In a move aimed at bolstering consumer protections and increasing transparency in the banking industry, North Carolina Governor Sarah Thompson signed into law a new banking regulation bill on February 23, 2026. The legislation, known as the "Consumer Banking Protection Act," is set to take effect immediately and will introduce a number of measures intended to safeguard the interests of banking customers across the state.One of the key provisions of the new law is the establishment of a Consumer Complaints Division within the North Carolina Department of Banking. This division will serve as a central hub for consumers to report any issues or grievances they may have with their banks, including alleged misconduct, unfair practices, or deceptive advertising. Governor Thompson emphasized that the creation of this division was crucial in ensuring that consumers have a clear and accessible avenue to seek recourse in the event of any wrongdoing by financial institutions.Additionally, the Consumer Banking Protection Act mandates that all banks operating in North Carolina must provide clear and easily understandable disclosures to customers regarding fees, interest rates, and other terms and conditions of their banking services. This transparency requirement is intended to prevent deceptive practices and help consumers make more informed decisions about their financial relationships.Furthermore, the new law imposes stricter penalties on banks found to have engaged in predatory lending practices or discriminatory lending practices. Banks that violate these provisions can face hefty fines, license revocation, or even criminal charges. Governor Thompson underscored the state's commitment to upholding fair lending practices and ensuring that all North Carolina residents have equal access to credit and financial services.The Consumer Banking Protection Act has garnered widespread support from consumer advocacy groups, who have long called for stronger regulations to protect consumers from abusive practices in the banking sector. Additionally, many banking industry stakeholders have voiced their support for the new law, recognizing the importance of building trust and accountability with their customers.Overall, the passage of the Consumer Banking Protection Act represents a significant step forward in safeguarding the interests of banking customers in North Carolina. With its emphasis on transparency, accountability, and consumer rights, the new law is poised to improve the overall banking landscape in the state and ensure that customers are treated fairly and ethically by financial institutions.