A federal court filing by a fintech company revealed that it has been under investigation by the Department of Justice (“DOJ”) in relation to its Paycheck Protection Program (“PPP”) loan approval practices for over a year...more
On May 4, the Connecticut Department of Banking issued a temporary cease and desist order directing a peer-to-peer lending platform that connected borrowers with third-party lenders to cease its lending-related activities on...more
6/8/2022
/ Borrowers ,
Cease and Desist Orders ,
Consumer Lenders ,
Consumers ,
Financial Services Industry ,
FinTech ,
Lending ,
Licenses ,
Loans ,
Peer-to-Peer ,
Popular ,
State and Local Government ,
Third Party Funding
On May 2, the CFPB published a blog post demonstrating its commitment to “a fair, transparent, and competitive auto lending market” by calling attention to add-on products for which auto dealers and finance companies “often...more
On April 8, the California Department of Financial Protection and Innovation (DFPI) filed a cross-complaint against a Chicago-based FinTech company alleging that as the “true lender” of consumer installment loans, it is...more
4/29/2022
/ California ,
California Consumer Financial Protection Law (CCFPL) ,
Consumer Financial Products ,
Cross-Complaints ,
Department of Financial Protection and Innovation (DFPI) ,
Financial Services Industry ,
FinTech ,
Interest Rate Caps ,
Loans ,
True Lender ,
UDAAP
In a novel transaction for the blockchain and mortgage industries, a blockchain-focused financial services company and an investment firm announced the completion of a transaction involving the origination of digital mortgage...more
On March 7, a Chicago-based FinTech company filed a Complaint for Declaratory and Injunctive Relief in Los Angeles County Superior Court against the Commissioner of the California Department of Financial Protection and...more
3/14/2022
/ Borrowers ,
California ,
Class Action ,
Consumer Financial Products ,
Declaratory Judgments ,
Department of Financial Protection and Innovation (DFPI) ,
Fair Access to Credit ,
FinTech ,
Injunctive Relief ,
Interest Rate Caps ,
Loans ,
Local Ordinance ,
Non-Bank Lenders ,
State and Local Government ,
True Lender
On December 21, an online lending fintech agreed to a stipulated final judgment with the CFPB to resolve a September 2021 complaint alleging that the company deceived consumers and violated the Equal Credit Opportunity Act...more
1/4/2022
/ Advertising ,
Compliance ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
ECOA ,
Enforcement ,
Financial Services Industry ,
FinTech ,
Loans ,
Online Marketplace Lending ,
Popular ,
Regulation B
On October 20, the New York Department of Financial Services (NYDFS) issued proposed rules under New York’s Commercial Financing Disclosure Law (CFDL) (See S5470-B, as amended by S898). Under the CFDL, commercial financing...more
Wyoming and Maine recently amended their laws related to licensure requirements for consumer lending:
- In July, Wyoming adopted House Bill 0008 (HB 0008), which amends provisions of the Wyoming Uniform Consumer Credit...more