On July 10, Massachusetts Attorney General Andrea Joy Campbell announced a $2.5 million settlement with a student loan company to resolve allegations that its underwriting practices violated the Massachusetts Consumer...more
7/25/2025
/ Algorithms ,
Artificial Intelligence ,
Consumer Protection Laws ,
Enforcement Actions ,
Fair Lending ,
Financial Services Industry ,
Regulatory Requirements ,
Settlement ,
State Attorneys General ,
Student Loans ,
Technology
On July 18, the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS ACT) was signed into law, creating the first federal regulatory framework for payment stablecoins. The law prohibits the issuance...more
On July 21, the CFPB withdrew its plan to repeal rules that provide procedures for state officials to notify the Bureau before initiating enforcement actions under the Consumer Financial Protection Act (CFPA). The CFPB cited...more
On June 30, California Governor Newsom has signed AB 130, a budget trailer bill related to housing. This legislation includes new requirements for mortgage servicers of subordinate mortgages, defined in the bill, and took...more
On July 1, 2025, the U.S. Court of Appeals for the Fifth Circuit affirmed a district court’s denial of a preliminary injunction sought by several short-term lenders challenging amendments to the City of Dallas’s short-term...more
On June 30, 2025, Connecticut Governor Ned Lamont signed Public Act No. 25-66, enacting broad revisions to Connecticut’s money transmission statutes. The new law, effective October 1, 2025, updates definitions, expands...more
On July 11, the U.S. District Court for the Eastern District of Texas vacated the CFPB’s Medical Debt Rule, concluding that the rule exceeded the Bureau’s statutory authority under the Fair Credit Reporting Act (FCRA). The...more
On July 14, the OCC, Federal Reserve, and FDIC announced the release of a joint statement clarifying how existing laws and regulations apply to crypto-asset safekeeping services offered by banking organizations. The statement...more
On July 9, the New York Department of Financial Services (NYDFS), joined by regulators from five other states, entered into a multistate settlement with a money transmitter headquartered in New York. The $4.2 million consent...more
On June 26, Rhode Island Governor Dan McKee signed companion bills S 0169 and S 0172 into law, twin measures that amend the state’s Deceptive Trade Practices Act and Interest and Usury statute to impose some of the nation’s...more
On June 25, the California DFPI announced that it had finalized a consent order with a cryptocurrency kiosk operator, alleging violations of the Digital Financial Assets Law (DFAL) and the California Consumer Financial...more
On June 27, Pennsylvania enacted Senate Bill 202, which significantly expands the Commonwealth’s Money Transmitter Act (MTA) to include virtual currency transmission. Under the amended law, transmitting virtual currency is...more
7/7/2025
/ Anti-Money Laundering ,
Cryptocurrency ,
Digital Assets ,
FinTech ,
Legislative Agendas ,
Licensing Rules ,
New Legislation ,
Pennsylvania ,
Regulatory Oversight ,
Regulatory Requirements ,
State and Local Government
On June 25, the Federal Housing Finance Agency (FHFA) issued a directive ordering Fannie Mae and Freddie Mac to prepare proposals for treating cryptocurrency held on U.S.-regulated exchanges as assets for reserves in...more
On June 20, Texas Governor Greg Abbot signed into law HB 700, adding Chapter 398 to the Texas Finance Code. Effective September 1, the statute establishes a regulatory framework for commercial sales-based financing and...more
On June 22, 2025, Texas Governor Greg Abbott signed into law House Bill 149, enacting the Texas Responsible Artificial Intelligence Governance Act (TRAIGA). The law establishes one of the nation’s most comprehensive...more
7/7/2025
/ Artificial Intelligence ,
Consumer Protection Laws ,
Disclosure Requirements ,
Enforcement ,
Government Agencies ,
Legislative Agendas ,
New Legislation ,
Penalties ,
Regulatory Requirements ,
State and Local Government ,
Technology Sector ,
Texas
On June 23, the Federal Reserve Board announced that reputational risk will no longer be a component of its bank-examination program. The same day, the Board released a revised edition of its Guidelines for Rating Risk...more
6/27/2025
/ Banking Sector ,
Banks ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
OCC ,
Prudential Regulation Authority (PRA) ,
Regulatory Reform ,
Regulatory Requirements ,
Risk Management
On May 14, the OCC entered into a formal agreement with a New York-based bank after determining that the institution is in “troubled condition.” In its findings, the OCC cited alleged unsafe or unsound practices tied to the...more
6/27/2025
/ Banking Sector ,
Banks ,
Consent Order ,
Corrective Actions ,
Enforcement Actions ,
Financial Institutions ,
New York ,
OCC ,
Regulatory Oversight ,
Regulatory Requirements ,
Risk Management ,
Strategic Planning
On June 9, Maine Governor Janet Mills signed into law LD558, which prohibits the reporting of medical debt to consumer reporting agencies. The law bars medical creditors, debt collectors, and debt buyers from furnishing...more
On May 23, the Texas Supreme Court issued an opinion holding that in determining whether a commercial loan is usurious under Texas state law, the “actuarial method” must be employed. This requires the applicable amount of...more
On June 13, Judge Katherine Polk Failla of the U.S. District Court for the Southern District of New York entered a stipulated final judgement resolving claims brought by the New York Attorney General against a global money...more
On June 1, the Illinois General Assembly passed a bill that, if enacted, will delay the effective date of the Interchange Fee Prohibition Act by one year, from July 1, 2025, to July 1, 2026.
The law prohibits financial...more
6/13/2025
/ Banks ,
Credit Cards ,
Financial Institutions ,
Illinois ,
Interchange Fees ,
New Legislation ,
Payment Systems ,
Proposed Legislation ,
Regulatory Reform ,
Regulatory Requirements ,
State and Local Government
On June 9, Acting Comptroller of the Currency Rodney Hood issued a letter rejecting the Conference of State Bank Supervisors’ (CSBS) request that the OCC rescind its 2011 preemption regulations.
The OCC ‘s letter signals...more
6/13/2025
/ Banking Sector ,
Banks ,
Dodd-Frank ,
Financial Institutions ,
Financial Regulatory Reform ,
Government Agencies ,
OCC ,
Preemption ,
Regulatory Agencies ,
Regulatory Oversight ,
Regulatory Requirements ,
State and Local Government
Louisiana and Connecticut recently passed legislation establishing regulatory frameworks for earned wage access (EWA) providers.
Connecticut’s SB 5140 passed the legislature on June 4 and awaits Governor Ned Lamont’s...more
6/13/2025
/ Consumer Lenders ,
Consumer Protection Laws ,
Disclosure Requirements ,
Earned Wage Access ,
Fees ,
Financial Services Industry ,
Loans ,
New Legislation ,
Regulatory Requirements ,
State and Local Government ,
State Legislatures
On May 28, Nevada Governor Joe Lombardo approved SB 437, creating a new framework for internet-based consumer lenders that lend to Nevada residents. The law defines an “Internet consumer lender” as any entity that exclusively...more
Amendments to California’s Automatic Renewal Law (ARL) will take effect on July 1, 2025. Enacted in September 2024 through Assembly Bill No. 2863, the amendments expand disclosure, consent, and cancellation obligations for...more