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.
Earned Wage Access Product Deemed Credit Under MLA, Leading Federal District Court to Deny Motion to Compel Arbitration
Last week, the U.S. District Court for the Northern District of California denied Empower Finance’s motion to compel arbitration in a class action lawsuit concerning its earned wage access (EWA) product, Cash Advance. In Vickery v. Empower Finance, Inc., the court found that Empower’s Cash Advance product was “credit” under the Military Lending Act (MLA) making Empower’s arbitration agreement unenforceable under the MLA, which prohibits arbitration agreements for consumer credit extended to active-duty service members and their dependents.
California’s CARS Act Signed into Law
On October 6, Governor Gavin Newsom signed into law the California Combating Auto Retail Scams (CARS) Act. This legislation aims to fortify consumer protections and enhance transparency in the car-buying process. The enactment of this law follows a series of discussions and amendments, as highlighted in our previous blog and podcast, which traced the bill’s evolution and its alignment with the Federal Trade Commission’s (FTC) vacated CARS Rule.
Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – October 7, 2025
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.
CFPB Officially Extends Compliance Dates for Section 1071 Rule; New Rulemaking Expected Soon
On October 2, the Consumer Financial Protection Bureau (CFPB or Bureau) published a final rule in the Federal Register, officially extending compliance dates for its 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. The final rule replaces an interim rule released in June 2025 that pushed back compliance deadlines. This extension was issued by the CFPB in response to ongoing litigation by both industry and consumer advocacy groups, as well as court orders, to create a uniform timeline for financial institutions to comply with data collection and reporting requirements for women-owned, minority-owned, and small businesses.
Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – September 30, 2025
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 – September 23, 2025
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 – September 16, 2025
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.
The Homebuyers Privacy Protection Act Becomes Law
On September 5, President Trump signed into law the Homebuyers Privacy Protection Act (HPPA) (H.R. 2808). This bipartisan legislation, sponsored by Representatives John Rose (R-TN) and Ritchie Torres (D-NY), aims to safeguard homebuyers’ personal financial information.
Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – September 9, 2025
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.