You are here

Looking Ahead: An Analysis of Pending State Legislation and Financial Institutions

Looking Ahead: An Analysis of Pending State Legislation and Financial Institutions

The expansion of consumer protection has become a prominent concern of state legislatures. More than 200 bills focused on identity theft, and more than 150 focused on mortgages are currently pending at the state level.
By Eva Weber

Boston, MA, October 29, 2007 – A new Impact Report from Aite Group, LLC sheds light on current activities of state legislatures that will likely impact compliance demands on financial institutions in the coming months and years. The report analyzes pending bills in state legislatures that could impact banks, credit unions and other types of institutions that provide services related to deposit accounts, lending, credit cards, mortgages and similar functions.

The report, titled "Looking Ahead: An Analysis of Pending State Legislation and Financial Institutions," reveals that the 50 U.S. states, during the current legislative sessions, are continuing to focus on hot-button issues such as identity theft, mortgages and mortgage lending, credit card issues and payday lending. Banks, credit unions and other financial service providers should expect consumer protection issues to remain on the agenda.

"Consumer protection has largely fallen into the hands of the state legislature," says Eva Weber, analyst at Aite Group and author of this report. "While concerns over the current economic climate and the possibility that subprime mortgage lending will lead the country into recession have resulted in saber rattling by the U.S. Congress and federal regulators, several states are already putting laws in place to protect their citizens."

This 27-page Impact Report contains 14 Figures and 8 Tables. Clients of Aite Group's Retail Banking services can download the report.