On January 10, the Alaska Legislature introduced Senate Bill 39 that aims to amend the state’s Small Loan Act. This proposed legislation seeks to implement significant changes, including the introduction of a predominant...more
In a shocking development yesterday, the U.S. Court of Appeals for the Fifth Circuit issued a per-curiam, single-sentence order purporting to “clarify” its prior stay of the compliance date for the Consumer Financial...more
On November 18, the plaintiff trade groups in Community Financial Services Association of America, Ltd.(CFSA) v. Consumer Financial Protection Bureau (CFPB) filed an Opposed Motion for Clarification of Stay Pending Appeal...more
On November 12, the U.S. Court of Appeals for the Fifth Circuit denied a request from Community Financial Services Association of America (CFSA) and the Consumer Services Alliance of Texas to reopen their legal challenge...more
On September 18, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a set of frequently asked questions (FAQs) providing guidance on applying Regulation Z requirements to Pay-in-Four Buy Now, Pay Later (BNPL)...more
9/20/2024
/ Buy Now Pay Later (BNPL) ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Interpretive Rule ,
Payday Loans ,
Regulation Z ,
Truth in Lending Act (TILA)
In this special crossover episode of Payments Pros and The Consumer Finance Podcast, Carlin McCrory, Keith Barnett, and Chris Willis are joined by Jason Cover and Mark Furletti to discuss the Consumer Financial Protection...more
In this special crossover episode of the Payments Pros Podcast and The Consumer Finance Podcast, Josh McBeain and Chris Willis are joined by colleagues Mark Furletti and Jason Cover to delve into the CFPB's Payday Loan Rule,...more
In this special crossover episode of The Consumer Finance Podcast and the Payments Pros Podcast, Chris Willis and Josh McBeain are joined by colleagues Mark Furletti and Jason Cover to delve into the CFPB's Payday Loan Rule,...more
Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a proposed interpretive rule opining that earned wage access (EWA) products — whether provided through employer partnerships or marketed directly to...more
7/22/2024
/ Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit ,
Earned Wage Access ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Payday Loans ,
Proposed Rules ,
Regulation Z ,
Truth in Lending Act (TILA) ,
Wage and Hour ,
Wages
Last Week, the Consumer Financial Protection Bureau (CFPB) announced that its so-called “Payday, Vehicle Title and Certain High-Cost Installment Loans” rule (Rule) will go into effect on March 30, 2025. While ostensibly aimed...more
On February 15, Massachusetts became the latest state to introduce legislation to regulate earned wage access (EWA) products and services. House Bill (HB) 4456 would create a new chapter to the Massachusetts Code explicitly...more
Recently, Lead Bank and its loan servicer Hyphen, LLC, an online lending platform operating Helix Financial, filed a motion to dismiss a purported class action alleging violations of the Georgia Installment Loan Act (GILA)...more
2/7/2024
/ Annual Percentage Rate (APR) ,
Banks ,
Class Action ,
Consumer Financial Products ,
Financial Services Industry ,
Installment Agreements ,
Loan Agreements ,
Loan Servicer ,
Motion to Dismiss ,
Payday Loans ,
RICO ,
Statutory Violations
Recently, Arizona, Kentucky, and Hawaii have jumped on the bandwagon to regulate earned wage access (EWA) products and services. Arizona’s proposed bill makes clear that EWA services are not considered to be loans or money...more
2/2/2024
/ Arizona ,
Consumer Financial Products ,
Debt ,
Debt Collectors ,
Earned Wage Access ,
Financial Services Industry ,
Insufficient Funds ,
Overdraft Fees ,
Payday Loans ,
State and Local Government ,
Truth in Lending Act (TILA) ,
Unpaid Wages ,
Wage and Hour ,
Wages
On January 9, a group of five bi-partisan South Carolina Senators introduced Bill 910, which would, among other things, require persons (non-bank lenders) providing “consumer installment loans” or “deferred presentment loans”...more
1/29/2024
/ Ability-to-Repay ,
Borrowers ,
Buy Now Pay Later (BNPL) ,
Consumer Financial Products ,
Financial Regulatory Reform ,
Financial Services Industry ,
Loans ,
Non-Bank Lenders ,
Payday Loans ,
Proposed Legislation ,
Regulation Z
On June 15, Nevada Governor Joe Lombardo signed SB 290 into law, which imposes licensing, reporting, examination, and other substantive requirements on providers of earned wage access (EWA) products. Specifically, the...more