The advertising, sale, and financing of products ancillary to a credit transaction have been areas of regulatory scrutiny for years. Likewise, the always crucial question of what constitutes a cost of credit to be included in...more
Fintech is increasingly prevalent in the financial services marketplace, allowing providers to offer myriad innovative products and services that are dramatically changing how consumers can interact with financial service...more
On March 16, 2022, the Consumer Financial Protection Bureau ("CFPB") announced in a press release changes to its supervisory operations that may dramatically expand the reach of the CFPB's anti-discrimination mandate....more
On August 6, 2019, the New York Department of Financial Services Superintendent Linda A. Lacewell announced that the DFS will lead a multistate investigation into the payroll advance industry and allegations of unlawful...more
10/2/2019
/ Consumer Financial Products ,
Enforcement Actions ,
Financial Services Industry ,
Fraud ,
Interest Rates ,
Internet Lenders ,
Investigations ,
Loans ,
Multistate Investigations ,
NYDFS ,
Payday Loans ,
Payroll Advances ,
Usury ,
Vulnerable Victims
Until recently, legal principles surrounding unfairness, deception, and abusiveness have been defined primarily at the federal level, yet with perceived federal retrenchment from consumer protection, states have increasingly...more
9/10/2019
/ Abusive Acts ,
Actual Injuries ,
Actual Reliance ,
Amended Rules ,
Calculation of Damages ,
Civil Monetary Penalty ,
Class Action ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Frivolous Lawsuits ,
Military Lending Act ,
Private Right of Action ,
Proximate Cause ,
Servicemembers Civil Relief Act (SCRA) ,
State Legislatures ,
UDAAP ,
Unfair or Deceptive Trade Practices