Speaking at the Clearing House’s annual conference, Comptroller of the Currency Jonathan Gould assured industry leaders that the agency remains steadfast in defending federal preemption under the National Bank Act. Gould’s comments come in the wake of recent federal appellate court decisions in the Ninth and First circuits, which challenged the OCC’s stance by finding
In its 2024 decision Cantero v. Bank v. America, N.A., the Supreme Court established the approach courts must follow in determining whether a state consumer financial law prevents or significantly interferes with the exercise of a national bank’s powers and is, therefore, preempted by the National Bank Act. In doing so, the Supreme Court
The Consumer Financial Protection Bureau’s (CFPB) latest proposed rule to define risks to consumers may appear technical, but its implications reach far beyond the narrow mechanics of supervisory designation. By binding itself to a clearer standard requiring a high likelihood of significant harm directly tied to financial products and services, the Bureau is signaling a
On September 8, 2025, the Office of the Comptroller of the Currency (OCC) released Bulletin 2025-22, announcing that the OCC will assess an entity’s debanking practices when considering licensing filings and applications and during Community Reinvestment Act (CRA) assessments. National banks and federal savings associations are now on notice that prior allegations of politicized
On August 26, 2025, the Consumer Financial Protection Bureau (CFPB or the Bureau) published a proposed rule that would narrow its supervisory authority over nonbanks. Under the proposed rule, the CFPB plans to exercise oversight over nonbanks only in cases where there is a “high likelihood of significant harm to consumers.”
If finalized, the rule
Financial institutions across the United States have grappled with compliance requirements under the Customer Identification Program (CIP) Rule for more than two decades. A new exemption, approved in June 2025, promises flexibility for banks and fintech companies. The exemption allows certain financial institutions to collect a taxpayer identification number (TIN) from a reliable third-party source
The U.S. real estate market has long been a cornerstone of the American dream—a path to stability, investment, and generational wealth. But at the margins, that same market has also provided an opportunity for illicit actors who exploit all-cash deals to quietly launder dirty money into legitimate assets. Recognizing this vulnerability, in August 2024, the
“Although there may be other constitutional checks on Congress’ authority to create and fund an administrative agency, specifying the source and purpose is all the control the Appropriations Clause requires.” With these words, seven members of the Supreme Court upheld the constitutionality of the Consumer Financial Protection Bureau’s funding mechanism and forestalled the possibility that
Based on a recent report from the Financial Stability Oversight Council (FSOC), nonbank mortgage companies (NMCs) need to prepare for additional regulatory scrutiny from both state and federal regulators. In the report, FSOC identifies NMCs as critical participants in both the residential mortgage origination and servicing industries. And in recognition of this distinction, FSOC believes
The CFPB released its Supervisory Highlights, Mortgage Servicing Edition on April 24, 2024. These highlights share the CFPB’s findings from supervisory examinations completed between April 1, 2023, and December 31, 2023. Although only a portion of the Supervisory Highlights addresses fees, as discussed below, the CFPB’s Newsroom article is titled “CFPB Takes Action to