United States: Dodd-Frank, Consumer Protection Act

Affordability remains front and center at the FTC. This month, the agency turned its attention to healthcare and gas costs. It also issued detailed guidance on price transparency for auto dealers that marketers in any industry might want to heed: the advertised price “must be the actual price that any consumer can walk in and pay,” with only government fees excluded. The FTC continues to consider how to combat scams and is seeking public comment on whether online platforms should help stop scammers who use those platforms to impersonate third parties by, for example, requiring the removal of confirmed impersonation scam ads.

The telemarketing industry was rocked this week by a decision out of the United States District Court for the Middle District of Florida in a Telephone Consumer Protection Act (“TCPA”) DNC text case.

The Senate Banking Committee has advanced Brian Johnson's nomination to lead the Consumer Financial Protection Bureau in a party-line vote, setting the stage for a full Senate confirmation. With the Senate's pre-election recess looming and Mark Paoletta currently serving as Acting Director, the timing of Johnson's potential confirmation could determine whether the CFPB has Senate-confirmed leadership before the November midterm elections.

A major decision issued on 14 July 2026 by the US Court of Appeals for the Seventh Circuit marks a potential shift in the legal landscape governing text message marketing under the Telephone Consumer Protection Act (the TCPA). In Steidinger v. Blackstone Med. Servs., No. 25-2398, the Seventh Circuit held that Section 227(c)(5) of the TCPA does not permit plaintiffs to sue for the receipt of unwanted text messages, because text messages are not “telephone calls” within the meaning of that provision. For businesses operating in Illinois, Indiana, and Wisconsin—the three states within the Seventh Circuit—this decision has immediate and significant implications.

On July 31, 2026, the Board of Governors of the Federal Reserve System (the “Board”) proposed the most significant updates to insider lending restrictions for banks in more than three decades (“Proposed Rule”). If finalized, the amendments to Regulation O would, among other things, modernize long-outdated dollar thresholds, codify significant staff interpretations and statutory provisions, and provide targeted relief for banks which have passive investment funds as “principal shareholders” (10% or more of a class of voting shares).

The Consumer Financial Protection Bureau has submitted a Notice of Proposed Rulemaking to revise its Section 1033 "open banking" regulation, signaling a fundamental reconsideration of the October 2024 final rule. Among the most contentious issues under review is whether financial institutions should be permitted to charge fees for providing consumer-authorized data access to third parties, a prohibition that was central to the previous administration's approach.

California's June 2026 primary election reshaped the state's political landscape through Proposition 50's redistricting effects, creating new Democratic pickup opportunities in previously Republican-held congressional districts while setting up competitive races for governor, insurance commissioner, and key legislative seats.

On June 18, 2026, the Federal Energy Regulatory Commission (FERC or the Commission) issued an order to the California Independent System Operator Corporation (CAISO) directing CAISO...

The Securities and Exchange Commission has announced new dollar-based thresholds for Qualified Client status, raising the requirements to $1.4 million in assets under management and $2.7 million in net worth, effective June 29, 2026.