29 minute read | August.21.2025
As federal enforcement priorities shift under a second Trump Administration, state regulators and Attorneys General appear to be stepping up their oversight efforts over consumer financial services activities. With expanded authority, resources and multistate coordination, states appear ready to take the lead in enforcing compliance with financial services related laws, rules and regulation and to vindicate perceived harms in this space. For banks and nonbank financial institutions alike, this means a more complex and less predictable regulatory landscape, making it critical to track state-level activity and adapt compliance strategies accordingly.
In an article for the Review of Banking and Financial Services, Orrick’s Jedd Bellman, Margaux Curie and Christopher Walczyszyn discuss current and anticipated state-level enforcement trends and priorities involving consumer protection, artificial intelligence and cryptocurrency, and what they mean for the financial services industry.