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 – November 5, 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 – October 28, 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 Revokes 2022 Interpretive Rule on FCRA Preemption Scope
On October 28, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a new interpretive rule replacing its 2022 interpretive rule (withdrawn in May 2025) concerning the scope of preemption under the Fair Credit Reporting Act (FCRA). This new interpretive rule clarifies that the FCRA broadly preempts state laws related to consumer reporting, reinforcing Congress’s intent to establish national standards when information is used to determine a consumer’s eligibility for credit, insurance, employment and the like. This move replaces the previous rule, which was criticized for its potential to create regulatory confusion.
Fourth Circuit Finds Public Disclosure Required for Standing in Data Breach Case
Key point: Courts are concluding that not all data breaches should result in a lawsuit. Businesses need to consider causation and damages when responding to an incident and take steps to determine if there is no evidence of harm or traceability including on a class wide basis.
Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – October 21, 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.
Navigating California’s New Legislation on Fixed Term Installment Contracts
On October 10, California Governor Newsom signed Assembly Bill 483 (AB 483) into law, introducing new regulations on early termination fees in fixed term installment contracts. This legislation applies to contracts entered into or modified on or after August 1, 2026, and prohibits the use of termination fees unless specific conditions are met.
Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – October 14, 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.
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.