The budget bill signed by President Trump on July 4 will make massive cuts to the CFPB’s budget.
The huge bill changes the amount that the CFPB may receive from the Federal Reserve from a maximum of 12% of the Fed’s inflation-adjusted profits in 2009 to a maximum of 6.5%. Senate Republicans, who proposed that provision, said it does not affect the bureau’s ability to request funds from Congress or the ability of the bureau to function. They added that it will save $2 billion.
New Jersey is moving forward with implementing its new data privacy legislation by seeking public comments on proposed rules that outline how consumer data must be protected under the state’s recently enacted law.
These rules are designed to enforce the New Jersey Data Privacy Act, which was signed into law by Governor Phil Murphy in January 2024 and officially took effect on January 16, 2025. The law applies to businesses that control or process the personal data of a substantial number of consumers in New Jersey.
The Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system in its Semiannual Risk Perspective for Spring 2025.
The OCC reported that the strength of the federal banking system remains sound. Consumer sentiment, geopolitical risk, sustained higher interest rates, and downward movement in some macroeconomic indicators have increased economic uncertainty. The OCC also affirmed that the adoption of new technologies, products, and services and/or engagement with financial technology companies to deliver banking products and services can offer benefits to banks and customers.
Banks and credit unions may now rely on third parties to provide a consumer’s Social Security or Taxpayer Identification Number, according to an order issued by the FDIC, OCC and the NCUA with the consent of the Financial Crimes Enforcement Network (FinCEN).
In one of its final decisions in 2025, the U.S. Supreme Court curtailed the authority of the Federal Communications Commission (FCC) in interpreting the Telephone Consumer Protection Act (TCPA), signaling a broader recalibration of agency deference in federal courts. Most notably, in McLaughlin v. McKesson, the Court held that district courts are not bound to follow FCC interpretations of the TCPA when adjudicating enforcement actions. This ruling effectively overturns prior assumptions that administrative orders—such as the FCC's "Amerifactors" order declaring online fax services exempt from the TCPA—must be followed without question. The Court emphasized that judges have an independent obligation to interpret statutes, and FCC rulings are to be given persuasive, but not binding, weight.
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