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.

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.