Legislative Activity

The "Civil Investigative Demand Reform Act of 2025" amends the Consumer Financial Protection Act of 2010, modifying the process for issuing and challenging civil investigative demands (CIDs) by the CFPB. These modifications include specifying timelines for issuing demands, requiring more detailed information in the demands, and creating a process for attorneys to ask questions about the scope of a demand. The bill also expands the grounds for setting aside a demand and allows for judicial review of the CFPB's denial of a petition to modify or set aside a demand.

The "Chief Herbert D. Proffitt Act of 2025" amends the Omnibus Crime Control and Safe Streets Act of 1968 to extend death benefits to retired law enforcement officers who die or are disabled from targeted attacks due to their service. The bill applies retroactively to pending matters before the Bureau of Justice Assistance, or those filed/accruing after the enactment date, with exceptions for actions against retired law enforcement officers that occurred on or after August 28, 2012.

The "Race Horse Cost Recovery Act of 2025" amends the Internal Revenue Code to classify all racehorses as eligible for a three-year depreciation period, which may offer tax benefits to racehorse owners. This reclassification applies to racehorses put into service after December 31, 2022.

The "Racehorse Tax Parity Act" amends the tax code to reduce the holding period for racehorses to 12 months, aligning them with other livestock and qualifying them as section 1231 assets. This change, effective for taxable years after 2024, simplifies tax treatment for racehorse owners.

The "Fair Access to Banking Act" aims to prevent financial institutions from denying services to legal businesses based on subjective or political reasons. It prohibits large banks, credit unions, and payment card networks from discriminating against legal businesses and requires them to provide fair access to financial services based on impartial, risk-based standards. Financial institutions that violate these provisions may face penalties, including ineligibility for taxpayer-funded discount window lending programs and civil penalties. Individuals or businesses who are unfairly denied services can sue the financial institution in U.S. district court.

The TABS Act of 2025 renames the Bureau of Consumer Financial Protection to the Consumer Financial Empowerment Agency, updating references across numerous acts and legal documents. It also authorizes Congress to appropriate funds for the newly named agency for fiscal years 2026 and 2027, bringing it into the regular appropriations process.