The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation have proposed new regulations under the Community Reinvestment Act (“CRA”). Since 2020, the banking agencies have proposed significant overhauls to the CRA regulations, but with little
Consumer Financial Services Review
News and Analysis Related to Consumer Financial Services, Litigation, and Enforcement
The Consumer Financial Services Review, published by Mayer Brown, focuses on legal developments and regulatory issues affecting consumer financial services. It covers topics such as state and federal lending laws, interest rate exportation, licensing requirements for lenders and loan arrangers, mortgage origination standards including automated valuation models, and consumer protection statutes like the California CARS Act. The blog also addresses regulatory proposals and rulemakings impacting reverse mortgage programs and secondary market issuers. It provides updates on litigation, compliance challenges, and legislative changes relevant to banks, fintech companies, and other financial institutions engaged in consumer lending and credit transactions.
Latest from Consumer Financial Services Review
Illinois Prohibits Disparate Impact Discrimination
Illinois Governor Pritzker signed the new Civil Rights Safeguard Act (Senate Bill 3777) on July 31, 2026 to codify disparate impact as an available theory of discrimination, including in providing financial services.
The state’s Human Rights Act currently provides that…
California Business and Consumer Services Agency Updates
The California Business and Consumer Services Agency (“BCSA”) officially began operations on July 1, 2026, following a reorganization under California Governor Gavin Newsom’s Reorganization Plan GRP-1 that split the former Business, Consumer Services, and Housing Agency into two agencies, the…
Former CFPB Director Rohit Chopra to Lead New California Business and Consumer Services Agency
On May 12, 2026, California Governor Gavin Newsom announced that Rohit Chopra, former Director of the Consumer Financial Protection Bureau (“CFPB”) and former Commissioner of the Federal Trade Commission, will serve as Secretary of California’s new Business and Consumer Services…
Maryland Governor Signs Bill Clarifying and Repealing “All Purchasers” Exemption from Maryland Mortgage Lender Law and Maryland Installment Loan Law
In a series of Legal Updates, we previously discussed legislation introduced and passed by the Maryland General Assembly and then signed by Maryland Governor Wes Moore, which provided an exemption for “passive trusts” from the licensing requirements of the Maryland…
HUD Launches Fair Housing Investigation into Special Purpose Credit Program
On March 24, 2026, the Department of Housing and Urban Development (“HUD”) announced that it is launching an investigation under the federal Fair Housing Act into a state-sponsored special purpose credit program (described below) that reportedly uses race as an…
New York State Department of Financial Services Adopts Regulations Implementing the Community Reinvestment Act Covering Mortgage Bankers
In January 2026, the New York State Department of Financial Services (“DFS”) adopted its regulations (the “Regulations”) implementing the provisions of the state’s Community Reinvestment Act covering non-bank, independent mortgage bankers, also known as independent mortgage bankers, licensed under the…
New York Enhances UDAAP Authority with FAIR Business Practices Act
On December 19, 2025, New York Governor Hochul signed the Fostering Affordability and Integrity Through Reasonable (“FAIR”) Business Practices Act. The FAIR Business Practices Act adds prohibitions against “unfair” and “abusive” acts or practices to the state attorney general’s arsenal,…
DIDMCA Opt-Out Update — Tenth Circuit Reverses Colorado Preliminary Injunction
Litigation involving Colorado’s opt-out from the interest exportation provisions of the Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA) has taken an adverse turn for the financial services industry. On November 10, the United States Court of Appeals…
Ohio Walks Back Prior Small Loan Act Guidance, Eases Licensing Position for Bank Partnerships
Around Christmas 2024, the Ohio Division of Financial Institutions (“DFI”) left a lump of coal in marketplace consumer lenders’ proverbial stockings by issuing guidance that asserted a license under the Ohio Small Loan Act (“SLA”) was required to arrange consumer…