On June 20, Texas Governor Greg Abbot signed into law HB 700, adding Chapter 398 to the Texas Finance Code. Effective September 1, the statute establishes a regulatory framework for commercial sales-based financing and imposes specific compliance obligations on providers offering such products to Texas borrowers. Continue Reading Texas Passes Legislation to Regulate Sales-Based Financing
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 state-level artificial intelligence regulatory frameworks. TRAIGA imposes disclosure, consent, and compliance requirements on developers, deployers, and governmental entities who use artificial intelligence systems (AI). The law is set to take effect on January 1, 2026.Continue Reading Texas Enacts Sweeping AI Law: Disclosure, Consent, and Compliance Requirements Take Effect in 2026
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.Continue Reading Oregon Prohibits Medical Debt in Credit Reports
On June 9, 2025, New York City Comptroller Brad Lander released a report urging City and State leaders to modernize consumer financial protections. The report outlines a series of legislative and regulatory recommendations aimed at closing gaps in existing protections and addressing emerging risks in the consumer financial marketplace.Continue Reading NYC Comptroller Report Calls for Overhaul of State Consumer Financial Protections
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 information about medical debt to credit bureaus, regardless of payment status or consumer repayment activity.Continue Reading Maine Enacts Ban on Reporting Medical Debt to Credit Bureaus
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 qualifying medical debt held by Vermont residents.Continue Reading Vermont Enacts Law Prohibiting Medical Debt Reporting and Funding Debt Relief Initiative
On May 9, the NYDFS announced that Governor Kathy Hochul signed New York’s FY2026 Budget into law, enacting two major consumer financial protection measures. The budget establishes a licensing and supervision framework for Buy Now Pay Later (BNPL) lenders operating in New York and supports NYDFS’s January 2025 proposal to cap overdraft fees and prohibit certain high-cost practices (previously discussed here). Key provisions of the budget include:Continue Reading New York Enacts BNPL and Overdraft Fee Restrictions
The Texas House and Senate introduced House Bill 700 and Senate Bill 2677 to regulate commercial sales-based financing transactions. The proposed legislation would impose standardized disclosure requirements, require broker registration, and subject these transactions to the state’s usury laws. Continue Reading Texas Legislature Proposes Disclosure Rules for Commercial Financing
On April 16, the CFPB released an internal memo outlining major shifts in its supervision and enforcement priorities, signaling a retreat from several areas of regulatory activity. The next day, the Bureau issued formal reduction-in-force (RIF) notices to numerous employees, notifying them of termination effective June 16.Continue Reading CFPB Shifts Supervision and Enforcement Priorities; Staff Reduction Stayed by Court
On April 22, the Fourth Circuit declined to reconsider a panel ruling that found a credit union could not be held liable for a scam in which fraudsters diverted over $560,000 from a metal fabricator through unauthorized ACH transfers. The denial leaves intact a March 2025 decision overturning the district court’s earlier ruling in favor of the plaintiff.Continue Reading Fourth Circuit Rejects Rehearing in ACH Fraud Suit Alleging Violations of KYC Rules and NACHA Operating Standards