The Ohio Division of Financial Institutions posted a revised Guidance document dated October 31, 2025 reversing the Guidance first posted in December of 2024. See our ALERTS of Jan. 21, 2025, Jan. 8, 2025 and Dec. 18, 2024. The new Guidance is consistent with the Division’s long standing positing that the Ohio Small Loan Act does not apply to third parties that arrange loans for banks... Read More
The United States District Court for the Tenth Circuit Court of Appeals, using a narrowly grammatical interpretation, reversed the lower court and concluded that the plain language of Section 1831d’s opt-out provision is “unambiguous” and that “loans made in such State” refers to any loan in which either the lender or the borrower is located in the opt-out state. The decision was adopted by two of the three judges on the case, with the third judge filing a dissent... Read More
Ohio S.B. No. 269 to amend the Ohio Small Loan Act (“SLA”) was introduced in the Ohio General Assembly and had its first hearing before the Senate Financial Institutions, Insurance and Technology Committee October 14, 2025. S.B. No. 269 changes the “or” to an “and” in the trigger for licensing under the SLA, making licensing applicable to those lending in amounts of $5,000 or less and charging greater interest and charges than otherwise permitted.... Read More
Following a joint stipulation filed by the U.S. Securities and Exchange Commission (SEC) and Ripple Labs Inc. on August 7, District Judge Analisa Torres issued a Final Judgement and Order of Dismissal in the longstanding action by the SEC against Ripple and others. Case No. 1:20-cv-10832 (AT) (filed Aug. 8, 2025). Previously ordered remedies, including a civil penalty of $125 million and an injunction against certain institutional sales of Ripple’s XRP token, remain in place. The parties will bear their own costs and attorneys' fees... Read More.
As anticipated, a Consumer Financial Services Bureau (CFPB) withdrawal may not be a “final” as it seems! In early May, the CFPB withdrew a slew of guidance, interpretive rules, policy statements and advisory opinions, and backed away from a variety of litigation matters. See 90 Fed. Reg. 20084 (May 12, 2025), various court filings and our Alert of May 16, 2025. But it just reinstated... Read More
The U.S. House of Representatives successfully passed three “crypto”-related measures this week: the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, the Digital Asset Clarity (CLARITY) Act and the Anti-CBDC Surveillance State Act. See our ALERT of July 11, 2025. The GENIUS Act goes to the President for signature in a scheduled Friday afternoon ceremony. The other two measures will proceed to the U.S. Senate for consideration. Together, these measures would usher in a significant measure of much needed certainty that can provide a launching pad for the digital...
The U.S. House Committee on Financial Services has declared the week of July 14th as “Crypto Week”, when the House will consider the “GENIUS” Act, the “CLARITY” Act and the Anti-CBDC Surveillance State Act. These measures will usher in a significant measure of much needed certainty that can provide a launching pad for the digital economy to challenge, parallel and potentially enhance the traditional financial services industry in the U.S. and the world economy at large... Read More
The California requirement that all contracts creating a medical debt contain certain statutory language went into effect on July 1, 2025. See our ALERTS of May 30, 2025 and Nov. 21, 2024. Part of S.B. 1061, which amended and expanded the state law to incorporate new restrictions on consumer medical debt reporting, the statute requires that contracts creating a medical debt on or after July... Read More
Fair Isaac Corp. (“FICO”) announced this week that it will begin including buy now, pay later (“BNPL”) data in consumer credit scores, as more Americans continue to turn to the non-traditional credit product to purchase goods and services. This announcement is the latest move in efforts to incorporate BNPL into the existing American credit ecosystem. According to FICO, credit scores incorporating BNPL data are expected to be available in this fall... Read More
The Illinois state legislature has voted to postpone by one year the implementation of the Interchange Fee Prohibition Act (IFPA), a law to exempt taxes and tips from credit and debit card interchange fees. 2025 IL HB 742. The IFPA is slated to take effect on July 1, 2025. The bill awaits action by the governor.... Read More