On June 17, the U.S. Senate voted 68-30 to pass S.1582, the Guiding and Establishing National Innovation for U.S. Stablecoins Act, known as the GENIUS Act (the Act). This represents a landmark effort by the U.S. Congress to establish a comprehensive federal framework for the regulation of payment stablecoins. Passed with bipartisan support in the Senate, the Act aims to provide regulatory clarity, enhance consumer protection, and safeguard national security in the rapidly growing stablecoin sector.
The House has passed legislation that would ban “trigger leads,” except in limited circumstances.
The “Homebuyers Privacy Protection Act of 2025,” H.R. 2808, passed the House by voice vote. The Senate has passed, S. 1467, a slightly different version of the bill by unanimous consent. The two bodies must now reconcile differences between their bills. The House-passed version calls for a Government Accountability Office study on the value of trigger leads by text message.
In response to the Federal Communications Commission’s (FCC) request for input on unnecessary compliance burdens, the debt collection industry, led by ACA International, is advocating for significant reforms to the Telephone Consumer Protection Act (TCPA). Their primary focus is on eliminating rules that impose undue compliance burdens and conflict with existing debt collection regulations. Key proposals include the revocation of the “Revoke All” rule, restoration of the Established Business Relationship (EBR) exemption, and harmonization of TCPA rules with the Fair Debt Collection Practices Act (FDCPA).
On June 12, the U.S. Senate passed S. 1467, the Homebuyers Privacy Protection Act, which would amend Section 604(c) of the FCRA by adding new limitations on prescreening reports. Under the proposed amendment, when a person requests a consumer report in connection with a credit transaction involving a residential mortgage loan, the consumer reporting agency may not furnish a consumer report to another person unless the transaction is a firm offer of credit or insurance, and the recipient either has the consumer’s authorization, has originated or is the servicer of the consumer’s current residential mortgage loan, or is an insured depository institution or credit union holding a current account for the consumer. The act is now headed to the House. If enacted into law, the act would take effect 180 days after enactment.
The Office of the Comptroller of the Currency (OCC) reported cumulative trading revenue of U.S. commercial banks and savings associations of $15.0 billion in the first quarter of 2025. The first quarter trading revenue was $408 million, or 2.7 percent, less than in the previous quarter and $297 million, or 1.9 percent, less than a year earlier.
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