Even amid the historic government shutdown, crypto policy continues to evolve, with courts, Congress and regulators moving forward on major issues. The U.S. Court of Appeals for the 10th Circuit affirmed that Federal Reserve...more
Financial inclusion remains a particular area of focus for both the FCA and the government, and on 5 November 2025 HM Treasury (HMT) published its awaited Financial Inclusion Strategy....more
On October 17, 2025, the California Department of Financial Protection and Innovation (DFPI) entered a consent order with a licensed consumer lender, alleging violations of the Fair Access to Credit Act, which amended the...more
On October 3, the FDIC published its list of state nonmember banks evaluated for CRA compliance during July 2025. The CRA requires the FDIC to assess how well banks meet the credit needs of their entire community, including...more
Over the past few years, one of the more noteworthy types of new financial services rules at the state level has been the so-called fair access to banking law. Concerns about ideological debanking have gained political...more
This executive order directs federal banking regulators and the Small Business Administration (SBA) to eliminate guidance, practices, and regulatory frameworks that enable politicized or unlawful debanking, particularly...more
Fair access banking laws, at the epicenter of the debates between ESG and so-called antiwoke regulation and federal/state preemption, may see a resurgence under the new presidential administration. In recent years, the...more
“Fair access” banking laws, at the epicenter of the debates between ESG and “anti-woke” regulation and federal/state preemption, may see a resurgence under the incoming administration. In recent years, the landscape of...more
In this article, we share a timeline of our monthly "bites" for 2023 applicable to the auto finance industry. We think it's safe to say that the auto finance industry was top of mind to the CFPB. ...more
On January 24, the CFPB issued a notice and request for information (RFI) seeking public feedback on several aspects of the consumer credit card market in accordance with Section 502(b) of the Credit Card Accountability...more
On January 23, the Colorado attorney general announced that it sent a study examining the availability of consumer lending in the state to the Colorado General Assembly....more
On March 7, 2022, Opportunity Finance (OppFi), a nonbank consumer lender, filed suit in Los Angeles Superior Court against the California Department of Financial Protection and Innovation (DFPI) seeking declaratory and...more
Last week, Opportunity Financial, LLC filed a lawsuit challenging the Department of Financial Protection & Innovation's alleged threat to take enforcement action for violating AB 539, the so-called Fair Access to Credit Act. ...more
On March 7, a Chicago-based FinTech company filed a Complaint for Declaratory and Injunctive Relief in Los Angeles County Superior Court against the Commissioner of the California Department of Financial Protection and...more
On December 14, 2021, Wheels Financial, LLC (d/b/a LoanMart) entered into a consent order with the California Department of Financial Products and Innovation (DFPI) in which the company agreed to end its lending partnership...more
The inauguration of US President Joe Biden on January 20, 2021, marked the beginning of what will surely be a major transition across the US legislative and regulatory landscape—including the laws and regulations governing...more
UK Set to Move Forward on BNPL Regulation - The United Kingdom Financial Conduct Authority (FCA) recently issued a report on the market conditions for buy-now pay-later (BNPL) unsecured lending. The report recommends...more
In this Issue. The Office of the Comptroller of the Currency (OCC) delayed publication of the “fair access” rule finalized late in the Trump Administration; the OCC also announced the availability of the 2021 list of bank...more
In this Issue. In one of its first acts after being installed on January 20, the Biden Administration issued a regulatory freeze on new agency rules that have been adopted but are not yet effective; in one of its final acts...more
FTC Alleges Mobile App’s Deposit Promises Were Deceptive - Following a May 2020, civil investigative demand, the Federal Trade Commission (FTC) filed suit against the operators of a mobile banking app, alleging that they...more
Members of the US Senate Banking Committee recently introduced a bill to create the Fair Access Financial Services Act of 2020, which is aimed to make any practice of discrimination by a financial institution on the grounds...more
On September 3, 2020, the California Department of Business Oversight (DBO) announced that it has launched a formal investigation into whether Wheels Financial Group, LLC d/b/a LoanMart, formerly one of California’s largest...more
Since the Paycheck Protection Program (PPP) of loans guaranteed by the Small Business Administration (SBA) was originally rolled out on April 3, 2020, some advocates have expressed disappointment that Congress did not...more
Paycheck Protection Program (“PPP”), including by the Treasury Department, SBA Inspector General, U.S. Department of Justice, and Congress with the Special Inspector General for Pandemic Recovery surely soon to follow. ...more
In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed a new rule that would establish a revised framework for the fair value determination for purposes of the Investment Company Act of 1940 and have...more