The buy now/pay later lender is seeking to create Affirm Bank, a Nevada-chartered industrial loan company.

Observers said the Supreme Court likely will allow Federal Reserve Gov. Lisa Cook to remain at her post while she challenges her purported removal by President Donald Trump. But her continued presence would slow, rather than stop, the president's quest for a voting majority on the central bank board.

The Supreme Court Wednesday appeared skeptical of the Justice Department's argument that removal of a Federal Reserve governor is unreviewable or that the president's preference for Fed governors outweighs the harm to the Fed from curbing the central bank's political independence.

The Consumer Financial Protection Bureau has backed off enforcement and supervision of consumer protection laws, leaving states to fill the void — and potentially creating a "patchwork" of state laws that banks will have to comply with.

Treasury Secretary Scott Bessent said Tuesday morning that banks should focus on the sweeping deregulation the administration has enacted as the industry pushes back on President Trump's proposed 10% credit card interest rate cap.

Continuing to retreat from Biden-era rules, the Consumer Financial Protection Bureau and Department of Justice withdrew a 2023 advisory opinion that had cautioned about denying credit to immigrants.

The Senate allowed the nomination of a permanent director of the Consumer Financial Protection Bureau to lapse, giving acting Director Russell Vought more time to lead the agency on a temporary basis.

American Banker research highlights growing concerns about an economic downturn, regulatory volatility and open-banking risks.

When Congress returns from its recess in 2026, a number of financial legislative issues will be teed up, including crypto market structure, deposit insurance and supervisory disputes.

The Consumer Financial Protection Bureau will face an existential crisis in 2026 between the Trump administration's efforts to shut down the agency and the employee union and consumer advocates who want to stop them.

Our experts expect a mortgage market reset in 2026 with an uptick in originations, but warn lenders not to skimp on compliance even as the reins loosen.

A federal appeals court agreed to have the full bench rehear arguments by the Consumer Financial Protection Bureau's union about whether the Trump administration planned to gut the agency through mass firings.

The Department of Justice wants Federal Reserve Chair Jerome Powell to state if the central bank is profitable again and can, therefore, fund the Consumer Financial Protection Bureau.

The payments company submitted applications to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corp. to create PayPal Bank. If approved, Mara McNeill, the former president and CEO of Toyota Financial Savings Bank, will serve as PayPal Bank's president.

A federal court cannot modify a preliminary injunction to compel the acting director of the Consumer Financial Protection Bureau to request funding for the agency, the Department of Justice said.

The Trump administration's decision not to seek funding for the CFPB and transferring remaining enforcement cases to the Department of Justice were cited as reasons for the resignation of Michael G. Salemi, who took over as CFPB enforcement chief earlier this year.

The Government Accountability Office has agreed to investigate Federal Housing Finance Agency Director Bill Pulte for allegations of misuse of power and violations of federal privacy laws

At issue is the CFPB's weekly publication of Average Prime Offer Rate tables, a key benchmark enabling the smooth operation of the $13 trillion residential mortgage market. 

As federal watchdogs step back from regulating "Buy Now, Pay Later" loans, state authorities are stepping in. This week, the attorneys general from California and several other blue states joined the fight.

The Consumer Financial Protection Bureau and its union filed legal briefs Friday after a district court judge asked if a preliminary injunction aimed at preventing a mass layoff is still in effect.