GAO Details CFPB’s Downsizing
By Gabrielle Saulsbery, Banking Dive
Two reports released Monday explored the scope of the CFPB’s downsizing in the last 12 months. A second one, by Senate Democrats, said the changes have cost consumers $19 billion.
The Consumer Financial Protection Bureau has dropped at least half of all of its enforcement actions and rescinded dozens of actions meant to protect consumers since the Trump administration took over the agency a year ago, according to a report released Monday by the Government Accountability Office…
Read moreBNPL Lenders Face Affordability Rules in 2026
Published in FinTech Global
BNPL borrowers will receive stronger regulatory protections from July 15, 2026 after the Government confirmed that the sector will be brought under the supervision of the Financial Conduct Authority (FCA).
The move marks a significant shift for a fast-growing segment of consumer credit that has, until now, operated without the same safeguards applied to other lending products. Under the new framework, BNPL products will fall within the scope of the FCA’s Consumer Duty. This will require firms to demonstrate that they are delivering good outcomes for customers and treating them fairly across the lifecycle of the product…
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U.S. Banks Wrestle with Regulation Amid Rising AI Spend
By Makenzie Holland, Banking Dive
Despite the challenges, financial services firms in the U.S. lead their global counterparts in AI maturity, according to a Finastra report.
While U.S. financial executives view the pace of technological change with optimism, they’re also facing regulatory challenges and skills gaps as they modernize tech stacks and adopt AI. Part of the regulatory dilemma stems from rising data sovereignty concerns, the Finastra report found. U.S. firms are more likely to prioritize implementing data handling controls…
Read moreFDIC Extends Comment Period on Proposal to Establish GENIUS Act Application Procedures
The Federal Deposit Insurance Corporation
The FDIC announced a 90-day extension to the comment period on the agency’s notice of proposed rulemaking that would implement the application provisions under the GENIUS Act for FDIC-supervised state nonmember banks and state savings associations seeking to issue payment stablecoins through a subsidiary.
To provide additional time for the public to prepare comments to address the matters raised by the NPR, the FDIC is extending the comment period from February 17, 2026, to May 18, 2026…
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