A new Maryland law deems certain earned wage access (EWA) services to be loans. It then subjects those EWA services to the Maryland Consumer Loan Law and other consumer credit provisions, restricts the acceptance of tips by certain lenders, requires licensing or registration of certain entities offering EWA services, regulates EWA service agreements, and limits the costs and fees associated with obtaining EWA services. The law is effective October 1, 2025.
It’s Monday, June 2 and at this writing the ultimate fate of Rule 1033 — the so-called “open banking” rule set in motion last year by the Consumer Financial Protection Bureau (CFPB) — remains in limbo.
Kentucky remains ground zero for what happens. But the timeline could stretch out for a few more months.
The Office of the Comptroller of the Currency (OCC) today released a list of Community Reinvestment Act (CRA) performance evaluations that became public during the period of May 1, 2025, through May 31, 2025.
Under the CRA, the OCC assesses an institution’s record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with the safe and sound operation of such institution.
Florida Gov. Ron DeSantis recently signed legislation making it clear that debt collection emails sent between 9 p.m. and 8 a.m. do not violate Florida law.
Those are the hours that debt collectors are prohibited from communicating with debtors. Now, emails are excluded from that prohibition.
Wells Fargo cannot seem to stay out of trouble. The bank that created headlines over fake accounts and unauthorized insurance policies is again under fire, alongside several major financial institutions.
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