Photo of Melanie Griffith

Melanie is an associate in the firm’s Consumer Financial Services Practice Group. Prior to joining the firm, she clerked for Chief Justice Lorie S. Gildea on the Minnesota Supreme Court and was a civil division law clerk in the Minneapolis City Attorney’s Office. She gained industry experience working at a credit union and a community bank before attending law school.

We are pleased to share our annual review of regulatory and legal developments in the consumer financial services industry. With active federal and state legislatures, consumer financial services providers faced a challenging 2023. Courts across the country issued rulings that will have immediate and lasting impacts on the industry. Our team of more than 140 professionals has prepared this concise, yet thorough analysis of the most important issues and trends throughout our industry. We not only examined what happened in 2023, but also what to expect — and how to prepare — for the months ahead.

On October 13, California Governor Gavin Newsom signed into law Senate Bill 666, which amends the California Financing Law to prohibit a covered entity from charging certain fees in connection with a commercial financing transaction with a small business. Under the law, a small business is defined as an independently owned and operated business, with its principal office located in California, its officers domiciled in California, and, together with affiliates, 100 or fewer employees and average annual gross receipts of $15 million or less over the previous three years. “Covered entities” do not include depository institutions.