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 May 14, the CFPB issued a proposed rule to rescind recent amendments to its nonbank supervisory program. The amendments were designed to expand and formalize the Bureau’s process for subjecting nonbank covered persons to...more
5/23/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Industry ,
Non-Bank Lenders ,
Proposed Rules ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Reform ,
Rescission ,
Rulemaking Process
On April 29, Acting Comptroller of the Currency Rodney Hood delivered pre-recorded remarks at the National Fair Housing Alliance’s Responsible AI Symposium. In his speech, Hood reiterated the OCC’s commitment to deploying AI...more
5/9/2025
/ Algorithms ,
Artificial Intelligence ,
Banking Sector ,
Diversity and Inclusion Standards (D&I) ,
Financial Services Industry ,
FinTech ,
OCC ,
Popular ,
Regulatory Oversight ,
Regulatory Requirements ,
Risk Management ,
Technology
On April 23, the White House issued an Executive Order entitled Restoring Equality of Opportunity and Meritocracy, directing federal agencies to “eliminate the use of disparate-impact liability in all contexts to the maximum...more
On April 8, a federal court granted the CFPB’s motion to withdraw from its joint enforcement action against a global money transmitter. The lawsuit, originally filed in April 2022 in partnership with the New York Attorney...more
Starting in February 2025, providers of (1) debt settlement services, (2) student debt relief services, (3) private postsecondary education financing, and (4) income-based advances (a/k/a earned wage access (EWA) products)...more
On October 30, two leading fintech industry trade associations submitted comments (see comment letters here and here) in response to a joint Request for Information (RFI) issued by the Office of the Comptroller of the...more
11/4/2024
/ Banking Sector ,
Banks ,
FDIC ,
Financial Institutions ,
Financial Regulatory Agencies ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
OCC ,
Request For Information ,
Rulemaking Process
On October 18, a fintech trade group filed a complaint in a D.C. federal court challenging the CFPB’s interpretive rule on Buy Now, Pay Later (BNPL) products. The rule, released last May, treats BNPL providers as credit card...more
On September 4, the Federal Reserve Board (Fed) released enforcement actions against a Texas-based bank, addressing regulatory violations and compliance lapses.
The Fed, joined by the Texas Department of Banking (TDB),...more
On April 19, less than a month after Wisconsin’s enacted legislation, Kansas has followed suited by enacting comprehensive earned wages access legislation. Kansas’ law is set to take effect immediately upon publication....more
4/29/2024
/ Commercial Loans ,
Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Kansas ,
Lenders ,
New Legislation ,
State and Local Government ,
State Legislatures
On March 28, the Federal Reserve (Fed) issued a cease-and-desist order to a Wyoming-based bank holding company, citing deficiencies identified in a September 2023 inspection related to its “fintech business strategy, board...more
4/22/2024
/ Bank Holding Company ,
Banking Sector ,
Banks ,
Business Strategies ,
Cease and Desist Orders ,
Enforcement ,
Financial Services Industry ,
FinTech ,
Regulatory Oversight ,
Regulatory Requirements ,
Risk Management
On March 21, Wisconsin enacted into law Assembly Bill 574, positioning it as the third state, following Nevada and Missouri, to establish a comprehensive regulatory framework for earned wages access (EWA) services and...more
4/1/2024
/ Banking Sector ,
Earned Wage Access ,
Financial Services Industry ,
Labor Regulations ,
Legislative Agendas ,
Licensing Rules ,
New Legislation ,
Regulatory Requirements ,
State and Local Government ,
State Labor Laws ,
Wage and Hour ,
Wisconsin
On February 16, the CFPB issued revised rules updating its internal supervisory appeals process for institutions seeking to appeal a compliance rating or an adverse material finding. The updated rules open up new avenues for...more
In a move to bridge significant data gaps identified through its February 2023 Auto Finance Data Pilot where it sent information requests to nine large auto lenders about their lending portfolios, the Consumer Financial...more
On January 12, South Dakota’s Division of Banking issued a mandate setting March 31, 2024 as the deadline for all South Dakota licensed money lenders and non-residential mortgage brokers to comply with their Bank Secrecy...more
2/19/2024
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
BSA/AML ,
CFTC ,
Compliance ,
FDIC ,
Final Rules ,
Financial Services Industry ,
FinCEN ,
FinTech ,
NCUA ,
Non-Depository Institutions ,
OCC ,
OTS ,
Regulatory Agenda ,
Regulatory Requirements ,
Risk Assessment ,
Risk Management ,
Securities and Exchange Commission (SEC)