By the standards set previously in Q1, this Monday wasn’t as manic as most. In fact there’s an element of “business as usual” in this installment of the Washington Weekly as CFPB workers were called back to work. But the general atmosphere of business uncertainty continues to hang over the nation’s capital as well as the companies following the Trump administration’s continuing navigation of trade finance and domestic financial regulations.
The New York State Department of Financial Services (DFS) today launched the DFS Connect platform, marking a significant milestone in the Department’s ongoing operations and technology transformation. Under Superintendent Adrienne Harris’s leadership, over the past three years, DFS has executed a strategic plan to invest in human capital, modernize technological resources, and streamline processes. These efforts ensure that DFS remains a forward-thinking, responsive regulator in an evolving financial landscape.
As a result of the agency’s law enforcement actions, the Federal Trade Commission sent $337.3 million in refunds to consumers in 2024, according to the FTC’s annual report on refunds released today.
According to the latest financial performance data released today by the National Credit Union Administration, total assets in federally insured credit unions rose by $52 billion, or 2.3 percent, to $2.31 trillion over the year ending in the fourth quarter of 2024. Insured shares and deposits grew $58 billion, or 3.4 percent, to $1.78 trillion. The delinquency rate at federally insured credit unions was 98 basis points in the fourth quarter of 2024, up 15 basis points from one year earlier.
The Utah Legislature has passed H.B. 279, known as the Earned Wage Access Services Act. Sponsored by Representative A. Cory Maloy (R) and Senator Chris H. Wilson (R), this legislation aims to regulate earned wage access (EWA) providers. Notably, “providers” is defined to include a person engaged in the business of offering earned wage access, but not an employer that advances a portion of earned wages directly to employees or independent contractors. If signed by the Governor, the Act will take effect on May 7, 2025.
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