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Homeowner’s CodeStaying abreast of regulatory changes is a critical task for professionals in the financial services sector. The landscape of federal and state regulations is in constant flux, presenting challenges for businesses to keep up while managing day-to-day operations. As we step into 2025, it is essential to mark key compliance dates for various consumer and small business financial services regulations.
The Consumer Financial Services team at Husch Blackwell has compiled a list of significant 2025 federal and state regulatory updates that are pertinent to providers in the consumer and small business financial services space. These updates exclude final rules issued by the Consumer Financial Protection Bureau that are subject to legal challenges.
Effective January 1, California, Illinois, and Rhode Island implemented laws restricting the inclusion of specific medical debt information in credit reports, each with its unique provisions. Wisconsin updated its financial services statutes on the same date, requiring the use of the National Multistate Licensing System. Kansas made substantial revisions to its Consumer Credit Code, including adjustments to finance charge limits and licensing provisions, effective from January 1.
California amended its anti-discrimination laws, broadening the definition of protected classes to include characteristics associated with race such as hairstyles. The Federal Deposit Insurance Corporation issued new rules to combat deposit insurance misrepresentations, effective January 1. Starting January 27, the Federal Communications Commission introduced revised consent requirements for marketing calls and texts made using autodialers or prerecorded messages.
On February 15, certain financial services providers in California must register with the Department of Financial Protection and Innovation to operate legally. Missouri introduced commercial financing disclosure regulations, with a deadline of February 28 for compliance. California mandates an annual report for small business funders due by March 15.
By March 30, lenders offering short-term or higher-cost consumer loans must adhere to the federal payday loan rule, regulating payment attempts and borrower notifications. On April 1, New York City’s debt collection rules will see significant revisions, aligning with federal laws while imposing additional requirements. The FCC’s new TCPA rules on revocation of consent come into effect on April 11.
For the first time since 2006, the FDIC updated signage and advertising requirements for banks, effective May 1. Illinois will enforce a limitation on credit card and debit charge interchange fees from July 1. On July 18, large financial institutions must begin data collection under Section 1071 of the Dodd-Frank Act.
These regulatory updates underscore the importance of compliance and staying informed in the ever-evolving financial services landscape. For further insights and guidance on navigating these developments and others anticipated in 2025, consult the Husch Blackwell Consumer Financial Services team.
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