Legislative & Regulatory Update

Regulatory Reversal Shakes CFPB; Stack the PAC Invites and Event.

By John Alexander, DakCU Director of Legislative & Regulatory Affairs

The Biden-era Consumer Financial Protection Bureau (CFPB) rule that capped credit card late fees at $8 was meant to curb so-called “junk fees,” promising to save consumers an average of $220 annually. But from the moment it was finalized in March 2024, it faced fierce opposition. Business groups and Republican lawmakers decried it as regulatory overreach, arguing it would restrict access to credit, penalize responsible borrowers, and drive up costs for lenders.

As the 2025 political tides shifted, Republicans in Congress ramped up efforts to gut the CFPB’s authority. In a sharply worded letter to Acting Director Russell Vought, GOP members of the House Financial Services Financial Institutions Subcommittee demanded the rollback of the late fee rule and a host of others. They accused the CFPB of bypassing public input and warned that such rules stifle innovation and economic access. They insisted that market competition—not government edicts, should guide financial policy.

By April 2025, the Trump administration made its stance crystal clear. In a stunning about-face, the CFPB—now operating under the influence of Trump-appointed leadership—joined forces with banking groups to ask a federal judge to kill the very rule it once championed. The move marked a dramatic reversal in regulatory philosophy and a win for business interests. Judge Mark Pittman, who had previously blocked the rule's implementation, officially struck it down, ruling it violated the Credit Card Accountability and Disclosure Act by failing to ensure fees were “reasonable and proportional.”

Meanwhile, Senator Elizabeth Warren, who played a pivotal role in creating the CFPB, called for investigations into the Trump administration’s sweeping attempts to dismantle the agency. Alongside Senator Andy Kim, Warren sounded alarms about Elon Musk’s Department of Government Efficiency (DOGE), which had slashed the bureau’s workforce, canceled nearly 200 contracts, and shuttered its headquarters. Warren warned these actions were crippling the agency’s statutory duties, especially after the CFPB dropped a $2 billion enforcement case against Capital One. Her push for accountability comes as Republicans—and now the executive branch—tighten their grip on a watchdog that once stood as the last line of defense for American consumers.

Green Envelope Is in Your Inbox, Not Your Mailbox—And That’s the Future Talking
Before we dive into the champagne toasts and the red carpet moments of this year’s Stack the PAC celebration, let’s talk about something that’s changing the way we connect: your invitation.

This year, we're going digital with Green Envelope. That’s right—no more waiting by the mailbox, no more misplaced paper invites under a pile of junk mail. The Dakota Credit Union Association is stepping boldly into the digital age, and we’re bringing you with us. Why? Because the world isn’t slowing down for stamps.

Traditional mailings have gotten too expensive, too unreliable, and frankly, too outdated for the momentum we’re building. While the cost of a postage stamp creeps closer to the cost of a latte, Green Envelope lets us deliver stylish, secure, and sustainable invitations right to your inbox—instantly. It’s efficient, it’s eco-conscious, and let’s be honest—it’s about time. Some of you might be wondering, “What’s this email from Green Envelope doing in my inbox?” It’s not spam. It’s your golden ticket.

Stack the PAC is back—and this year, we’re turning it all the way up.
Held Monday evening at Summit 2025, this exclusive donor recognition event honors the heroes of advocacy: YOU. Whether you've chipped in $24 or championed us with a President-level donation, this is your night to be celebrated. The room will buzz with conversation, clinking glasses, and the kind of gratitude that lingers long after the last toast.

This isn’t just about giving money. It’s about building a movement—one that shapes legislation, influences policy, and protects the future of credit unions across the Dakotas and beyond.

So, check your inbox, not your mailbox. RSVP through Green Envelope. Join us at Stack the PAC on May 12. Because progress waits for no one—and neither should you.

​Stay Connected
For more information or to share your perspectives, feel free to contact me.