In October 2024, the California DFPI finalized regulations for providers of income-based advances (Earned Wage Access or EWA), clarifying registration requirements under the California Consumer Financial Protection Law (CCFPL). These
Continue Reading California DFPI Finalizes New Earned Wage Access Regulations
On July 18, 2024, the Consumer Financial Protection Bureau (CFPB) issued a Proposed Interpretive Rule and Request for Comment (Proposed Rule) addressing credit products in the paycheck advance marketplace, such
Continue Reading CFPB Proposes Interpretive Rule for Earned Wage Access Products
On May 22, 2024, the Consumer Financial Protection Bureau (CFPB) issued a Final Rule (the Rule) requiring certain nonbank “covered persons” to report certain final public orders issued by a
Continue Reading CFPB Issues Final Rule Requiring Certain Nonbanks to Report Final Public Orders and Submit Annual Compliance Reports
In its continued focus on so-called illegal “junk fees,” the CFPB issued an Advisory Opinion on the obligations of large banks and credit unions. The CFPB’s actions arise at a
Continue Reading CFPB Issues Advisory Opinion on ‘Illegal Junk Fees’ By Large Financial Firms
On June 15, 2023, Nevada Gov. Joe Lombardo signed SB 290, establishing the nation’s first state licensing regime for earned wage access (EWA) services provided to consumers in the
Continue Reading Nevada Enacts Nation’s First State Licensing Regime for Earned Wage Access Services
On March 8, 2023, the Consumer Financial Protection Bureau (CFPB) released the Supervisory Highlights Junk Fees Special Edition (Report) detailing unlawful fees the agency found in deposit accounts and in
Continue Reading CFPB Issues Report on Unlawful ‘Junk Fees’ Uncovered in Deposit Accounts, Multiple Loan Servicing Markets
The Consumer Financial Protection Bureau has expanded its anti-discrimination oversight and enforcement of covered persons to all consumer finance products and services, regardless of whether they involve an extension of
Continue Reading CFPB Expands Anti-Discrimination by Applying UDAAP to Credit and Non-credit Products
On Jan. 20, 2022, the Board of Governors of the Federal Reserve System (Fed) issued the Money and Payments: The U.S. Dollar in the Age of Digital Transformation paper (Paper)
Continue Reading Federal Reserve System Takes First Step Toward Creating Its Own Digital Currency
The Consumer Financial Protection Bureau (CFPB) has begun information-gathering inquiries into multiple companies that offer “buy now, pay later” (BNPL) credit to merchants and consumers, citing concerns about “accumulating debt,
Continue Reading CFPB Begins Scrutinizing Companies Using ‘Buy Now, Pay Later’ Credit