Legal and Regulatory Developments
Why New York City's Consumer Regulator Belongs on National Compliance Radar
New York City's consumer regulator has long been part of the local compliance backdrop. It now deserves sustained, strategic attention. The appointment of Samuel Levine, formerly the director of the Federal Trade Commission's Bureau of Consumer Protection (during the Biden administration), as commissioner of the New York City Department of Consumer and Worker Protection signals a shift in how the City is likely to use its existing consumer protection authority.
National Trust Bank Charters: A Strategic Pathway for Fintech, Payments, and Digital Assets
In today's rapidly changing financial landscape, a widening range of companies—spanning fintech, digital-asset infrastructure, payments, and even large retailers exploring consumer-facing financial offerings—are evaluating national trust bank charters as a way to deliver regulated financial services under a unified federal framework. That interest is no longer theoretical: in December alone, five national trust bank charters were conditionally approved, underscoring the charter's growing role as a viable pathway for nontraditional financial services providers seeking federal oversight without becoming full-service banks.
Earned Wage Access: Certain Models Fall Outside TILA and Regulation Z Under Renewed Federal Guidance
Certain earned wage access (EWA) programs just received meaningful federal support. In an advisory opinion, the Consumer Financial Protection Bureau (CFPB) states that "Covered" EWA providers—those that use a payroll processing system instead of directly debiting the customer's bank account—are not "credit" products subject to the Truth in Lending Act (TILA) and its implementing Regulation Z, and that typical expedited delivery fees and tips are not regulated as credit "finance charges."
New York Broadens Attorney General Authority and Embraces Enforcement-Driven Regulation
New York has amended its General Business Law to move beyond a deception-based consumer protection standard and authorize enforcement against unfair and abusive practices, giving the Attorney General materially broader discretion to shape marketplace conduct. The new framework resembles federal UDAAP enforcement in that it relies less on detailed statutory rules and more on evolving enforcement judgments about what constitutes "fair" conduct.
State AGs Increase Scrutiny of Buy Now, Pay Later Providers Amid Consumer Protection Concerns
Attorneys general from seven states launched a coordinated inquiry into the rapidly expanding "buy now, pay later" (BNPL) market. Led by Connecticut and North Carolina, and joined by California, Colorado, Illinois, Minnesota, and Wisconsin, the multistate coalition of attorneys general sent letters to six major BNPL providers, outlining concerns that the companies' products may be violating state consumer protection laws.
Fed's Waller Floats "Payment Accounts" to Streamline Access to Fed Rails: What a "Skinny" Account Could Mean for Payments and Digital Assets
Federal Reserve Governor Christopher J. Waller used the central bank's inaugural Payments Innovation Conference on October 21 to propose a new "payment account," a streamlined alternative to a traditional master account that would offer limited access to Federal Reserve payment services.
FCC Delays Revoke All Consent Rule for Robocalls and Text Messages Until 2027
The Federal Communications Commission (FCC) has further extended the effective date of the Revoke All consent rule from April 11, 2026 to January 31, 2027. That rule requires businesses to treat a consumer's consent revocation request made in response to one type of text message or call as applicable to all future calls and texts from that caller on all other matters. The FCC first extended the effective date last April.
Consumer Groups Renew Push for FTC "Click-to-Cancel" Rule
Consumer groups are urging the FTC to revive rulemaking on subscription and negative option practices, with a renewed focus on cancellation mechanics. The request highlights continued pressure on the agency to use its unfair-and-deceptive-acts authority to standardize how companies obtain consent and allow consumers to exit recurring plans, an issue with direct implications for marketing, product design, and compliance strategy across industries.
GENIUS and Stablecoins Webinar Series
Stablecoins to Scale: A Compliance Playbook After GENIUS and Beyond
As the federal Consumer Financial Protection Bureau retreats from its traditional enforcement and supervision roles, financial services companies are entering a period of regulatory uncertainty — and heightened legal risk. But uncertainty doesn’t just bring exposure; it also creates opportunity.
From Pilot to Production: How Banks and Payments Companies Launch Stablecoin Services
This session features a moderated discussion on how stablecoin initiatives are moving from whiteboard to production. We explore how compliance oversight shapes program design, including reserve and custody arrangements, risk allocation, consumer disclosures, and third-party management. The conversation highlights how organizations are aligning internal controls with evolving regulatory expectations, and building evidence that programs are safe, sound, and compliant.
The 2025 Roundup: GENIUS, CLARITY, and the New Playbook for Crypto Payments
An end-of-year review of the most consequential developments affecting stablecoins and digital assets, followed by a rapid-fire FAQ addressing common questions that have surfaced throughout the series. We summarize core requirements, rulemakings, and supervision themes, and discuss key implications for issuers, digital asset service providers, banks, and payments companies. The session closes with a forward look at 2026 priorities for legal, compliance, and product teams.
Upcoming Events
Consumer Financial Services Outlook 2026
January 28, 2026 | Webinar
Join Venable's annual Consumer Financial Services Outlook webinar for a focused discussion of the legal, regulatory, and business trends shaping consumer financial services in 2026. This program is designed for providers navigating regulatory change, supervisory and enforcement risk, and compliance obligations, while identifying opportunities for growth, innovation, and strategic transactions.
Riding the Tailwinds: Staying Compliant Amid Opportunity and an Evolving Regulatory Landscape
February 9 - 12, 2026 | Las Vegas
This fast-paced session will cut through the noise to deliver a focused analysis of the latest UDAAP trends, supervisory priorities, enforcement actions, and key court decisions. We will examine how these developments affect collections strategy, operational planning, compliance obligations, and risk management—equipping you to adapt quickly, preserve market credibility, and safeguard long-term business value.