California frequently is in the vanguard of consumer financial issues and legislation, foreshadowing trends that may spread to other states. Today’s episode, during which we explore important hot topics and recent...more
On April 25, 2024, California’s Department of Financial Protection and Innovation (“DFPI”) released its Annual Report of Activity Under the California Consumer Financial Protection Law for 2023 (“Annual Report”). The Annual...more
On April 17th, the CFPB issued a consent order to a for-profit training school alleging numerous violations of law related to its use if income share agreements (“ISAs”). According to the Bureau, BloomTech, Inc. (“BloomTech”)...more
4/29/2024
/ Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Financial Protection and Innovation (DFPI) ,
Educational Institutions ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Holder Rule ,
Income Share Agreements ,
Regulation Z ,
Regulatory Violations ,
Truth in Lending Act (TILA) ,
UDAAP ,
Unfair or Deceptive Trade Practices
The American Fintech Council (AFC), a trade group whose members include providers of earned wage access (EWA) products, has sent a letter to Director Chopra urging the CFPB to take steps towards development of a “pragmatic...more
2/12/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Financial Protection and Innovation (DFPI) ,
Earned Wage Access ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Payday Loans ,
Regulation Z ,
Regulatory Agenda ,
Truth in Lending Act (TILA) ,
Wages
A California federal district court recently granted the motion for summary judgment filed by the California Department of Financial Protection and Innovation (DFPI) in the lawsuit filed by an advocacy organization seeking to...more
12/15/2023
/ CA Supreme Court ,
California ,
Department of Financial Protection and Innovation (DFPI) ,
Disclosure Requirements ,
Federal Reserve ,
First Amendment ,
Loans ,
Motion for Summary Judgment ,
New Regulations ,
Open-Ended Lines of Credit ,
Regulatory Authority ,
Small Business ,
Summary Judgment ,
Truth in Lending Act (TILA)
The Consumer Financial Protection Bureau has sent a letter to the California Department of Financial Protection and Innovation (DFPI) commenting on the DFPI’s proposal that would require providers of “income-based advances”...more
12/7/2023
/ Advisory Opinions ,
California ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Financial Protection and Innovation (DFPI) ,
Earned Wage Access ,
Financial Services Industry ,
Loans ,
Payday Loans ,
Regulation Z ,
Truth in Lending Act (TILA) ,
Wage and Hour ,
Wages
In a lengthy (65-page) order, the California Superior Court in Los Angeles has issued an extremely important decision upholding the legitimacy of bank-model online lending by denying a motion for preliminary injunction filed...more
11/3/2023
/ California ,
Consumer Financial Products ,
Department of Financial Protection and Innovation (DFPI) ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Loans ,
Online Marketplace Lending ,
Popular ,
Preliminary Injunctions ,
True Lender
On October 1, 2023 the California Department of Financial Protection and Innovation’s (“DFPI”) final regulations impacting those who provide commercial financial products and services will become effective. The regulations...more
A fintech peer-to-peer lender has entered into separate consent orders with California, Washington D.C., and Connecticut relating to its practice of requesting tips and donations in connection with the loans offered through...more
5/24/2023
/ California ,
Consent Order ,
Consumer Financial Products ,
Department of Financial Protection and Innovation (DFPI) ,
Donations ,
Enforcement Actions ,
Financial Services Industry ,
FinTech ,
Peer-to-Peer ,
Settlement ,
Tips ,
True Lender
A California federal district court recently denied the motion filed by the California Department of Financial Protection and Innovation (DFPI) seeking to dismiss a lawsuit filed by an advocacy organization seeking to enjoin...more
A Texas federal court has dismissed a class action lawsuit against Opportunity Financial, LLC (“OppFi”) alleging OppFi violated Texas usury law by charging interest on loans it made through a partnership with a...more
On December 2, a non-profit advocacy organization filed a lawsuit in a California federal district court seeking to enjoin the California Department of Financial Protection and Innovation (DFPI) from enforcing the final...more
A California state court has overruled the demurrer filed by Opportunity Financial, LLC (OppFi) to the cross-complaint filed by the California Department of Financial Protection and Innovation (DFPI) in which OppFi asked the...more
The California Department of Financial Protection and Innovation (DFPI) has filed its opposition to Opportunity Financial, LLC’s (OppFi) Demurrer to the DFPI’s cross-complaint. In the Demurrer, OppFi asks the California trial...more
The California Department of Financial Protection and Innovation (DFPI) has filed its opposition to Opportunity Financial, LLC’s (OppFi) Demurrer to the DFPI’s cross-complaint. In the Demurrer, OppFi asks the California...more
The California Department of Financial Protection and Innovation (DFPI) has issued proposed regulations implementing certain provisions of the state’s Consumer Financial Protection Law (CFPL). Comments must be submitted by...more
The California Department of Financial Protection and Innovation (DFPI) has issued proposed regulations to implement provisions of the California Consumer Financial Protection Law (CCFPL) pertaining to consumer complaints and...more
The California Department of Financial Protection and Innovation (DFPI) has issued final regulations to implement SB 1235, the bill signed into law on September 30, 2018 that requires consumer-like disclosures to be made for...more
Opportunity Financial, LLC (OppFi) has filed a Demurrer to the cross-complaint filed by the California Department of Financial Protection and Innovation (DFPI) in which it asks the California trial court to reject the DFPI’s...more
In response to the complaint filed by Opportunity Financial, LLC (OppFi) seeking to block the California Department of Financial Protection and Innovation (DFPI) from applying California usury law to loans made through...more
In response to the complaint filed by Opportunity Financial, LLC (OppFi) seeking to block the California Department of Financial Protection and Innovation (DFPI) from applying California usury law to loans made through...more
On November 16, 2020, the California Department of Financial Protection and Innovation (DFPI) held a “listening session” relating to the implementation of the California Consumer Financial Protection Law (CCFPL). The DFPI’s...more