President Trump has signed a Congressional Review Act (CRA) resolution nullifying the CFPB’s controversial overdraft rule.
The rule was issued by the Biden Administration and had attracted opposition from Republicans on Capitol Hill and Trump Administration officials. House and Senate Republicans pushed a CRA resolution through Congress, which Trump has now signed, voiding the rule.
The traditional pillars of consumer credit are undergoing a profound transformation as “pay later” options, once a niche for specific shoppers, are now redefining how Americans spend and borrow.
Today, the Consumer Financial Protection Bureau (CFPB or Bureau) announced the withdrawal of 67 regulatory guidance documents, including interpretive rules, policy statements, and advisory opinions that have been issued since the Bureau’s inception in 2011. The withdrawn guidance documents impact most federal consumer protection laws, including the Consumer Financial Protection Act of 2010 (CFPA), Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDCPA), Equal Credit Opportunity Act (ECOA), Truth in Lending Act (TILA), Electronic Fund Transfer Act (EFTA), and Military Lending Act (MLA).
Treasury Secretary Scott Bessent announced May 9 that President Trump intends to nominate Jonathan McKernan, his nominee to head the CFPB, as the Undersecretary of Domestic Finance at Treasury.
The Senate Banking Committee approved McKernan’s nomination to head the CFPB on March 6, but it has not gone to the Senate floor. It is unclear whether the Trump Administration will withdraw McKernan’s nomination for that position.
Governor Kathy Hochul today signed new legislation as part of the FY26 Enacted Budget that will protect consumers across New York and fight back against scams or exploitative practices. From simplifying the process of canceling recurring online subscriptions to cracking down on overdraft fees that target low-income consumers, these new laws will help New Yorkers fight back against unfair corporate practices.
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