To keep you informed of recent activities, below are several of the most significant federal events that have influenced the Consumer Financial Services industry over the past week.
On March 6, the White House released “President Trump’s Cyber Strategy for America,” a doctrine that frames cyberspace as central to
On February 11, the National Credit Union Administration (NCUA) released a proposed rule to implement the Guiding and Establishing National Innovation for U.S. Stablecoins Act (the GENIUS Act) for federally insured credit unions (FICUs). Under the proposal, credit unions cannot issue payment stablecoins directly. Instead, only NCUA‑licensed “permitted payment stablecoin issuers” (PPSIs) that are subsidiaries of FICUs would be allowed to issue payment stablecoins, and FICUs would be limited to investing only in PPSIs licensed by the NCUA.
In this episode of The Crypto Exchange, hosts Ethan Ostroff and Genna Garver look back at 2025 — ultimately a pivotal year for digital assets and crypto regulation in the U.S. — drawing on Troutman Pepper Locke’s flagship publication, Financial Services Industry 2025 Digital Assets Year in Review. The report reflects insights from more than 10 of our firm’s practice areas and more than 30 attorneys, offering a comprehensive, cross-practice view of how the regulatory landscape is evolving.
In continuation of increased state efforts to regulate state-chartered banks and fintech partnerships,Oregon’s newly enrolled House Bill (HB) 4116 would enact an express “opt‑out” from a key provision of the Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA) for consumer finance loans made in Oregon. HB 4116 also updates licensing requirements and clarifies when Oregon law applies to remote and online loans. This Oregon development comes on the heels of the Tenth Circuit’s decision in Weiser upholding Colorado’s DIDMCA opt-out and holding that a loan is “made in such State” if either the borrower or lender is located in the opt-out state as discussed here. A petition for rehearing en banc has been filed in Weiser, and it remains unsettled where a loan is “made” for purposes of DIDMCA.
Payward Financial’s Wyoming Special Purpose Depository Institution (SPDI), Kraken Financial, has received a master account from the Federal Reserve Bank of Kansas City, giving it direct access to the Federal Reserve’s core payment infrastructure. The approval, initially for a one-year term, allows Kraken Financial to connect directly to Fedwire and other Fed payment rails, a capability traditionally limited to insured financial institutions. As a general matter, digital assets, fintech and other firms that are not FDIC-insured have generally depended on correspondent banking relationships to move fiat funds over these payment rails.
In this episode of The Consumer Finance Podcast, Chris Willis and Lori Sommerfield unpack the rapid reshaping of the fair lending and UDAAP regulatory enforcement landscape as part of the Year in Review and Look Ahead series. They cover the federal government’s efforts to roll back use of the disparate impact theory, reduce redlining and other enforcement actions, and implement the new debanking initiative, along with the CFPB’s evolving expectations concerning ECOA and Section 1071, and growing state-level oversight as state attorneys general, state regulators, and new state AI/disparate impact regimes fill the federal gap. With long statutes of limitations and 2026 rulemakings ahead, they underscore why financial institutions cannot relax fair lending and UDAAP compliance, even amid apparent federal retreat.
The New York City Department of Consumer and Worker Protection (NYC DCWP) has adopted a comprehensive set of amendments to its debt collection rules, effective September 1, 2026. The final rule clarifies that New York City’s consumer protection framework applies not only to traditional third‑party debt collectors and debt buyers, but also to original creditors once they engage in defined “debt collection procedures.” It also tightens limits on collection communications, expands validation and verification obligations, and adds targeted protections for medical and time‑barred debt. NYC DCWP will withdraw its prior August 2024 Notice of Adoption and treat this new rule as the governing framework going forward.
According to a recent report by WebRecon, court filings under the Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDCPA), and Telephone Consumer Protection Act (TCPA), as well as complaints filed with the Consumer Financial Protection Bureau (CFPB) were all up compared to January 2025. Compared to December 2025, however, the results are mixed.
To keep you informed of recent activities, below are several of the most significant federal events that have influenced the Consumer Financial Services industry over the past week.
2025 was another consequential year in the consumer finance industry. On the federal level, President Donald Trump started his second term in January 2025 and since then has led an unprecedented rollback of federal agency oversight, impacting everything from the Consumer Financial Protection Bureau to the Federal Trade Commission. State legislatures, regulators, and attorneys general moved quickly to fill the resulting void.