑Frank Act, and the CFPB has publicly stated it anticipates having sufficient funds to continue normal operations through at least December 31, 2025.

The Consumer Financial Protection Bureau (CFPB or Bureau) has issued a new proposed rule that would substantially revise the 2023 small business lending data collection and reporting rule under the Equal Credit Opportunity Act (ECOA) and Regulation B, which implements Section 1071 of the Dodd-Frank Act. The proposal re-centers Section 1071 on “core” providers, products, and data, with a single compliance date and material carve-outs to reduce complexity and improve data quality. The proposal is open for comment for 30 days after publication in the Federal Register. However, just this week the CFPB filed a notice with the D.C. Circuit attaching a Department of Justice (DOJ) Office of Legal Counsel (OLC) opinion which concluded that the Bureau will only be legally funded through December 31, potentially affecting rulemaking and operations timelines.

In this insightful crossover episode of The Consumer Finance Podcast and Payments Pros, host Taylor Gess is joined by Joseph Reilly and Paul Boller to explore the intricacies of state licensing in the point-of-sale finance sector. The discussion delves into the distinctions between licensing and notification requirements, the role of sales finance agencies, and the implications for third-party facilitators and direct lenders. Gain insights into how state-specific regulations impact nonbank entities and learn about the unique challenges sellers and third-party providers face in navigating these regulatory landscapes.

On October 2, the Consumer Financial Protection Bureau (CFPB or Bureau) published a final rule in the Federal Register, officially extending compliance dates for its 2023 small business lending data collection and reporting rule under the Equal Credit Opportunity Act (ECOA) and Regulation B, which implements Section 1071 of the Dodd-Frank Act. The final rule replaces an interim rule released in June 2025 that pushed back compliance deadlines. This extension was issued by the CFPB in response to ongoing litigation by both industry and consumer advocacy groups, as well as court orders, to create a uniform timeline for financial institutions to comply with data collection and reporting requirements for women-owned, minority-owned, and small businesses.

On August 15, Illinois Governor JB Pritzker approved Public Act 104-0383. This legislation, effective immediately, amends the Student Loan Servicing Rights Act and introduces Article 7, focusing on Educational Income Share Agreements (EISAs).

On June 20, the Texas Legislature passed H.B. 700, which introduces several new regulatory requirements for providers and brokers of commercial sales-based financing operating within the state. The law applies to merchant cash advance transactions and loans with payments that vary based on the borrower’s sales.

Today, the Consumer Financial Protection Bureau (CFPB or Bureau) published in the Federal Register an interim final rule extending compliance dates for its 2023 small business lending rule under the Equal Credit Opportunity Act (Regulation B) (Final Rule) This extension comes in response to court orders in ongoing litigation, affecting the timeline for financial institutions to comply with data collection requirements for women-owned, minority-owned, and small businesses.

Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) submitted several regulatory proposals to the Office of Management and Budget (OMB) for review. Among the rules under consideration are those related to loan originator (LO) compensation and discretionary mortgage servicing, governed by the Truth in Lending Act (Regulation Z) and the Real Estate Settlement Procedures Act (Regulation X). Additionally, the CFPB is reviewing its “larger participant” rules, which define the scope of its supervisory authority over major players in the debt collection and consumer credit reporting sectors. These rules, currently in “prerule” status, are under scrutiny by the OMB.

We are pleased to share with you our latest publication, “Navigating Change: First 100 Days under the Trump Administration,” authored by our Digital Assets + Blockchain team. This retrospective examines the pivotal developments in the digital assets industry during the initial phase of the Trump administration.