CFPB is withdrawing its proposed rule on data broker practices. The rule would have made clear that when data brokers sell certain sensitive consumer information they are “consumer reporting agencies” under the Fair Credit Reporting Act (FCRA), requiring them to comply with accuracy requirements, provide consumers access to their information, and maintain safeguards against misuse.

The SEC’s deputy director of enforcement said that the industry can expect a “more sympathetic ear” when it comes to the imposition of penalties. The SEC should not be forecasting, let alone implementing, a policy that says securities law violators will have an easier time avoiding stiff penalties in the future.

The CFPB announced that it will no longer “prioritize enforcement actions” under the Bureau’s Biden-era Buy-Now, Pay-Later rule, which would have required certain fintech lenders to comply with more stringent consumer protections, including standardized disclosures, refund processing and formal dispute investigations. The Bureau also indicated that it is considering rescinding the rule entirely.

Trump has signed off on Congress’s repeal of two important Biden-era consumer protection rules: First, Trump approved the repeal of the CFPB’s Overdraft Fee Rule, which would have prevented banks from charging consumers excessive overdraft fees. And second, Trump approved the repeal of the CFPB’s Digital Payment Rule, which would have established supervisory oversight over digital consumer payment applications—a notoriously underregulated space.

OCC is overturning a rule that strengthened bank merger policy. The OCC says that its decision is intended to make it easier for banks to merge and promote competition, economic growth and innovation. However, it is actually eliminating policies that would have negative implications on consumers, competition, and financial stability.

Better Markets Fact Sheet: Bank Mergers Require Robust Scrutiny to Ensure that Consumers’ Interests Are Not Sacrificed for Wall Street’s Profits

The SEC closed its investigation into Morgan Stanley’s cash sweep program. Investors often receive less interest through automatic cash sweep programs than they could receive through other options.