The Evolving Impacts of the Trump 2.0 CFPB Deregulatory Push on FinTech and Digital Technologies Platforms
Financial Services attorney Eamonn Moran and Litigation and Dispute Resolution attorney Ashley Feighery co-authored an article for The Conference on Consumer Financial Law (CCFL) Quarterly Report reviewing the Trump Administration's efforts to descale Consumer Financial Protection Bureau (CFPB) regulatory and enforcement activity. Although fully eliminating the agency requires approval from Congress, the executive branch can – and has – take measures such as reducing staff, rescinding rules and shifting focus toward deregulation. Mr. Moran and Ms. Feighery provide an overview of litigation on the CFPB's reductions in force and discuss its internal review of prior guidance, listing various documents subsequently withdrawn, many of which pertain to the financial technology (FinTech) and digital technologies sector. They then analyze in detail the bureau's actions surrounding the Open Banking Rule, nonbank registration rule, Buy Now, Pay Later Interpretive Rule (BNPL), Data Broker Proposed Rule and more. Their article concludes stating that the CFPB's actions align with the administration's deregulatory agenda and alerting regulated entities that the next few months will reveal how efforts to recalibrate the agency will affect the consumer financial services industry.
Financial Services attorneys Bob Jaworski, Leonard Bernstein, Paul Libretta and Veronica Ruiz also published an article on New York's BNPL Act that ran in this report.