The California Department of Financial Protection and Innovation (DFPI) has taken the next step in its challenge to a bank-fintech lending program by appealing the Los Angeles County Superior Court’s decision in Opportunity Financial, LLC v. Hewlett. According to the Superior Court docket, a Notice of Appeal was filed on July 21, 2026, ensuring that the closely watched dispute over the “true lender” doctrine will now move to the California Second Appellate District Court of Appeal. … Continue Reading

A New York trial court, in a decision issued on July 20, 2026, has handed the New York Attorney General a significant early victory in her lawsuit against Early Warning Services, LLC (“EWS”), the operator of the Zelle peer-to-peer payment network. In People of the State of New York v. Early Warning Services, LLC, Index No.… Continue Reading

The new California Business and Consumer Services Agency (BCSA), launched on July 1, 2026, will focus on improper practices that drive costs up for state residents, agency Secretary Rohit Chopra said, in a recent blog post.

“A key priority for the agency is to crack down on harmful and corrupt practices that wrongfully raise costs for families and honest businesses,” Chopra wrote.… Continue Reading

At the July 27, 2026 meeting of the Financial Literacy and Education Commission (FLEC), Comptroller of the Currency Jonathan Gould outlined the Office of the Comptroller of the Currency’s approach to financial literacy, emphasizing digital financial education, responsible innovation, and the important role that banks, particularly community banks, play in helping consumers navigate an increasingly complex financial system.… Continue Reading

On July 27, 2026, CFPB Deputy Director Mark Paoletta delivered remarks at a meeting of the Financial Literacy and Education Commission that left little doubt that the Bureau’s approach to financial education has undergone a dramatic philosophical shift under Acting Director Russell Vought. In his remarks, Paoletta sharply criticized former CFPB Director Rohit Chopra’s views on financial literacy while outlining the Bureau’s new priorities under the Trump Administration.… Continue Reading

A newly launched academic institute is seeking to influence the future direction of consumer financial services regulation by promoting a policy framework centered on consumer choice, market competition, empirical research, and innovation. In the podcast we are releasing today on Consumer Finance Monitor, our host Alan Kaplinsky (founder, former chair for 25 years and now senior counsel) interviewed Professors Todd Zywicki of George Mason University Antonin Scalia Law School and Tom Miller of Mississippi State University about their newly created Institute for Consumer Financial Choice (ICFC), its mission, and its ambitious agenda.… Continue Reading

Yesterday, the State of Utah, joined by the attorneys general of Alabama, Arkansas, Florida, Georgia, Iowa, Louisiana, Mississippi, Montana, Nebraska, Oklahoma, South Carolina, South Dakota, Texas, and West Virginia, filed an amicus brief in support of the plaintiffs’ motion for a preliminary injunction in the pending challenge to Oregon House Bill 4116.… Continue Reading

The Office of the Comptroller of the Currency (“OCC”) filed an amicus curiae brief on July 28, 2026, in National Association of Industrial Bankers, et al. v. Sean O’Day, pending in the U.S. District Court for the District of Oregon. While the OCC takes no position on preliminary injunctive relief, it strongly defends the federal interest-rate exportation framework under the National Bank Act and the Depository Institutions Deregulation and Monetary Control Act of 1980 (“DIDMCA”), and rejects Oregon’s interpretation of Section 525’s opt-out provision.… Continue Reading

A significant amicus brief was filed yesterday by many bank industry trade associations in the U.S. District Court for the District of Oregon in National Association of Industrial Bankers v. O’Day. This case challenges Oregon House Bill 4116’s attempt to utilize the state’s opt-out from Sections 521 through 523 of the Depository Institutions Deregulation and Monetary Control Act of 1980 (“DIDMCA”) as a basis to regulate interest rates charged by out-of-state state banks.… Continue Reading

The Federal Deposit Insurance Corporation (“FDIC”) filed an amicus brief supporting the motion for a preliminary injunction filed by the National Association of Industrial Bankers (“NAIB”), the Online Lenders Alliance (“OLA”), and the American Financial Services Association (“AFSA”) in their challenge to Oregon’s recently enacted opt-out law. The FDIC explains that it has a substantial institutional interest in the case because it administers and enforces the Federal Deposit Insurance Act, including Sections 521 and 525 of the Depository Institutions Deregulation and Monetary Control Act of 1980 (“DIDMCA”), the statutory provisions at the center of the litigation.… Continue Reading