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Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – July 2025

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....more

Ballard Spahr LLP

NYC Comptroller calls for strengthening city, state consumer protection laws, regulations

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Accusing the Trump Administration of “dismantling” the CFPB, New York City Comptroller Brad Lander is calling on city and state officials to fill the void by strengthening consumer protection laws and rules in the city and...more

Troutman Pepper Locke

The Big Beautiful Bill and the Effects on Bank Lending Into the US

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Every year, foreign lenders make thousands of loans to U.S. entities. The U.S. withholding tax on the related interest payments has been generally stable since 1984. The general rule is that interest paid under these loans...more

Troutman Pepper Locke

Utah Legislature Passes Earned Wage Access Services Act

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The Utah Legislature has passed H.B. 279, known as the Earned Wage Access Services Act. Sponsored by Representative A. Cory Maloy (R) and Senator Chris H. Wilson (R), this legislation aims to regulate earned wage access (EWA)...more

Troutman Pepper Locke

Minnesota House Passes Key Provisions of Debt Fairness Act

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On April 15, the Minnesota House of Representatives passed the Commerce Policy Omnibus bill, which includes key provisions of the Minnesota Debt Fairness Act. Minnesota AG Keith Ellison supports this bill and celebrated its...more

Troutman Pepper Locke

Washington State Passes Amendments to Bill Attacking Bank Model Lending and Banking-as-a-Service Programs

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On March 8, Washington State’s legislature passed a significant amendment (SB 6025) to the Consumer Loan Act (CLA) targeting bank model lending. SB 6025 is an updated version of a prior bill...more

Troutman Pepper Locke

Massachusetts Introduces Earned Wage Access Product Legislation

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On February 15, Massachusetts became the latest state to introduce legislation to regulate earned wage access (EWA) products and services. House Bill (HB) 4456 would create a new chapter to the Massachusetts Code explicitly...more

Ballard Spahr LLP

NY legislature adjourns without action on bills that would significantly expand UDAP liability and persons entitled to sue

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The current session of the New York legislature adjourned on June 10, 2023 without any action on two bills (A. 7138 and S. 795) that would make sweeping changes to the provisions of the state’s general business law (Section...more

Cadwalader, Wickersham & Taft LLP

LIBOR Federal Legislation Takes Big Step Forward

Federal legislation addressing the transition of legacy LIBOR contracts took a big step forward when it was included in the Omnibus bill passed late last night by the House of Representatives. The bill would provide legal...more

Carlton Fields

Are Bank Regulators "Mellowing Out" on Cannabis?

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Federal bank regulators no longer require banks to submit suspicious activity reports (SARs) for legally authorized hemp business transactions, absent another required circumstance....more

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