On May 28, 2025, Businesswire reported that the CFPB has voluntarily dismissed its lawsuit against Snap Finance LLC and its affiliated entities with prejudice, effectively closing the matter. Snap Finance is a leading provider of innovative and flexible pay-over-time financing solutions.

On May 17, 2025, Reuters reported Capital One had agreed to pay $425 million to settle a nationwide lawsuit that accused the bank of misleading savings account depositors. The lawsuit claimed that Capital One failed to inform customers about the option to transfer their funds to higher-yielding accounts, which would have provided them with much better interest rates.

On May 15, 2025, the CFPB amended its January 30, 2025 consent order with the international remittance company Wise resolving claims including advertising inaccurate fees and failing to properly disclose exchange rates and other costs. Wise is a publicly traded global electronic money services provider that allows customers to send, receive, and store remittances through a mobile app, prepaid accounts, and debit cards. 

On May 14, 2025, the CFPB published in the Federal Register a proposal to rescind its rule requiring certain types of nonbank covered persons subject to certain final public orders obtained or issued by a government agency in connection with the offering or provision of a consumer financial product or service to report the existence of the orders and related information to a Bureau registry.

On May 12, 2025, the CFPB published in the Federal Register the withdrawal of several Bureau guidance, interpretive rules, policy statements, and advisory opinions. The withdrawals are effective immediately.

On May 9, 205, the ABA Banking Journal reported that President Trump had signed into law a resolution overturning the CFPB’s limits on overdraft fees. The CFPB’s overdraft rule required banks with at least $10 billion in assets to cap overdraft fees at $5 unless they voluntarily set a cap that covers their actual costs and losses or treat overdraft protection as a loan covered by the TILA.

On May 9, 2025, the Department of Treasury announced that President Trump nominated former FDIC Board Member Jonathan McKernan as Undersecretary of Domestic Finance at the U.S. Department of the Treasury. Trump previously nominated McKernan as head of the CFPB but the Senate did not move forward with that nomination.