In a move that could have ramifications for lawsuits filed by former FTC and NCUA board members, by a vote of 6-3 the Supreme Court has issued a stay that prohibits the Democratic members of the National Labor Relations Board and the Merit Systems Protection Board who were fired by President Trump from continuing to serve while challenging the legality of their removal.
The U.S. Senate’s proposal to regulate stablecoins, known as the GENIUS Act, has successfully cleared a significant procedural hurdle, moving closer to a full floor debate. On May 19, lawmakers voted to invoke cloture on the bill, marking a pivotal moment in its legislative journey. This vote followed an earlier setback on May 8, when Democrats withdrew their support to engage in further negotiations.
Passed by the House Energy and Commerce Committee on May 13, the amendment would block states from enforcing any laws or regulations related to artificial intelligence for a full decade.
The controversial language reads: “[N]o state or political subdivision may enforce any law or regulation regulating artificial intelligence models, artificial intelligence systems, or automated decision systems during the 10-year period beginning on the date of enactment of this Act.”
In a decisive move to protect borrowers, the Federal Trade Commission (FTC) has permanently banned a deceptive student loan debt relief operation and its owners from participating in the industry. The scheme, led by Panda Benefit Services and several affiliated companies, is accused of defrauding consumers of more than $16.7 million through false promises and impersonation tactics.
The operation specifically targeted individuals struggling with student loan debt. According to the FTC, the defendants posed as representatives of the U.S. Department of Education, luring borrowers with promises of guaranteed loan forgiveness and reduced monthly payments. In reality, these services were nonexistent, and consumers were charged illegal upfront fees, often amounting to hundreds or even thousands of dollars.
New York Gov. Kathy Hochul has signed legislation that, among other things, imposes new licensing requirements on Buy Now, Pay Later services.
In touting the FY26 budget bill that contained the consumer protection provisions, Hochul commented, “Our tax cuts, credits, and rebates won’t be much help if bad actors are able to scam or mislead New Yorkers. These new laws are about fairness, transparency, and accountability and will help consumers save money and spend it wisely.”
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