CFPB, Federal Agencies, State Agencies, and Attorneys General
An earned wage access (EWA) law has gone into effect in Louisiana. The legislation, passed earlier this year, became law without the signature of Gov. Jeff Landry.
The legislation’s sponsor, state Rep. Vinney St. Blanc told the Louisiana Radio Network that if you’re a health care provider or a nurse and your child breaks his arm, “I have something.… Continue Reading
Massachusetts Attorney General Andrea Joy Campbell has reached a $2.5 million settlement with Earnest Operations LLC, a Delaware-based student loan company.
The settlement resolves allegations that the company’s lending practices violated consumer protection and fair lending laws, in part through the use of artificial intelligence (AI) models that could allegedly result in disparate harm to Black, Hispanic, and non-citizen applicants and borrowers in violation of Massachusetts law.… Continue Reading
Accusing the Trump Administration of “dismantling” the CFPB, New York City Comptroller Brad Lander is calling on city and state officials to fill the void by strengthening consumer protection laws and rules in the city and state.
“The Trump Administration’s dismantling of the Consumer Financial Protection Bureau (CFPB)—including the elimination of 90 percent of its staff—will leave millions of Americans more vulnerable to unfair, deceptive, and abusive business practices from lenders and financial institutions of all types,” the comptroller’s office said in releasing a new report.… Continue Reading
A new Maryland law deems certain earned wage access (EWA) services to be loans. It then subjects those EWA services to the Maryland Consumer Loan Law and other consumer credit provisions, restricts the acceptance of tips by certain lenders, requires licensing or registration of certain entities offering EWA services, regulates EWA service agreements, and limits the costs and fees associated with obtaining EWA services.… Continue Reading
New York Gov. Kathy Hochul has signed legislation that, among other things, imposes new licensing requirements on Buy Now, Pay Later services.
In touting the FY26 budget bill that contained the consumer protection provisions, Hochul commented, “Our tax cuts, credits, and rebates won’t be much help if bad actors are able to scam or mislead New Yorkers.… Continue Reading
As Rich Andreano blogged on April 15, 2025, legislation to prohibit or restrict so-called “trigger leads” in the home-buying process has been reintroduced in the House and Senate. The legislation has broad industry and consumer group support.
While we await the outcome of the proposed bills, it is worth noting that a number of states have enacted laws that impose restrictions on the manner in which brokers or lenders are permitted to leverage trigger leads in connection with their mortgage activities. … Continue Reading
Citing cutbacks at the federal level, Pennsylvania Governor Josh Shapiro has launched a new centralized consumer protection hotline, website and email address to make it easier for state residents to report allegations of scams and resolve financial and insurance issues.
Officials said the effort is part of the Shapiro Administration’s initiative to fill a void left by weakened federal consumer protection.… Continue Reading
New York Attorney General Letitia James has sued payday lenders MoneyLion Inc. and DailyPay Inc. in New York state court, alleging that the two companies took advantage of tens of thousands of New Yorkers.
Both companies make paycheck advance loans to hourly workers in exchange for tips and fees.
The short-term nature of the loans results in “outrageous” interest rates, frequently reaching 750%, according to James, who added that both companies allegedly push workers to take out frequent loans to cover gaps created by their prior loans.… Continue Reading
As the Trump Administration attempts to drastically cut CFPB funding and staffing, New York regulators and legislators are attempting to fill what could be a void in consumer protection efforts.
“We’re hiring,” Adrienne A. Harris, the state’s Superintendent of the Department of Financial Services, said during a presentation on March 12 at the Brookings Institution.… Continue Reading
State attorneys general are not waiting to see what the future holds for the CFPB. With federal oversight receding, states are stepping up enforcement activities and strengthening their consumer protection laws.
This shift—accelerated by efforts to limit the CFPB’s authority under the Trump administration—creates a complex landscape where businesses must navigate a patchwork of state-level statutes, regulations, and enforcement priorities.… Continue Reading
