“Adam’s unparalleled background in banking law and regulation, together with his depth of hands-on experience working on financial services matters as a regulator, in-house general counsel, and external advisor bring tremendous value to the OCC,” said Comptroller of the Currency Jonathan V. Gould. “Adding a seasoned professional of Adam’s caliber to the OCC’s executive committee strengthens the agency’s efforts to ensure a safe and sound federal banking system, improve bank supervision and regulation, embrace innovation, and promote fair access to financial services.”
The owner of a business opportunity scheme will be permanently banned from selling business opportunities in settlement of Federal Trade Commission allegations that he and his company deceptively guaranteed consumers income through online storefronts. Additionally, FBA Machine (formerly Passive Scaling) and its owner Bratislav Rozenfeld (also known as Steven Rozenfeld and Steven Rozen) will be required to turn over the contents of multiple financial accounts and any funds realized upon the sale of real estate property. The proceeds will be used for consumer redress.
The decision comes after ongoing feedback from industry professionals who raised concerns about the rule’s language, timing, and overall alignment with broader regulatory standards. Stakeholders emphasized the need for better clarity, data-driven decision-making, and acknowledgment of consumer preferences—especially when it comes to digital communication methods.
The California Privacy Protection Agency (Agency) on Thursday, July 24, 2025, approved a comprehensive set of new California Consumer Privacy Act (CCPA) regulations that the Agency has been developing for over four years. Before taking effect, the proposed regulations must still be approved by California’s Office of Administrative Law (OAL). It is possible some of these provisions may change with the OAL’s review, which must be completed within 30 business days after the Agency submits to the OAL its final rulemaking package. However, many expect that most of the proposed regulations will pass OAL review.
In a significant turn of events, the Consumer Financial Protection Bureau (CFPB or Bureau) has decided to initiate a new rulemaking process concerning its final rule on personal financial data rights under Section 1033 of the Consumer Financial Protection Act of 2010 (1033 rule). This decision comes amidst ongoing legal challenges, notably from Forcht Bank, N.A.; Kentucky Bankers Association; and the Bank Policy Institute, which filed a lawsuit immediately after the 1033 rule was finalized challenging it.
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