On April 29, Acting Comptroller of the Currency Rodney Hood delivered pre-recorded remarks at the National Fair Housing Alliance’s Responsible AI Symposium. In his speech, Hood reiterated the OCC’s commitment to deploying AI responsibly within the banking sector and highlighted the agency’s broader initiatives to promote financial inclusion.
Continue Reading OCC’s Hood Emphasized AI Oversight and Inclusion in Financial Services
On May 1, the CFPB filed a joint motion with two financial trade groups to vacate a Biden-era rule barring most medical debt from appearing on consumer credit reports. The motion comes after lender groups filed a lawsuit in January, arguing that the rule unlawfully exceeded the CFPB’s statutory authority under the Fair Credit Reporting Act (FCRA).
Continue Reading CFPB Withdraws Medical Debt Rule After Legal Challenge from Industry Groups
On April 30, 2025, the FTC filed an amended complaint and final order in the U.S. District Court for the Northern District of Georgia against a debt collection company in connection with allegations that the company engaged in deception and coercion to pressure consumers into paying debts they did not owe, in violation of the FTC Act, the Fair Debt Collection Practices Act (FDCPA), Regulation F, the Gramm-Leach-Bliley Act (GLBA), and the FTC’s Impersonation Rule.
Continue Reading FTC Imposed $9.6 Million Judgement Against Debt Collector for Alleged Threats and Phantom Debt
On May 6, Indiana Governor Mike Braun signed House Enrolled Act No. 1125 into law, making Indiana the latest state to enact a statutory framework for regulating earned wage access (EWA) products. The Indiana Earned Wage Access Act, which takes effect January 1, 2026, requires most EWA providers to obtain a license from the Indiana Department of Financial Institutions and comply with operational, disclosure, and consumer protection requirements.
Continue Reading Indiana Enacts Earned Wage Access Law
On May 1, the U.S. District Court for the Northern District of Illinois ordered the former owner of a now-defunct debt-relief company to pay over $43 million in restitution and penalties. The order resolves a lawsuit filed by the CFPB in 2020 alleging violations of the Consumer Financial Protection Act (CFPA) and the Telemarketing Sales Rule (TSR).
Continue Reading CFPB Orders Defunct Debt-Relief Company to Pay $43 Million for Alleged Student Loan Abuses
On April 30, the CFPB announced it will deprioritize enforcement and supervision of its small business lending data collection rule for institutions not covered by the stay issued by the U.S. Court of Appeals for the Fifth Circuit. The rule, finalized in May 2023 under Regulation B, implements Section 1071 of the Dodd-Frank Act and requires lenders to collect and report demographic and loan application data from small business credit applicants.
Continue Reading CFPB Halts Enforcement of Small Business Lending Rule for Institutions Outside Fifth Circuit
On April 15, Judge Mark T. Pittman of the U.S. District Court for the Northern District of Texas entered an Order and Final Judgement vacating the CFPB’s 2024 credit card late fee rule (previously discussed here) for violating the federal Credit Card Accountability and Disclosure (CARD) Act and the Administrative Procedure Act. The rule, which amended Regulation Z, had established a new $8 late fee safe harbor for larger credit card issuers and eliminated annual inflation adjustments.
Continue Reading CFPB Late Fee Rule Vacated by Texas Federal Court
On April 18, the FDIC announced a consent order against a Delaware-based bank alleging that the bank engaged in unsafe and unsound banking practices and violated various federal consumer protection laws, including Section 5 of the FTC Act, the Truth in Lending Act (TILA), and the Servicemembers Civil Relief Act (SCRA).
Continue Reading FDIC Orders Bank to Pay $1.225 Billion for Alleged Interchange Fee Misclassification
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 Colorado General Assembly enacted House Bill 25-1201, replacing the state’s prior money transmitter law with the Money Transmission Modernization Act (the “Act”). Modeled on the multistate framework developed by the Conference of State Bank Supervisors (CSBS), the Act aims to align Colorado’s licensing and oversight regime with standards adopted in other states, while updating key regulatory definitions, exemptions, prudential requirements, and enforcement tools.
Continue Reading Colorado Overhauls Money Transmission Law to Align with Multistate Licensing Standards
On April 11, the CFPB filed a joint motion in the U.S. District Court for the District of Columbia indicating its intent to revoke an advisory opinion on medical debt collection. The Bureau requested a stay of litigation while it moves to formally withdraw the opinion and committed to providing a status update by July 14 and every 30 days thereafter.
Continue Reading CFPB to Revoke Medical Debt Collection Advisory Opinion
In January 2025, the Maryland Office of Financial Regulation (the “OFR”) issued a guidance stating that assignees of residential mortgage loans, including certain passive trusts, were required to hold a Maryland mortgage lender license and, in certain circumstances, an installment loan license (previously discussed here). In response to this, the Maryland House and Senate passed separate but identical bills known as the Maryland Secondary Market Stability Act of 2025 (the “Act”). The Act was signed into law by Maryland Governor Wes Moore on April 22, and became effective immediately.
Continue Reading Maryland Enacts Law Exempting Passive Trusts from Mortgage and Installment Loan Licensing Requirements
On April 23, the CFPB voluntarily dismissed with prejudice its lawsuit, filed in September 2024, against a Pennsylvania-based credit card company that had been accused of unlawfully marketing a high-cost, limited-use membership program to subprime consumers.
Continue Reading CFPB Drops Suit Against Credit Card Company Alleging TILA Violations and Deceptive Marketing Practices
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
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 11, North Dakota enacted HB 1127, overhauling its regulatory framework for financial institutions and nonbank financial service providers. The law amends multiple chapters of the North Dakota Century Code and creates a new data security mandate for financial corporations—a category that includes non-depository entities regulated by the Department of Financial Institutions (DFI). It also expands the licensing requirement for brokers to include “alternative financing products,” potentially impacting a broad array of fintech providers.
Continue Reading North Dakota Expands Data Security Requirements and Issues New Licensing Requirements for Brokers