On March 26, the CFPB filed a motion to vacate its recent settlement against an Illinois-based mortgage lender accused of engaging in discriminatory| Consumer Finance and Fintech Blog
On August 19, the Wyoming Stable Token Commission announced the launch of the Frontier Stable Token (FRNT), making Wyoming the first public entity in the United States to issue a state-backed, blockchain-based stablecoin. The program is authorized under the Wyoming Stable Token Act and chaired by Governor Mark Gordon. FRNT is structured to be redeemable 1:1... Continue Reading|
On August 19, Massachusetts Attorney General Andrea Joy Campbell announced a $795,000 settlement with a property management company for alleged violations of the Massachusetts Consumer Protection Act, and the Massachusetts Data Security Law and Data Security Regulations. The AG alleged that the company failed to maintain reasonable data security practices and delayed required notifications to... Continue Reading|
On August 8, the U.S. District Court for the District of Maryland issued an opinion partially granting an earned wage access (EWA) provider’s motion to dismiss that challenged whether the company operated as an unlicensed lender in violation of the Maryland Consumer Loan Law (MCLL), charged unlawful fees, and failed to comply with disclosure obligations... Continue Reading|
On August 15, the Illinois Department of Financial and Professional Regulation proposed regulations to implement recent amendments to the Residential Mortgage License Act of 1987 (RMLA) covering “shared appreciation agreements.” The proposed revisions treat these agreements as residential mortgage loans subject to RMLA licensing and compliance requirements. A shared appreciation mortgage is when the borrower... Continue Reading|
On July 24, the California Privacy Protection Agency (CPPA) approved a major rule package covering automated decision-making technology (ADMT), mandatory cybersecurity audits, and privacy risk assessments under the California Consumer Privacy Act (CCPA). The package narrows the definition of ADMT to tools that replace human decision making for significant decisions in areas like lending, housing, employment,... Continue Reading|
On August 26, 2025, the CFPB published a notice of proposed rulemaking to narrow the scope of its authority to designate nonbanks for supervision under the Consumer Financial Protection Act (CFPA). The proposal follows earlier announcements by the Bureau that it would reassess its use of this authority (previously discussed here). The proposal would establish... Continue Reading|
On August 21, the Consumer Financial Protection Bureau published an advance notice of proposed rulemaking (ANPR) in the Federal Register to reconsider its Personal Financial Data Rights Rule under Section 1033 of the Dodd-Frank Act. The Bureau stated that it is reopening the rule in light of policy changes under new leadership and a court-ordered... Continue Reading|
On August 15, the Federal Reserve Board announced that it has rescinded its 2023 supervisory letter establishing the Novel Activities Supervision Program (NASP). The program had focused on overseeing banks’ involvement in crypto assets, distributed ledger technology, and fintech partnerships. The Fed explained that it has “strengthened its understanding” of these activities and will return to supervising... Continue Reading|
On August 18, the California Department of Financial Protection and Innovation (DFPI) announced a $2.3 million settlement with a former mortgage lender and servicer for alleged violations of the California Residential Mortgage Lending Act and California Financing Law. According to the DFPI, the company improperly charged thousands of California borrowers per diem interest in excess of... Continue Reading|
On August 19, 2025, the CFPB announced that it had closed a multi-year investigation into a fintech company offering buy-now, pay-later financing for| Consumer Finance and Fintech Blog
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| Consumer Finance and Fintech Blog
On July 30, 2025, the President's Working Group on Digital Asset Markets released a comprehensive report recommending substantial regulatory action and| Consumer Finance and Fintech Blog
On August 12, a coalition of banking trade associations sent a joint letter to Congress warning that the recently enacted GENIUS Act contains a loophole| Consumer Finance and Fintech Blog
On August 4, 2025, the Financial Crimes Enforcement Network (FinCEN) issued a notice warning financial institutions about escalating illicit activity| Consumer Finance and Fintech Blog
On July 18, the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS ACT) was signed into law, creating the first federal| Consumer Finance and Fintech Blog
On July 18, the CFPB terminated a 2024 consent order against a credit union after concluding that the entity had satisfied certain monetary and| Consumer Finance and Fintech Blog
On July 11, 2025, the Consumer Financial Protection Bureau (CFPB) announced a proposed $9 million settlement resolving its November 2021 lawsuit against a| Consumer Finance and Fintech Blog
On May 7, the OCC issued Interpretive Letter 1184, reaffirming that national banks and federal savings associations may provide cryptocurrency custody and| Consumer Finance and Fintech Blog
On July 14, the OCC, Federal Reserve, and FDIC announced the release of a joint statement clarifying how existing laws and regulations apply to| Consumer Finance and Fintech Blog
On June 24, the Department of Housing and Urban Development (HUD) issued a Request for Information (RFI) to evaluate how Buy Now Pay Later (BNPL) loans| Consumer Finance and Fintech Blog
On April 17, the CFPB issued a consent order against a San Francisco-based for-profit coding school and its and CEO, banning it from lending to consumers,| Consumer Finance and Fintech Blog
Consumer Finance and Fintech Blog is written by Sheppard Mullin’s Consumer Protection and Fintech Team and offers breaking industry news, legal analysis, and updates on emerging issues involving a variety of consumer protection and fintech-related topics.| Consumer Finance and Fintech Blog
On March 7, the OCC issued Interpretive Letter 1183 and an accompanying statement affirming prior guidance regarding whether national banks and federal| Consumer Finance and Fintech Blog
Just over one month into the second Trump Administration, the crypto industry appears poised to notch yet another victory in its longstanding tug-of-war| Consumer Finance and Fintech Blog
On March 18, Acting Comptroller of the Currency Rodney Hood reiterated the OCC’s commitment to ensuring fair access to banking services, including for| Consumer Finance and Fintech Blog
On December 12, the CFPB released the final version of its overdraft rule that was first proposed in January. (We discussed it here.) Currently, financial| Consumer Finance and Fintech Blog
On January 26, the California DFPI announced its participation in a $22.5MM multi-state into a settlement with a with a Cayman Islands digital asset firm| Consumer Finance and Fintech Blog
On November 22, the CFPB denied a crypto lending institution’s petition for an order modifying a pending civil investigative demand (“CID”) that the| Consumer Finance and Fintech Blog
On October 19, in Community Financial Services Association of America, Limited v. Consumer Financial Protection Bureau, a three-judge panel in the Fifth| Consumer Finance and Fintech Blog
On July 6, the CFPB posted a blog titled, “Should you buy now and pay later?” describing how buy now pay later (BNPL) deferred payment options work, and| Consumer Finance and Fintech Blog
On October 26, the United States District Court for the Southern District of Texas issued a nationwide preliminary injunction barring the CFPB from moving| Consumer Finance and Fintech Blog
On July 22, a Texas-based lease-to-own company filed suit against the CFPB in Federal District Court for the Eastern District of Texas alleging that its| Consumer Finance and Fintech Blog
On May 22, the CFPB announced an interpretive rule confirming that Buy Now, Pay Later (BNPL) lenders qualify as credit card providers under the Truth in| Consumer Finance and Fintech Blog
On December 16, the CFPB issued a series of orders to five companies offering “buy now, pay later” (BNPL) credit. The orders seek to collect information| Consumer Finance and Fintech Blog
On March 21, Wisconsin enacted into law Assembly Bill 574, positioning it as the third state, following Nevada and Missouri, to establish a comprehensive| Consumer Finance and Fintech Blog
On December 18, the Arizona Attorney General issued an opinion on earned wage access (EWA), which determined that fully non-recourse EWA products do not| Consumer Finance and Fintech Blog
