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Consumer Financial Products State Attorneys General Consumer Lenders

Shipkevich PLLC

New York Legislature Passes Landmark FAIR Business Practices Act: Implications for Consumer Finance Lending and Debt Settlement...

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On June 18, 2025, the New York Legislature passed the Fostering Affordability and Integrity through Reasonable (FAIR) Business Practices Act (the “FAIR Act”). This significant legislation marks the most substantial update to...more

Troutman Pepper Locke

New Jersey Division on Civil Rights Issues Finding of Probable Cause Against Consumer Financial Services Company for...

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On March 11, New Jersey Attorney General (AG) Matthew Platkin and the New Jersey Division on Civil Rights (DCR) announced that DCR issued a finding of probable cause against Advance Funding Partners/Same Day Funding (Advance...more

Orrick, Herrington & Sutcliffe LLP

Massachusetts Attorney General files lawsuit against real estate investment services provider

On February 19, a complaint was filed by the Massachusetts State Attorney General (AG) alleging that a real estate investment services company and its affiliate engaged in “systematic and pervasive unfair or deceptive acts...more

Venable LLP

A Primer on State Consumer Financial Regulation: What Businesses Need to Know Now

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The landscape of consumer financial services is shifting, driven by a broader deregulatory trend at the federal level. In this environment, companies must still address federal consumer financial law compliance and navigate a...more

Orrick, Herrington & Sutcliffe LLP

New York Attorney General secures $1B settlement with merchant cash advance lenders

On January 16, the New York State Attorney General (AG) filed a consent order in the Supreme Court of the State of New York involving lending companies and its officers (the respondents) accused of predatory lending of...more

Troutman Pepper Locke

New York Attorney General Settles $1 Billion Lawsuit Against Yellowstone Capital Over High-Interest Loans

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On January 22, New York Attorney General Letitia James announced a significant settlement with Yellowstone Capital of New Jersey and its affiliated companies over allegations of illegal high-interest loans disguised as...more

Goodwin

Minnesota AG Enters into Consent Order Over High-Cost Online Lenders, Discharging Over $1 Million in Loans

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On Tuesday, November 26, the Minnesota Attorney General’s office (AG) announced it filed a consent order to resolve allegations that online lenders were charging interest on loans in excess of the amounts prescribed under...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - September 2024 # 2

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - August 2024 # 3

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Holland & Knight LLP

The CFPB and State AGs Act Jointly Against Online Educational Company

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In this episode of his "Clearly Conspicuous" podcast series, "The CFPB and State AGs Act Jointly Against Online Educational Company," consumer protection attorney Anthony DiResta discusses a joint enforcement action taken by...more

Mayer Brown

Discussing Consumer Protection Risk with John Sonsalla and Hugo Dante

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In this episode, Matt Bisanz interviews John Sonsalla and Hugo Dante of Washington Analysis to discuss developments in the world of consumer protection risk....more

Brownstein Hyatt Farber Schreck

CFPB Flexes Nonbank Supervisory Authority—State AG Targets Should Take Note

For the first time in its history, the Consumer Financial Protection Bureau recently invoked supervisory authority over a nonbank lender, World Acceptance Corp., one of the largest small-dollar installment lenders in the...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - February 2024 # 4

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Troutman Pepper Locke

Colorado AG Settles With Debt Management Company Over Failure to Provide Customers With Signed Agreements

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On November 3, Colorado Attorney General (AG) Phil Weiser announced that his office reached a settlement with Touchstone Partners, Inc. (Touchstone), a noted debt management company. The AG’s allegations were that Touchstone...more

Cozen O'Connor

State AG Pulse | When Testing Systems, Don’t Use Real Data!

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When more than $2 billion was withdrawn from consumer bank accounts without authorization, the AGs took notice. The root cause? A payment processor’s use of real customer data instead of dummy data to test one of its payment...more

Goodwin

Pennsylvania Attorney General Settles $11 Million Dollar Lawsuit with Lender

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​On May 15, 2023, the Pennsylvania Attorney General (PA AG) announced ​that it reached a $11.4 million settlement with a rent-to-own lender and its affiliates. This settlement resolves a lawsuit filed by the PA AG in...more

Goodwin

Colorado Attorney General Reaches Settlement with Affiliated Lender and Debt Management Company

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​On December 14, 2022, the Colorado Attorney General (AG) announced ​that it entered into a consent order​ with a California-based debt management company and its sister lending company, resolving the AG’s examination...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter - September 2020

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Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients...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

Ballard Spahr LLP

State AGs seek information from ED on discharge of federal loans to former ITT students

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A group of 22 state Attorneys General have sent a letter to the Department of Education seeking information “to determine whether the [ED] is providing relief to thousands of former ITT Tech students as required by federal...more

Ballard Spahr LLP

Colorado Attorney General Bans Financial Services Companies from State for Alleged Conflict of Interest

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The Colorado Attorney General reached a $175,263 settlement with a lender and a debt management company that are owned and operated by the same individuals. The Colorado Attorney General alleged the companies violated...more

Ballard Spahr LLP

State AGs submit comments to FDIC on small-dollar lending

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A group of 13 state attorneys general and the District of Columbia AG have sent a letter to the FDIC commenting on the agency’s request for information on small-dollar lending. ...more

Ballard Spahr LLP

Colorado AG issues administrator’s opinion on what constitutes collateral with respect to alternate charge consumer installment...

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In a January 4 posting, Colorado’s outgoing Attorney General, Cynthia Coffman, issued an administrator’s opinion as to whether Section 5-2-214 of the Uniform Consumer Credit Code prohibits supervised lenders from utilizing...more

Goodwin

State Attorneys General Settle with National Bank for $575 Million over Auto and Mortgage Lending Practices

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On December 28, 2018, the Attorneys General (AGs) of all 50 states and the District of Columbia announced a settlement totaling $575 million with a national bank as the result of a coordinated investigation by the States. The...more

Ballard Spahr LLP

Virginia Attorney General obtains default judgment in lawsuit against pension advance company

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Virginia’s Attorney General has announced that “he has secured more than $50 million in debt relief and ordered civil penalties” as a result of his lawsuit filed in state court in March 2018 against Future Income Payments...more

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