On May 29, 2025, the California Department of Financial Protection and Innovation (DFPI) issued its annual report highlighting its activities and accomplishments in 2024 under the California Consumer Financial Protection Law (CCFPL). The DFPI reported that it issued regulations with new registration requirements for providers of earned wage access products, private postsecondary education financing, debt settlement services and student debt relief services – all of …
Trump CFPB Asserts Narrower Role for State Enforcement of Federal Consumer Law
On May 15, 2025, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule that rescinded a Biden-era interpretive rule regarding the extent of states’ enforcement authority under Section 1042 of the Consumer Financial Protection Act (CFPA). While states may continue to bring actions to enforce provisions of the CFPA, the new interpretive rule suggests that states may not bring actions arising under any enumerated …