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February

13
2025
Industry News

Yet Another Leadership Change at the CFPB: Jonathan McKernan Nominated as Director

On February 11, President Donald Trump nominated Jonathan McKernan to be the new Director of the Consumer Financial Protection Bureau (CFPB or Bureau). If confirmed by the Senate, McKernan will replace Acting CFPB Director Russell Vought, who also serves as the head of the Office of Management and Budget. McKernan was reportedly on the Trump administration’s short list of potential candidates to lead the CFPB and is considered an ally of the financial services industry.

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February

13
2025
Industry News

Appeals Court stays small business reporting rule for many financial institutions

The Fifth Circuit Court of Appeals has issued a stay that blocks for many financial institutions the implementation of a CFPB rule that requires the institutions to report information contained in loan applications submitted by women-owned, minority-owned and LGBTQI+-owned small businesses.

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February

13
2025
Industry News

Attorney General James Releases Tips for New Yorkers to Protect Themselves from Predatory Debt Collectors

New York Attorney General Letitia James today released a guide to help New Yorkers use the state’s Exempt Income Protection Act (EIPA) to protect their money from debt collectors. The EIPA is a state law that prevents debt collectors from draining consumers’ bank accounts, leaving them unable to cover the costs of basic needs.

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February

13
2025
Industry News

OCC Releases Dodd-Frank Act Stress Test Scenarios for 2025

The Office of the Comptroller of the Currency (OCC) released economic and financial market scenarios for use in the upcoming stress tests for covered institutions.

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February

13
2025
Compliance

Mixed Signals: Why Auditing Third-Party Vendors is a Must

A roadside sign displaying both “Speed Limit 25” and “Speed Limit 35” sends a mixed message. The main point may be clear to some—there’s road construction ahead, so slow down. But the conflicting limits create confusion. Is the speed limit 25 or 35? Or, as my husband so sarcastically put it, I would probably think it meant to add them together for a speed limit of 60. Wow. Harsh… but also, knowing myself, not entirely inaccurate.

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