On January 5, New York City Mayor Zohran Mamdani issued two executive orders aimed at increasing scrutiny of pricing practices that the City views as contributing to affordability concerns. Executive Order 9 addresses certain add-on or post purchase charges commonly referred to as “junk fees,” while Executive Order 10 targets subscription enrollment and cancellation practices
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New York Finalizes CRA-Style “Equitable Access” Rules for Mortgage Bankers
On January 7, the NYDFS finalized a rule amending its banking regulations to implement New York’s state Community Reinvestment Act requirements for certain nonbank mortgage lenders. The rule requires DFS to review how covered mortgage bankers serve the credit needs of their communities.…
CFPB and DOJ Withdraw Joint Statement Addressing ECOA and Noncitizen Borrowers
On January 12, the CFPB and DOJ withdrew their October 2023 joint statement addressing how creditors’ consideration of immigration or citizenship status may intersect with the ECOA. The joint statement, published in the Federal Register on October 18, 2023, had cautioned that certain creditor policies affecting noncitizen borrowers could, in some circumstances, raise fair lending…
California DFPI Sets March 15, 2026 Deadline for Commercial Financing Annual Reports
On March 15, 2026, certain providers of commercial financing must submit an annual Commercial Financing Annual Report to the California Department of Financial Protection and Innovation pursuant to the California Consumer Financial Protection Law. The reporting requirement applies to entities engaged in offering or providing commercial financing or other financial products or services to…
Baltimore Sues Fintech for Alleged Unfair and Deceptive Cash-Advance Practices
On December 30, Baltimore Mayor Brandon M. Scott announced that the City of Baltimore filed a civil action against a fintech provider offering small-dollar cash advance products, alleging violations of the Baltimore Consumer Protection Ordinance. According to the City, the fintech’s cash-advance product that was promoted as an earned wage access or overdraft-style service but…
Federal Court Orders CFPB to Continue Requesting Funding Operations Amid Defunding Dispute
On December 30, the U.S. District Court for the District of Columbia ordered that the CFPB must continue requesting funding from the Board of Governors of the Federal Reserve System under the statutory funding framework established by Congress. The Court ruled that the CFPB may not decline to request funding based on its interpretation of…
New York Enacts FAIR Business Practices Act Expanding State Consumer Protection Law
On December 19, New York Governor Kathy Hochul signed into law S8416, amending New York’s General Business Law to enact the Fostering Affordability and Integrity Through Reasonable Business Practices Act. The law expands the state’s primary consumer protection statute beyond deceptive acts to also prohibit unfair and abusive business practices.…
CFPB: Earned Wage Products Are Not Loans Under TILA
On December 23, the CFPB issued an advisory opinion stating earned wage access products fall outside the definition of credit under TILA’s Regulation Z, withdrawing a Biden-era proposed interpretive rule that identified all such products as credit.…
Oregon Enters $1.56 Million Consent Order Over Alleged Excessive Interest Charges in Bank Partnership Lending Program
On December 8, the Oregon Department of Consumer and Business Services entered into a consent order with two affiliated companies resolving allegations of violations of the Oregon Consumer Finance Act arising from a bank partnership program. According to the regulator, the companies allegedly charged, contracted for, or received interest above Oregon’s statutory limits on hundreds…
CFPB and Federal Reserve Finalize 2026 Inflation Adjustments to Consumer Leasing and Truth in Lending Coverage Thresholds
On December 15, the Board of Governors of the Federal Reserve System and the CFPB issued joint final rules amending the official interpretations to their regulations implementing the Consumer Leasing Act and the Truth in Lending Act. The amendments reflect the annual inflation adjustment required by statute and increase the exemption thresholds effective January…