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Consumer Financial Products › Licensing Rules › Regulatory Agenda

McGlinchey Stafford

The Earned Wage Access Boom: Sixteen States Propose Legislation to Regulate These Types of Products

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Since the beginning of 2025, sixteen states have proposed legislation to regulate earned wage access. These states would join Kansas, Missouri, Nevada, South Carolina, and Wisconsin, which have each enacted legislation to...more

Mayer Brown

What to Expect in Licensing in 2025

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With the currently revolving door of directors at the federal Consumer Financial Protection Bureau (CFPB)—which may soon be on its fourth director in 2025 alone—and an order issued by Acting CFPB Director Russell Vought to...more

Sheppard Mullin Richter & Hampton LLP

Maryland Expands Licensing Requirements for Mortgage Loan Assignees

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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

Ballard Spahr LLP

“True Lender Act” Bill Proposed in Maryland

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Maryland has joined the ranks of states considering legislation that would codify elements of “true lender” theory in an effort to impose federally preempted state licensing requirements and rate caps on loans to Maryland...more

Ballard Spahr LLP

Bill to license commercial lenders proposed in New York

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New York Senator James Sanders Jr. recently proposed Senate Bill 1450A (“S1450”), which would require those making or soliciting “commercial financing products” in New York State to obtain a license and comply with specified...more

Ballard Spahr LLP

CSBS Will Oppose Any Federal Legislation That Preempts State Licensing and Supervisory Authority

Ballard Spahr LLP on

The Conference of State Bank Supervisors (CSBS) President and CEO, John Ryan, recently announced the CSBS’s legislative priorities for state regulators this year. They include opposing any federal legislation that preempts...more

Ballard Spahr LLP

NYDFS Student Lending Initiative

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New York Department of Financial Services (NYDFS) Superintendent, Linda A. Lacewell, recently wrote an Opinion Article in the New York Daily News, addressing the student lending industry. According to Lacewell, the Trump...more

Ballard Spahr LLP

NY Dept. of Financial Services issues proposed student loan servicer regulations

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The New York Department of Financial Services (NYDFS) has issued proposed regulations to implement the legislation enacted in April 2019 that requires servicers of student loans to be licensed, imposes servicing standards,...more

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