State Regulation

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California has once again expanded its regulation of financial services. On September 30, 2026, Governor Gavin Newsom signed Assembly Bill 2116, which will subject a broad range of commercial financing providers and brokers to licensing, substantive conduct requirements, and regulatory oversight by the California Department of Financial Protection and Innovation (DFPI).… Continue Reading

When Rohit Chopra left the Consumer Financial Protection Bureau earlier this year, there was considerable speculation about what he would do next. In May, Governor Gavin Newsom provided the answer: Chopra would become the inaugural Secretary of California’s newly created Business & Consumer Services Agency (BCSA).

Chopra was sworn in on July 1.… Continue Reading

The Mortgage Bankers Association (MBA) recently filed a lawsuit in the U.S. district court for the district of New Jersey challenging the disparate impact rules adopted by the state.

In December 2025, the New Jersey Division on Civil Rights (DCR) adopted Rules Pertaining to Disparate Impact Discrimination under the New Jersey Law Against Discrimination.… Continue Reading

Colorado Attorney General Philip Weiser and Uniform Consumer Credit Code Administrator Martha Fulford have sued Activehours, Inc., doing business as EarnIn, alleging that EarnIn’s direct-to-consumer “Cash Out” earned-wage-access product is a consumer loan subject to Colorado’s lending laws.

The complaint, filed on August 27, 2026, in the Denver District Court for the City and County of Denver, alleges that EarnIn made more than 3.1 million transactions to Colorado consumers between January 2023 and July 2025, advancing approximately $300 million and collecting more than $16 million in tips and expedited-transfer fees.… Continue Reading

As we have chronicled in our blog, states are increasingly moving to fill the consumer-protection void created by the CFPB’s dramatic retreat from supervision, enforcement and rulemaking. State legislatures are considering and enacting new consumer-finance protections; state attorneys general are bringing more enforcement actions under state UDAP and other laws, often in bipartisan and multistate coalitions; and state financial regulators are expanding their supervisory and enforcement efforts.… Continue Reading

Hearing will focus on whether Section 525 permits an opt-out state to regulate loans made by out-of-state state banks

On Wednesday, September 2, the House Financial Services Committee will hold a hearing entitled “Strengthening the American Economy: Promoting Growth, Opportunity, and Prosperity.” The hearing will begin at 10:00 a.m. ET in Room 2128 of the Rayburn House Office Building.… Continue Reading

The new California Business and Consumer Services Agency (BCSA), launched on July 1, 2026, will focus on improper practices that drive costs up for state residents, agency Secretary Rohit Chopra said, in a recent blog post.

“A key priority for the agency is to crack down on harmful and corrupt practices that wrongfully raise costs for families and honest businesses,” Chopra wrote.… Continue Reading

The Oregon Department of Consumer and Business Services, Division of Financial Regulation (DFR), has proposed to issue Bulletin No. DFR 2026-X, reminding nonbank “Buy Now, Pay Later” (BNPL) companies and BNPL service providers that they generally must obtain Oregon lending licenses before offering BNPL products to Oregon consumers. Unlike a few other states, Oregon has not enacted a statute that specifically applies to BNPL companies and service providers.… Continue Reading

Massachusetts Governor Maura Healey has proposed regulations that would stop certain companies in the state from reporting medical debt to consumer credit agencies. 

The proposal would prohibit licensed medical care providers and debt collectors working for them from reporting medical debt to credit bureaus, intending to help patients avoid long-term financial harm after an unexpected illness or medical emergency. … Continue Reading

On May 12, 2026, we produced a 90-minute webinar in which we explored one of the most important and rapidly developing issues in consumer financial services law: coerced debt and the emerging legislative efforts designed to address it. The webinar has been re-purposed into a two-part podcast series, the first of which is being released today, June 11th, and the second of which is being released next Thursday, June 18th.… Continue Reading