In a move aimed at bolstering consumer protections and increasing transparency in the banking sector, the state of Montana has introduced new legislation that will impact financial institutions across the state. The bill, officially known as the Montana Consumer Financial Protection Act, was signed into law on July 7, 2025, by Governor Sarah Johnston.One of the key provisions of the new legislation is the establishment of a Consumer Financial Protection Bureau within the state government. This bureau will be responsible for enforcing existing banking laws, investigating consumer complaints, and ensuring that financial institutions are operating in compliance with state regulations. The creation of this bureau represents a significant step forward in ensuring that Montana residents are treated fairly and ethically by the banks they do business with.Another major component of the Montana Consumer Financial Protection Act is the requirement for financial institutions to provide clearer and more transparent disclosures to consumers. Under the new law, banks will be mandated to clearly outline fees, interest rates, and other key terms and conditions associated with their products and services. This increased transparency will make it easier for consumers to make informed decisions about their financial dealings and avoid falling victim to hidden fees or predatory practices.Additionally, the legislation includes provisions aimed at combating identity theft and fraud. Financial institutions will be required to implement stricter security measures to protect consumer data and prevent unauthorized access to personal information. In the event of a data breach, banks will be mandated to notify affected consumers in a timely manner and take steps to mitigate the impact of the breach.Governor Sarah Johnston praised the new legislation as a significant step forward in protecting Montana consumers and holding financial institutions accountable for their actions. She emphasized the importance of transparency and fairness in the banking sector and expressed confidence that the Montana Consumer Financial Protection Act would empower consumers to make informed decisions about their finances.Overall, the introduction of the Montana Consumer Financial Protection Act represents a major win for consumers in the state, as it aims to strengthen consumer protections, increase transparency, and combat fraudulent practices in the banking industry. This new legislation signals a commitment by Montana lawmakers to prioritize the well-being of consumers and ensure a fair and equitable financial marketplace for all residents.