To keep you informed of recent activities, below are several of the most significant federal events that have influenced the Consumer Financial Services industry over the past week.
Maryland Enacts Sweeping Earned Wage Access Reforms, Bans Tipping
On April 28, Governor Wes Moore (D) signed Senate Bill 94 into law, significantly revising Maryland’s earned wage access (EWA) framework and tightening restrictions on tipping practices in both EWA programs and certain consumer loans. The new law amends multiple provisions of the Commercial Law Article and adds new sections governing advertising, anti‑discrimination, and regulatory safe harbors.
HUD Signals Narrower Fair Housing Act Enforcement Focus, Heightened Scrutiny of Special Purpose Credit Programs
On May 5, Craig Trainor, Assistant Secretary for the Office of Fair Housing and Equal Opportunity (FHEO) at the U.S. Department of Housing and Urban Development (HUD), used the American Bankers Association’s Risk and Compliance Conference to send a clear message about how the Trump administration plans to enforce the Fair Housing Act (FHA) going forward, including with respect to how it will treat special purpose credit programs (SPCPs).
Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – May 6, 2026
To keep you informed of recent activities, below are several of the most significant federal events that have influenced the Consumer Financial Services industry over the past week.
Second Circuit on Remand in Cantero: New York Escrow-Interest Law Is Preempted, Over a Vigorous Dissent
On May 5, the U.S. Court of Appeals for the Second Circuit issued its long‑awaited decision on remand in Cantero, again holding that New York’s 2% interest‑on‑escrow statute (General Obligations Law § 5‑601) is preempted as applied to national banks. This follows the U.S. Supreme Court’s unanimous 2024 opinion (discussed here), which vacated the Second Circuit’s earlier decision and instructed the court to apply the Barnett Bank “prevents or significantly interferes” standard through a “nuanced comparative analysis” of prior preemption precedents.
CFPB Issues Final Section 1071 Rule: Narrower Scope, Later Compliance Date, and a Leaner Data Collection and Reporting Regime
Today, the Consumer Financial Protection Bureau (CFPB or Bureau) released its final rule revising the 2023 small business lending data collection and reporting rule under the Equal Credit Opportunity Act (ECOA) and Regulation B, which implements Section 1071 of the Dodd-Frank Act (2026 Final Rule). The 2026 Final Rule will become effective 60 days after publication in the Federal Register, and the compliance date for initial data collection is January 1, 2028.
Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – April 28, 2026
To keep you informed of recent activities, below are several of the most significant federal events that have influenced the Consumer Financial Services industry over the past week.
CFPB Restructuring Accelerates: Lease Termination and Litigation Attorney Hiring Amid Proposed Deep Staff Cuts
Recent reporting from the ABA Banking Journal and the American Banker describes a rapidly evolving restructuring of the Consumer Financial Protection Bureau (CFPB or Bureau) under the Trump administration, with significant implications for the agency’s future role and for regulated entities.
DOJ Extends Title II ADA Web Accessibility Rule Compliance Deadlines for State and Local Governments
The U.S. Department of Justice (DOJ) has issued an interim final rule extending the compliance dates for its 2024 Americans with Disabilities Act (ADA) Title II website and mobile application accessibility regulations for state and local governments. This development is noteworthy for anyone watching the long‑running debate over web accessibility standards, as well as the potential implication of this rulemaking for a future DOJ proposed rule governing public accommodations under Title III of the ADA.
CFPB Finalizes Regulation B Subpart A Rule Largely as Proposed
On April 22, the Consumer Financial Protection Bureau (CFPB or Bureau) issued its final rewrite of Subpart A of Regulation B (Reg B) under the Equal Credit Opportunity Act (ECOA), which eliminates disparate impact from enforcement of ECOA, clarifies the prohibition on discouraging prospective applicants, and establishes new restrictions on special purpose credit programs (SPCPs). The Bureau has largely finalized the rule as proposed, with only clarifying edits rather than substantive revisions. Notably, the Bureau did so after receiving approximately 64,500 comments on the proposal from industry, consumer advocates, state attorneys general, and members of Congress. The rule will become effective 90 days after publication in the Federal Register.