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 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 23, Oregon enacted SB 605, barring medical-debt information from appearing in consumer credit reports. The measure, which amends the Oregon Unlawful Trade Practices Act, takes effect January 1, 2026....more
7/7/2025
/ Consumer Protection Laws ,
Credit Reports ,
Debt Collection ,
Healthcare ,
Hospitals ,
Legislative Agendas ,
Medical Debt ,
New Legislation ,
Oregon ,
Regulatory Agenda ,
Regulatory Reform ,
State and Local Government
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 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 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 16, Vermont Governor Phil Scott signed into law S. 27, a medical debt relief measure that prohibits the inclusion of medical debt on consumer credit reports and establishes a state-funded initiative to abolish...more
5/30/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Credit Reports ,
Debt Collection ,
Disclosure Requirements ,
Financial Institutions ,
Healthcare ,
Healthcare Facilities ,
Medical Debt ,
New Legislation ,
Nonprofits ,
Regulatory Reform ,
State and Local Government
On May 28, Maryland Governor Wes Moore signed House Bill 1294 into law, establishing a comprehensive regulatory framework for Earned Wage Access (EWA) providers operating in the state. Effective October 1, the new law...more
On April 16, the Colorado General Assembly enacted House Bill 25-1201, replacing the state’s prior money transmitter law with the Money Transmission Modernization Act (the “Act”). Modeled on the multistate framework developed...more
In January 2025, the Maryland Office of Financial Regulation (the “OFR”) issued a guidance stating that assignees of residential mortgage loans, including certain passive trusts, were required to hold a Maryland mortgage...more
On March 20, the New York Department of Financial Services (NYDFS) entered into a consent order with a money transmitter, joining a group of state financial regulators acting through a multi-state task force coordinated by...more
4/14/2025
/ Consent Order ,
CSBS ,
Enforcement Actions ,
Financial Crimes ,
Financial Institutions ,
Money Transmitter ,
New York ,
NYDFS ,
Penalties ,
Regulatory Requirements ,
Settlement ,
State and Local Government ,
State Regulators
On March 3, Massachusetts Attorney General Andrea Joy Campbell announced new regulations, issued under the Massachusetts Consumer Protection Act, aimed at curbing “junk fees” by requiring businesses to disclose total prices...more
3/17/2025
/ Consumer Protection Laws ,
Disclosure Requirements ,
Fees ,
New Regulations ,
Pricing ,
Regulatory Requirements ,
State and Local Government ,
State Attorneys General ,
Transparency ,
UDAAP ,
Unfair or Deceptive Trade Practices
On February 18, the Maryland Office of Financial Regulation (OFR) issued an alert to address industry concerns regarding its January guidance on licensing requirements for assignees of residential mortgage and installment...more
On February 26, the FDIC withdrew its amicus brief in the 10th Circuit Court of Appeals challenging Colorado’s 2023 opt-out law which aimed to restricting higher-cost online lending. The FDIC’s decision follows a shift in the...more
3/3/2025
/ Depository Institutions ,
DIDMCA ,
FDIC ,
Financial Institutions ,
FinTech ,
Lenders ,
Loans ,
Regulatory Reform ,
Regulatory Requirements ,
State and Local Government ,
True Lender
On December 23, 2024, the California Department of Financial Protection and Innovation (DFPI) announced a consent order with a lender to resolve its investigation into the company’s crypto-backed lending program, which the...more
3/3/2025
/ California ,
Consumer Financial Products ,
Consumer Lenders ,
Consumer Protection Laws ,
Cryptocurrency ,
Department of Financial Protection and Innovation (DFPI) ,
Disclosure Requirements ,
Enforcement Actions ,
Loans ,
Settlement ,
State and Local Government
In an order issued in January and made public on February 24, a judge in the United States District Court for the Northern District of California granted class certification to consumers alleging a fintech lender’s loan...more
3/3/2025
/ California ,
Class Action ,
Consumer Financial Products ,
Consumer Protection Laws ,
Fees ,
Financial Services Industry ,
FinTech ,
Lenders ,
State and Local Government ,
State Attorneys General ,
Unfair or Deceptive Trade Practices
On February 7, California Governor Gavin Newsom announced the appointment of Khalil “KC” Mohseni as the new Commissioner of the California Department of Financial Protection and Innovation (DFPI). Mohseni has been serving as...more
2/19/2025
/ California ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Department of Financial Protection and Innovation (DFPI) ,
Enforcement Actions ,
Financial Institutions ,
Governor Newsom ,
New Legislation ,
Regulatory Agenda ,
Regulatory Oversight ,
State and Local Government
On January 10, 2025, the Maryland Office of Financial Regulation (OFR) issued guidance significantly expanding licensing requirements for assignees of residential mortgage loans in Maryland. The guidance stems from an April...more
Effective November 23, 2024, the Texas Department of Savings and Mortgage Lending (the “DSML”) adopted new rules affecting mortgage loan companies, mortgage bankers, individual residential mortgage loan originators, and...more
12/16/2024
/ Banking Sector ,
Department of Financial Protection and Innovation (DFPI) ,
Disclosure Requirements ,
Financial Services Industry ,
Lenders ,
Lending ,
Mortgage Lenders ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Mortgages ,
Reporting Requirements ,
Residential Real Estate Market ,
Rulemaking Process ,
State and Local Government ,
Texas
In a September 26 settlement, the Massachusetts Attorney General’s office reached an agreement with a mortgage loan servicer to resolve allegations of violations of Massachusetts consumer protection laws and the Truth in...more
On June 28, Pennsylvania took a significant step to enhance its data protection framework by updating the Breach of Personal Information Notification Act through the enactment of SB 824. This new legislation revises the older...more
Florida recently enacted H1347, revising the state’s criteria for what constitutes usurious consumer loans.
The Florida Consumer Finance Act prohibits charging an interest rate of more than 18% per year on a loan of...more