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Five Things to Know About the New York Buy-Now-Pay-Later Act

As part of an omnibus 2026 budget bill, New York passed a new law that will broadly govern point-of-sale (POS) installment financing offered to New York residents. The Buy-Now-Pay-Later (BNPL) Act was signed into law in early...more

The CFPB's State Privacy Report Is the CFPB's Latest Effort to Influence State Policymakers

In the closing months of the Consumer Financial Protection Bureau (CFPB) under Director Rohit Chopra, the CFPB has continued its efforts to influence how states regulate financial services providers. On November 12, the CFPB...more

Colorado's DIDMCA Opt Opt Paused for Bank Loans Made Out of State

The financial services industry has (finally) received some good news. Last week, a federal court granted a preliminary injunction to stop Colorado from enforcing interest and certain fee limitations under the Colorado...more

U.S. Supreme Court Rejects a More Bright-Line National Bank Act Preemption Standard

In a unanimous decision, the U.S. Supreme Court rejected a more bright-line standard for determining whether the National Bank Act (NBA) preempts a state law. Rather, the Supreme Court explained that the NBA preemption...more

A Closer Look at New York's Proposed Abusiveness Prohibition

In January, New York Governor Kathy Hochul introduced a budget bill that proposed the headline-grabbing Buy Now Pay Later licensing regime. Less attention has been given to another proposed provision: adding a prohibition on...more

Changes Proposed to the Tennessee Automatic Renewal and Continuous Services Statute

In early January, a bill was introduced into the Tennessee legislature that would enhance the existing affirmative consent requirement to charge consumers a fee for automatic renewal or continuous services offers under the...more

Mark Your Calendars: Key 2024 Compliance Dates for Consumer and Small Business Financial Services Regulations

One of the primary challenges with working in U.S. financial services is keeping up with the ever-changing federal and state regulatory landscape. Juggling the day-to-day fire drills while staying atop of regulatory changes...more

The OCC Issues Bulletin Addressing Buy Now, Pay Later Lending

What seems to have become a perennial topic for regulators, the Office of the Comptroller of the Currency (OCC) recently released OCC Bulletin 2023-37 to assist national banks and federal savings banks with effectively...more

Lender Settles Dispute with Colorado over Membership Fees to Access Loan Products

On November 13, 2023, a nonbank lender and the Colorado Administrator of the Uniform Consumer Credit Code (Administrator) entered into an Assurance of Discontinuance to settle allegations that the lender charged membership...more

CFPB Director Issues Statement on FCRA Data Broker Proposed Regulation

The Consumer Financial Protection Bureau (CFPB) has been at the forefront of discussions surrounding the evolving role of data brokers in today’s digital economy. In particular, Director Rohit Chopra recently announced that...more

Minnesota Expands its Fair Lending Statute to Cover Gender Identity Discrimination

Minnesota has expanded its fair lending statute to prohibit discriminating against a person in the extension of credit or in the requirements of obtaining credit because of gender identity. Prior to this amendment, the...more

Why Fintechs and Crypto Companies Should Pay Attention to the FDIC's Latest Round of Cease-and-Desist Letters

On February 15th, the Federal Deposit Insurance Corporation (FDIC) issued another round of cease-and-desist letters demanding that companies stop making false and misleading statements regarding deposit insurance coverage....more

CFPB Attempts to Expand Scope of Nonbank Surveillance

Without its typical fanfare, the CFPB has revealed a plan to propose a rule titled “Nonbank Registration – Terms and Conditions” in its “Agency Rule List - Fall 2022.” The description of the proposed rule is scant, a mere...more

Ohio Regulatory Sandbox Law Signed into Law

On December 16, 2022, Ohio Governor Mike DeWine signed Ohio S.B. 249, which created a regulatory sandbox to test novel financial products and services on a temporary basis. The Ohio Regulatory Sandbox Law requires the Ohio...more

Fintech Seeks "True Lender" Ruling to Stop Regulator From Enforcing a California Interest Rate Limit

On March 7, 2022, a fintech filed a lawsuit in California state court asking the court to declare that an interest rate limit under the California Financing Law (CFL) does not apply to the short-term consumer loans made by an...more

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