To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week.
Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – January 21, 2026
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week.
California DFPI Considers New Consumer Reporting Registration
On January 12, the California Department of Financial Protection and Innovation (DFPI) issued a second invitation for comments on potential regulations under the California Consumer Financial Protection Law (CCFPL) that would require registration and reporting by firms engaged in consumer reporting and related data activities. Comments are due by February 26.
HUD Proposes to Rescind Fair Housing Act Disparate Impact Regulations
On January 14, the Department of Housing and Urban Development (HUD) issued a proposed rule that would repeal its Fair Housing Act (FHA or Act) “discriminatory effects” (disparate impact) regulations and leave the development and application of disparate impact standards entirely to the courts. Comments are due February 13, 2026.
Ninth Circuit Holds that Texts Are “Calls” Under the TCPA But Embedded Videos Are Not Recorded Messages
On January 13, the U.S. Court of Appeals for the Ninth Circuit issued a decision in Howard v. Republican National Committee (RNC) offering two important interpretations of the applicability of the Telephone Consumer Protection Act (TCPA) to certain text message communications:
CFPB and DOJ Formally Withdraw 2023 Immigration-Status Fair Lending Guidance
On January 12, the Consumer Financial Protection Bureau and U.S. Department of Justice formally withdrew their October 2023 joint statement on creditors’ consideration of immigration status under the Equal Credit Opportunity Act (ECOA). As we previewed in our December 23, 2025 blog post (available here), the agencies state that the CFPB’s prior statement may have created the misimpression that ECOA or Regulation B impose additional limits on the consideration of immigration or citizenship status beyond the existing regulatory text. The agencies also state that additional guidance on this topic goes beyond Regulation B, so it is unnecessary and appropriate for rescission.
New York Extends CRA Obligations to Nonbank Mortgage Lenders
New York has adopted new regulations, 3 NYCRR Part 120, that will extend New York’s Community Reinvestment Act (CRA) obligations to certain nonbank mortgage lenders operating in the state. Effective July 7, 2026, the rule will require New York State Department of Financial Services (DFS)‑licensed non‑depository mortgage bankers that have originated 200 or more New York State mortgage loans in the prior calendar year to demonstrate that they are providing fair and equitable access to home loans, especially for low‑ and moderate‑income New Yorkers.
First Circuit Denies Stay of 340B Rebate Pilot Injunction; DOJ Signals Likely Dismissal of Appeal
On January 7, the U.S. Court of Appeals for the First Circuit denied the federal government’s request for a stay of the nationwide preliminary injunction barring implementation of the Health Resources and Services Administration’s (HRSA) 340B Rebate Model Pilot Program. Five days later, on January 12, the Department of Justice advised the court that the parties are discussing returning the challenged approvals to HRSA for reconsideration and that they “plan to dismiss the appeal in short order,” signaling that the current version of the pilot is unlikely to move forward on appeal.
Supreme Court Declines Review in Guardian Flight, Leaving Intact Fifth Circuit Ruling That No Private Right of Action Exists to Enforce IDR Awards
On January 12, the U.S. Supreme Court denied the petition for writ of certiorari in Guardian Flight, leaving in place the Fifth Circuit’s June 2025 decision that we covered in our prior post (available here). As a result, within the Fifth Circuit, providers cannot rely on the No Surprises Act (NSA) itself to enforce Independent Dispute Resolution (IDR) awards in court and face a heightened standing bar for ERISA-based claims where patients are insulated from financial harm. And the persuasive effect of the Fifth Circuit’s holding is bolstered nationwide.
Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – January 13, 2026
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week.