FDIC issued an NPR to make further changes to Deposit Insurance signage requirements and delay implementation to 2027. Consumers rely on clear and trustworthy signage to indicate when their money is protected by FDIC insurance. The expansion of online and mobile delivery channels has led to a need to expand and clarify signage requirements to be sure that customers are informed about protections. Moreover, changes are needed to protect against crypto and fintech companies that are not FDIC insured but misrepresenting that coverage to consumers.

In 2023, a final rule was issued that addressed these needs. However, its implementation was delayed twice (here and here). Now, the FDIC has started over with a new rulemaking that would not be implemented until 2027 and would further relax signage requirements for online and mobile platforms. Both changes favor the banks with less stringent requirements and open the door to more consumer harm and misinformation.

Federal Reserve ended its “novel activities” supervision program, which focused on crypto and fintech risks at banks. In August 2023, the Fed recognized that crypto and fintech activities in banks were leading to new risks. The Fed created the Novel Activities Supervision Program to “ensure that the risks associated with innovation are appropriately addressed.”

Now, the Fed has ended this program, claiming that these risks can be addressed through normal supervisory processes. This is a dangerous and short-sighted decision because it minimizes the harm that can arise from new technological developments and hinders the interdisciplinary focus on such risks at the Fed, thereby putting the economy, financial system, and Main Street America at risk of harm from future developments that are not well understood.

President Trump revoked a Biden-era Executive order that promoted fair competition in the American economy and protected consumers from harms that result from consolidation. In the context of the financial system, such harms include less choice, higher cost, or reduced access to banking and other financial services.

This action adds to the Trump Administration’s banking regulators’ track record of favoring corporations over consumers in bank merger decisions. For example, the CapitalOne-Discover merger was approved in April 2025 despite significant evidence of consumer harm, insufficient management, and risks to financial stability.

The CFPB is considering raising the threshold for supervisory regulation of large nonbanks in the certain markets, including of debt collectors, auto finance companies, and consumer reporting agencies like Equifax, Experian, and TransUnion.

President Trump signed an Executive Order that would ensure Federal banking regulators do not get in the way of fair access to the banking system. Fair access to the banking system is vital for all Americans. However, the expectation that banks manage their risk is also necessary. The Executive Order should be focused on the real problem of debanking for underserved communities, such as low-income families and people of color. However, it is instead focused on those who claim they have lost access to the banking system because of religious or political reasons.

The banking regulators should hold all banks accountable for treating their customers fairly and following laws and regulations. However, forcing banks to take on customers that exceed their risk tolerances is a danger to financial stability and safety and soundness.

The SEC issued guidance stating its view that, generally, the liquid staking of crypto assets does not involve the offer or sale of securities.

The guidance leaves unprotected investors who deposit their crypto assets with a staking service provider in return for a token that evidences their ownership of the deposited asset and any rewards that accrue as a result.