Earlier today Jonathan McKernan, President Trump’s nominee to head the CFPB, pledged that the agency would “implement and enforce the federal consumer financial laws and perform each of its other statutorily assigned functions.”
U.S. companies public and private across all industry verticals have come to use representations about technology, including the company’s data security and privacy practices, as a marketing tool. Before touting the ways in which a company protects its systems and customer data, however, organizations would be well advised to appreciate the potential pitfalls.
Comprehensive state privacy laws are the “new normal.” Comprehensive state privacy legislation is unlikely to slow down any time soon. In the first few weeks of 2025 alone, nineteen comprehensive privacy bills were introduced across ten states. As more states endeavor to jump on the privacy bandwagon, consumer protection offices will no doubt begin to ramp up education and enforcement efforts.
President Trump has issued an Executive Order that requires agencies to review all regulations “for consistency with law and Administration policy.”
In issuing the order, Trump said, “It is the policy of my Administration to focus the executive branch’s limited enforcement resources on regulations squarely authorized by constitutional Federal statutes, and to commence the deconstruction of the overbearing and burdensome administrative state.”
Reports from 4,487 commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported a return on assets (ROA) ratio of 1.11 percent and aggregate net income of $66.8 billion in fourth quarter 2024, an increase of $1.5 billion (2.3 percent) from the prior quarter. An increase in net interest income drove the quarterly increase in net income. These and other financial results for fourth quarter 2024 are included in the FDIC’s latest Quarterly Banking Profile released today.
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