Effective September 30, 2025, the U.S. Treasury Department will eliminate paper checks and require all federal payments and collections to be conducted electronically, including intragovernmental payments, benefits, vendor payments, and tax refunds.

While Executive Order 14247 indicates that consumers unable to receive electronic payments may request exemptions, accessing those exemptions remains unclear. In addition, the short time between the Trump Administration’s announcement of this change in March 2025 and paper checks ending September 30, 2025 risks leaving vulnerable consumers off guard and unprepared, including older Americans and unbanked Americans who do not have access to electronic/web payment systems.

The CFPB issued a final rule rescinding amendments that gave the Bureau’s Director the discretion to publicly disclose the names of nonbank companies designated for agency supervision. Public identifying nonbank companies that may pose a risk to consumers promotes transparency and accountability. This final rule reverses that progress.

The CFPB terminated its 2013 and 2020 consent orders against Washington Federal Bank. In October 2020, the CFPB fined Washington Federal $200,000 for reporting inaccurate mortgage transaction data.

The CFPB terminated its 2023 consent order against U.S. Bank, which required five years of ongoing agency monitoring and compliance. In December 2023, the CFPB ordered U.S. Bank to pay $5.7 million as redress to affected consumers for freezing unemployment benefits for ReliaCard holders during the COVID-19 pandemic.

The CFPB terminated its 2024 consent order against Apple, which required five years of ongoing agency monitoring and compliance. In October 2024, the CFPB fined Apple $25 million over its Apple Card program for failing to pass consumer dispute claims correctly to its partner bank (Goldman Sachs).

The CFTC launched an initiative for the use of tokenized collateral including stablecoins in derivatives markets. The use of stablecoins, which themselves are collateralized with risky assets, as collateral themselves will endanger investors and markets.