On March 14, the U.S. Court of Appeals for the Fourth Circuit vacated the dismissal of a lawsuit alleging a failure to reasonably investigate a disputed debt.Continue Reading Fourth Circuit Expands FCRA Liability: Legal Inaccuracies Now Actionable

Timely Insights and Updates at the Intersection of Financial Services, Fintech, and Consumer Protection
On March 14, the U.S. Court of Appeals for the Fourth Circuit vacated the dismissal of a lawsuit alleging a failure to reasonably investigate a disputed debt.Continue Reading Fourth Circuit Expands FCRA Liability: Legal Inaccuracies Now Actionable
On May 28, Maryland Governor Wes Moore signed House Bill 1294 into law, establishing a comprehensive regulatory framework for Earned Wage Access (EWA) providers operating in the state. Effective October 1, the new law provides for licensing of both employer-integrated and consumer-directed EWA providers under the Maryland Consumer Loan Law, while also introducing a host of new consumer protection requirements.Continue Reading Maryland Enacts Earned Wage Access Law
On May 23, the CFPB notified a Kentucky federal court that it now considers its own 2023 open banking rule “unlawful” and plans to set the rule aside. The Bureau announced its intent to seek summary judgement against the rule, which was issued under Section 1033 of the Dodd-Frank Act to promote consumer-authorized data sharing with third parties.Continue Reading CFPB Seeks to Vacate Open Banking Rule
On May 27, the CFPB filed a notice of dismissal with prejudice in its lawsuit against a lease-to-own fintech provider. The lawsuit, filed in July 2023, alleged that the company’s rental-purchase agreements violated several federal consumer financial laws, including the Truth in Lending Act (TILA), the Electronic Fund Transfer Act (EFTA), the Fair Credit Reporting Act (FCRA), and the Consumer Financial Protection Act (CFPA).Continue Reading CFPB Drops Lawsuit Against Lease-to-Own Fintech Following Adverse Credit Ruling
On May 1, Pennsylvania Governor Josh Shapiro announced a new centralized consumer protection hotline, website, and email address, providing residents with streamlined access to state agencies for reporting scams, financial misconduct, and insurance-related disputes. The rollout is part of a broader push by Pennsylvania to expand state-level enforcement amid a shift in federal priorities.Continue Reading Pennsylvania Launches Centralized Consumer Complaint System, Expands State Enforcement Under Dodd-Frank
On May 21, the U.S. District Court for the Western District of Tennessee granted a joint motion by the CFPB and DOJ to terminate a 2021 redlining settlement with a regional bank, vacating the consent order and dismissing the case with prejudice. The original lawsuit, filed in October 2021, alleged violations of the Fair Housing Act (FHA) Equal Credit Opportunity Act (ECOA) and Consumer Financial Protection Act (CFPA).Continue Reading DOJ and CFPB Terminate $9 Million Redlining Consent Order with Southern Regional Bank
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 20, the U.S. Senate voted 66-32 to move forward with the Guardrails and Enforcement for Neutral Issuers of United States Stablecoins (GENIUS) Act (the “Act”), pushing the stablecoin bill past a major procedural hurdle. The vote sets the stage for full Senate debate and potential passage of the Act as early as next week.Continue Reading Senate Advances Stablecoin Bill
On May 14, the CFPB issued a proposed rule to rescind recent amendments (here, here, and here) to its nonbank supervisory program. The amendments were designed to expand and formalize the Bureau’s process for subjecting nonbank covered persons to supervision under the Consumer Financial Protection Act (CFPA). Under the CFPA, the CFPB is authorized to supervise a nonbank covered person if it has reasonable cause to determine if the nonbank covered person was engaged in financial services-related conduct that posed a risk to consumers. Among other things, the amendments introduced a mechanism for the Director to publicly release final decisions and order.Continue Reading CFPB Proposes to Rescind Risk-Based Supervision Rulemaking
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
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