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Consumer Lenders › Usury › Debt Collection

Orrick, Herrington & Sutcliffe LLP

Philadelphia court receives usury claim against payday loan company

Orrick, Herrington & Sutcliffe LLP on

On March 11, a class action lawsuit was filed in the Philadelphia County Court of Common Pleas against a financial technology company offering cash advances up to $200 through a lending app. The lawsuit alleged the company...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

Goodwin

North Carolina AG Settles with Out-of-State Payday Lender for $825,000

Goodwin on

On January 27, 2020, North Carolina Attorney General Josh Stein (North Carolina AG) reached ?a settlement with an out-of-state payday lender for $825,000. The Attorney General obtained a consent temporary restraining order...more

Holland & Knight LLP

Federal Court: Unlicensed Debt Buyer Violates FDCPA - Is Ruling in Harmony with the New Jersey Consumer Finance Licensing Act?

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• The U.S. District Court for the District of New Jersey has denied a defendant's motion to dismiss a putative statewide class action complaint that alleged that the defendant violated Section e(10) of the federal Fair Debt...more

Ballard Spahr LLP

Federal jury convicts operator of payday lenders sued by CFPB and FTC

Ballard Spahr LLP on

Richard Moseley Sr., the operator of a group of interrelated payday lenders, was convicted by a federal jury on all criminal counts in an indictment filed by the Department of Justice, including violating the Racketeer...more

Troutman Pepper Locke

Remand Decision in Madden v. Midland Funding Raises Questions Regarding Choice of Law Clauses in Consumer Loan Agreements

Troutman Pepper Locke on

A careful parsing of state laws should be done if a lender is relying on a choice of law to avoid states that have criminal usury statutes. On February 27, the U.S. District Court for the Southern District of New York...more

Goodwin

NY DFS Obtains $119K in Restitution for Illegal Payday Lending

Goodwin on

On May 18, the New York State Department of Financial Services (DFS) announced a consent order with a Virginia debt buyer for collecting on illegal payday loans from New York consumers, in violation of the Fair Debt...more

McGuireWoods LLP

CFPB Online Loan Suit Sent to California

McGuireWoods LLP on

In the most recent development in the CFPB’s two-year-old lawsuit alleging unfair, deceptive, and abusive practices by several online lenders, on September 23, 2015, Massachusetts U.S. District Judge George O’Toole, Jr.,...more

Ballard Spahr LLP

Former Colorado regulator and consumer advocate Laura Udis to join CFPB as manager for payday lending program

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We have learned that, starting Monday, Laura Udis will join the CFPB as the Payday and Small Dollar Lending Program Manager in Research, Markets and Regulations. Ms. Udis comes to the CFPB from the Consumer Federation of...more

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