News & Analysis as of

Consumer Financial Products State and Local Government Enforcement Actions

Ballard Spahr LLP

CFPB inaction harming state consumer protection efforts, Democratic AGs allege in amicus brief

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The Trump Administration’s efforts to “effectively shutter the CFPB” amounts to a “total dereliction of all mandatory statutory duties,” that will harm state consumer protection efforts, Democratic state attorneys general...more

Sheppard Mullin Richter & Hampton LLP

California DFPI Reaches Settlement with Lender Over Crypto-Backed Loans

On December 23, 2024, the California Department of Financial Protection and Innovation (DFPI) announced a consent order with a lender to resolve its investigation into the company’s crypto-backed lending program, which the...more

Cozen O'Connor

The State AG Report – 02.27.2025

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Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: •Congress Urged to Send Message to Organized Retail Crime -...more

Sheppard Mullin Richter & Hampton LLP

California Governor Appoints New DFPI Commissioner

On February 7, California Governor Gavin Newsom announced the appointment of Khalil “KC” Mohseni as the new Commissioner of the California Department of Financial Protection and Innovation (DFPI). Mohseni has been serving as...more

Orrick, Herrington & Sutcliffe LLP

Q&A: Will States Take the Lead in Consumer Protection?

On Saturday, February 1, Rohit Chopra was dismissed as Director of the Consumer Financial Protection Bureau (CFPB), with Secretary Scott Bessent appointed as Acting Director that same day. The following weekend, Office of...more

Cozen O'Connor

Illinois Insights: An update from Cozen O'Connor (2/10)

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Judge declines to extend ‘swipe fee’ injunction to credit unions, applies it to out-of-state banks - “A federal judge on Thursday declined to issue an injunction to stop an Illinois law that bans certain credit card fees...more

Shipkevich PLLC

Rapid Changes at the CFPB: Speculation, Uncertainty, and the Future of Consumer Protection

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The Consumer Financial Protection Bureau (CFPB) has been a focal point for both regulatory oversight and political debate arguably since its inception. Created in 2010 as a response to the financial crisis, the CFPB is still...more

Cozen O'Connor

Illinois Insights: An update from Cozen O'Connor (2/3)

Cozen O'Connor on

Heading into budget season, Gov. JB Pritzker faces major challenge to show ‘Illinois can govern itself’ - “With Gov. JB Pritzker still weighing whether to seek a third term, the firmer foundation he’s laid for Illinois’...more

Troutman Pepper Locke

New York AG Sues Yellowstone Capital Over Alleged “Fraudulent Loans” Targeting Small Businesses

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New York Attorney General (AG) Letitia James filed a lawsuit on March 5 against Yellowstone Capital, its founder David Glass, and a network of 30 other affiliated companies and individuals. James alleges that Yellowstone...more

Troutman Pepper Locke

2023 State AG Year in Review

Troutman Pepper Locke on

State attorneys general (AGs) continue their role as innovators, shaping the regulatory environment by utilizing their expertise and resources to influence policy and practice. The public-facing nature of the AGs' office...more

Miles & Stockbridge P.C.

Will You Need a License to Hold MSRs in Maryland?

The question of whether a state mortgage finance licensing obligation arises to acquire and hold mortgage loans or mortgage loan servicing rights has often generated confusion and raised questions among mortgage finance...more

Morgan Lewis

Watch Out for California – State Stepping Up Fintech and Lending Regulatory Enforcement

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A recent legal conference in Washington, DC, highlighted newly proposed and ongoing regulatory changes in California concerning consumer and commercial lending. ...more

Ballard Spahr LLP

CFPB announces proposed consent order with companies alleged to have collected loans void under state law

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The CFPB announced that it has entered into a proposed consent order with Think Finance and six subsidiaries (collectively, the “Think Entities’) to settle the Bureau’s lawsuit filed in November 2017 that alleged the Think...more

Womble Bond Dickinson

Wage Advance Products Draw First Consumer Class Action Lawsuits

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The legal uncertainties that surround wage advance products continue to boil and bubble. We’ve previously written about legal issues these products raise, the New York Department of Financial Services (“NYDFS”) investigation...more

Ballard Spahr LLP

CA Dept. of Business Oversight files action against title lender for CA law violations; launches investigation into whether...

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The California Department of Business Oversight (DBO) has filed an administrative enforcement action against a title lender for alleged violations of California law and launched an investigation into whether the interest...more

White & Case LLP

Consumer financial services: The road ahead: Small-dollar loans

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In February 2019, the CFPB released the highly anticipated revamp of its Payday Rule, reinforcing its more lenient attitude towards payday lenders. In light of the Bureau’s softer touch, as well as similar developments at the...more

Ballard Spahr LLP

Update on Colorado bank-model lawsuits

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In two closely-watched enforcement actions pending in Colorado state court, the Administrator of the Uniform Consumer Credit Code for the State of Colorado is employing the “true lender” theory and the Second Circuit’s...more

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