| Date | Action | Agency | Summary |
|---|---|---|---|
| 2025-06-03 | The Fed removed the asset cap imposed on Wells Fargo |
Federal Reserve
|
The Fed removed the asset growth restriction that it had placed on Wells Fargo in response to misconduct, scandals, and customer abuses that caused harm to millions of consumers. Consumers rely on financial regulators to enforce the laws that are intended to protect and keep them, and their money, safe. In February 2018, the Federal Reserve issued a cease and desist order that limited the growth of Wells Fargo until it improved its governance and risk management processes. Janet Yellen, who was Fed Chair at the time the action was taken, said, “The enforcement action we are taking today will ensure that Wells Fargo will not expand until it is able to do so safely and with the protections needed to manage all of its risks and protect its customers.” The growth restriction was removed by the Fed on June 3, 2025. The Fed said that the bank had improved its governance and risk management programs. However, Senators Warren and Waters say that this is a “direct giveaway to Wall Street at consumers’ expense” and that it “sets a dangerous precedent that a firm can defraud millions of customers and get away with it.” They detail the continuing pattern of misconduct at the bank and argue that the bank has not actually improved, and instead continues to engage in dangerous and damaging actions. |
| 2025-06-02 | CFPB Seeks to Vacate Open Banking Rule |
CFPB
|
The CFPB has asked a federal court to vacate the Bureau’s Open Banking Rule, finalized in October 2024. The Rule calls for banks to make certain account data freely available for secure, consumer-authorized sharing with third parties, as well as addresses how such data can be shared and what usage restrictions apply. |
| 2025-05-29 | Statement on Certain Protocol Staking Activities |
SEC
|
The SEC issued guidance stating its view that, generally, staking crypto assets on proof-of-stake networks does not involve the offer or sale of securities. The guidance leaves unprotected investors who pool their crypto assets together to be staked through a staking program in order to receive higher returns. |
| 2025-05-29 | SEC Dismisses Case Against Binance |
SEC
|
The SEC dismissed its case against Binance. The SEC has surrendered to the crypto industry. |
| 2025-05-28 | Federal Reserve Disbands Internal Groups That Assess Climate-Related Financial Risk |
Federal Reserve
|
The American people deserve—and the law requires—regulators to ensure banks identify and address all material risks, regardless of the source. Unfortunately, the Fed is blowing with the political winds and abandoning its responsibility related to climate risks to be an independent supervisor of the banking system that protects the American taxpayer.
Proving that this was a political move based on the last election, the Fed’s action was done after the Fed itself just last year identified deep and broad deficiencies in basic climate risk analysis and management at Wall Street’s six largest too-big-to-fail banks through its narrow, limited pilot climate scenario analysis. It also follows the Wall Street banks themselves warning of catastrophic climate risk.
|
| 2025-05-27 | CFPB Dismisses Lawsuit Against Snap Finance |
CFPB
|
The CFPB permanently dismissed without explanation its Utah federal lawsuit against lease-to-own finance company Snap Finance for allegedly locking consumers into expensive financing agreements with misleading marketing, abusive contracting, and inadequate cost disclosures. |
