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.

On May 8, 2025, Acting Comptroller of the Currency Rodney E. Hood spoke at the Building Societies Annual Conference where he discussed the OCC’s priorities since he was appointed in February. Hood said the OCC is focusing on four specific priority areas including reducing regulatory burden, embracing bank-fintech partnerships, expanding responsible bank activities involving digital assets, and promoting financial inclusion.

On May 7, 2025, the OCC issued Interpretive Letter 1184 to clarify a bank’s authority regarding crypto-asset custody services. The letter was issued in response to a request for the agency to confirm that national banks and federal savings associations may provide and outsource cryptocurrency custody and execution services on behalf of customers.

On May 5, 2025, the OCC issued a request for information (RFI) on the key challenges and barriers faced by community banks in the adoption and implementation of digital banking solutions. The OCC said that the RFI will help the OCC better understand the specific obstacles that community banks encounter in their efforts to modernize operations, enhance customer experience, and remain competitive in an increasingly digital financial services environment.

On May 1, 2025, the CFPB issued its latest Consumer Response Annual Report that analyzes complaints submitted by consumers to the CFPB between January and December 2024. The CFPB reported that it sent more than 2.8 million complaints to more than 3,600 companies for review and response in 2024.

On May 1, 2025, the ABA Banking Journal reported that the CFPB requested a court to vacate the Regulation V rule prohibiting creditors from considering medical information in credit eligibility determinations. The final rule's original implementation date was March 17, 2025, but was stayed until June 15, 2025, after the rule was challenged in federal court by groups representing credit unions and the credit reporting industry.