The Consumer Financial Protection Bureau is announcing today that it will not prioritize enforcement actions taken on the basis of the Truth in Lending (Regulation Z); Use of Digital User Accounts to Access Buy Now, Pay Later Loans, 89 Fed. Reg. 47,068 (May 31, 2024) (“Buy Now, Pay Later”). The Bureau will instead keep its enforcement and supervision resources focused on pressing threats to consumers, particularly servicemen and veterans.
As we previously reported, after the Eleventh Circuit vacated the Federal Communications Commission’s much-anticipated one-to-one consent rule in Insurance Marketing Coalition Limited v. FCC, an advocacy organization known as the National Consumers League sought to intervene in the case. They argued that the Eleventh Circuit’s decision ignored the purpose of the TCPA, the FCC’s prior determination that the one-to-one consent rule was necessary, and claimed to have a strong interest in seeing the rule pushed into effect.
In a major development for businesses subject to state data privacy laws, eight state privacy regulators have joined forces to form the “Consortium of Privacy Regulators,” a bipartisan coalition aimed at coordinating enforcement and protecting consumer privacy through collaboration. The announcement, made by the California Privacy Protection Agency (CPPA) on April 16, 2025, represents a new era of multistate cooperation in the enforcement of comprehensive consumer privacy laws.
A new chapter of artificial intelligence (AI) governance is underway, catalyzed by two significant developments. First, DeepSeek’s success in developing an advanced, open-weight model at comparatively less expense than leading labs in the United States demonstrates that reaching the technological frontier is more accessible to more actors than previously anticipated.
The House Financial Services Committee has approved its part of the massive budget bill, saving some $1 billion by, among other things, slashing the CFPB’s budget by more than 60%.
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