Banking and Finance Law Daily Wrap Up, WORTH NOTING—Other regulatory, legislative, litigation, and industry developments, (Jan 23, 2026)

By WK Editorial Staff

A weekly roundup of other items of interest to the banking and finance law community.

CONSUMER FINANCIAL PROTECTION BUREAU—The Consumer Financial Protection Bureau is providing an additional 30-day comment period on a renewed authorization for its Qualitative Pre-Testing for ICBA disclosure testing, beginning January 21. The notice comes after the CFPB solicited comment for 60-days beginning May 2025 (see Banking and Finance Law Daily, May 22, 2025), with the latest comment period offering the opportunity to respond to those comments, as well as original topics such as the applicability of the survey to purported goals and the accuracy of its estimated annual burden of 1,500 hours among 2000 respondents. Comments are due by Feb. 20, 2026.

ENFORCEMENT ACTIONS—A federal district court has granted defendant Dean Tucci’s motion to supplement the record on appeal with a confidential consumer data spreadsheet. The court instructed Tucci to determine how to properly add the spreadsheet to the district court record and transmit it under seal due to its volume and sensitive content. Tucci’s motion argued that the spreadsheet was central to the CFPB’s summary judgment evidence and should accompany the appellate record because the court and the Bureau relied on it in calculating remedies. The CFPB opposed the request, asserting that the spreadsheet was never submitted to the district court, was not part of the record when judgment was entered, and could not be added on appeal under Rule 10(e). The Bureau emphasized that it had instead provided summary declarations derived from the spreadsheet and had offered an in camera review during the case, which defendants did not pursue. The court set a follow up status hearing for Jan. 27, 2026, to address the next steps for handling the sealed material (Bureau of Consumer Financial Protection v. FDATR, Inc et al., No. 1:20-cv-06879 (N.D. Ill., Jan. 20,2026)).

FINANCIAL STABILITY—A bill introduced in the House of Representatives seeks to replace the Federal Insurance Office (FIO) with a Treasury-appointed “U.S. Insurance Representative.” The McCarran-Ferguson Restoration Act—co-sponsored by reps. Troy Downing (R-Mont.), Scott Fitzgerald (R-Wis.) and Andy Ogles (R-Tenn.)—would also elevate the state insurance representation at the Financial Stability Oversight Council (FSOC) to a voting role, from its current non-voting membership. According to the announcement, the bill also “narrows” the role of the insurance representative to “prudential aspects of insurance only.”

FINANCIAL STABILITY—A bill introduced into the House of Representatives on January 16 seeks to safeguard budget and staffing levels for the Financial Stability Oversight Council (FSOC) and its Office of Financial Research (OFR). The Enhancing Financial Stability Research and Oversight Act, announced by Rep. Bill Foster (D-Ill.), would mandate minimum staffing and budget levels for both offices, noting previous cuts to both during the previous Trump administration, as well as a recent 32 percent budget cut proposal at the FSOC. In announcing the bill, Foster noted his role in creating the OFR and FSOC as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act in the wake of the 2008 financial crisis.

PRUDENTIAL REGULATION—The Office of the Comptroller of the Currency has released its annual report to Congress on its priorities, initiatives, financial management, performance, and condition for 2025. In a letter included in the report, Comptroller Jonathan Gould said FY 2025 marked a pivotal restructuring of the agency as it moved to strengthen oversight and modernize its operations following years of interim leadership, emphasizing changes to refocus supervision on material financial risks, advance efforts to define unsafe and unsound practices, and begin implementation of the GENIUS Act to oversee payment stablecoin issuers.

Attorneys: Christopher L. Carmen for the CFPB. James Di Bella (James and James, Ltd) for Dean Tucci.

Companies: FDATR, Inc.

IndustryNews: BankingOperations CFPB CommunityDevelopment ConsumerCredit DebtCollection DoddFrankAct EnforcementActions FinancialStability FinTech Loans Privacy PrudentialRegulation OversightInvestigations StateBankingLaws UDAAP