The New York City Department of Consumer Affairs (DCA) recently filed an enforcement action to enjoin National Credit Adjusters, LLC, a national debt collector, from collecting debts in the City. The DCA had rejected the...more
The New York Department of Financial Services (DFS) may take direct and indirect actions against online tribal lenders, Judge Richard Sullivan of the Southern District of New York held in a ruling last week. The decision is...more
As industry and consumers await the results of the CFPB’s arbitration study, the FTC became the latest federal agency to weigh in on consumer arbitration issues. Recently, at the invitation of the Seventh Circuit, the FTC...more
The Cuomo administration, through the New York State Department of Financial Services (DFS), recently announced aggressive enforcement-related activities in an ongoing DFS investigation designed to stop supposedly unlawful...more
A recent Minnesota state court decision serves as a painful reminder to Internet lenders of the perils of relying on choice-of-law provisions or arguments citing the Commerce Clause of the U.S. Constitution to avoid...more
We have been critical of the failure of the CFPB’s white paper on payday and deposit advance loans to address the very real benefits of payday loans or the question whether (and when) such benefits outweigh the costs....more
The CFPB’s white paper on payday and deposit advance loans received well-deserved criticism in a letter to Director Cordray from the Community Financial Services Association of America (CFSA), a national trade organization...more
A recent CFPB blog post warning Native Americans receiving payments from the settlement in Cobell v. Salazar that they could be targeted by scammers also highlights the CFPB’s collaboration with tribal governments....more