News & Analysis as of

Enforcement Actions Loans Financial Services Industry

McGlinchey Stafford

[Webinar] Deep Dive into Lending: Unsecured Lending - August 26th, 10:00 am PT

McGlinchey Stafford on

Unsecured lending remains a dynamic, fast-evolving segment of the consumer finance market — drawing increasing attention from regulators, litigators, and market participants alike. In this next installment of our Deep Dives...more

Ballard Spahr LLP

CFPB reaches settlement with FirstCash in connection with alleged MLA Violations

Ballard Spahr LLP on

The CFPB has reached a settlement in its lawsuit against FirstCash, Inc. and its 19 subsidiaries alleging violations of the Military Lending Act (MLA). The parties have jointly filed a stipulated final judgment and proposed...more

Sheppard Mullin Richter & Hampton LLP

CFPB Orders Pawn Lender to Pay $9 Million for Alleged Military Lending Act Violations

On July 11, 2025, the Consumer Financial Protection Bureau (CFPB) announced a proposed $9 million settlement resolving its November 2021 lawsuit against a national pawn lender and its subsidiaries. The company and its...more

Troutman Pepper Locke

EWA Provider Sues New York Attorney General Over Threatened Enforcement Action

Troutman Pepper Locke on

On April 7, DailyPay, LLC, an employer-integrated earned wage access (EWA) provider, filed a lawsuit against New York Attorney General Letitia James, seeking declaratory relief to prevent the enforcement of state and federal...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: Everything You Want to Know About the CFPB as Things Stand Today, and Lots More - Part 1

Ballard Spahr LLP on

Our podcast show being released today is Part 1 of a repurposed interactive webinar that we presented on March 24, featuring two of the leading journalists who cover the CFPB - Jon Hill from Law360 and Evan Weinberger from...more

Sheppard Mullin Richter & Hampton LLP

CFPB Plans Limited Enforcement of Payday Lending Rule

On March 28, the CFPB announced that it will not prioritize enforcement or supervision of the remaining provisions of its Payday, Vehicle Title, and Certain High-Cost Installment Loans Regulation, which were set to take...more

Morrison & Foerster LLP

MoForecast: State AGs and Consumer Financial Protection: Anticipating Shifts in Enforcement Focus

As the Consumer Financial Protection Bureau (CFPB) faces uncertainty, state attorneys general (state AGs) are poised to fill the enforcement gap in consumer financial protection. With the CFPB’s future in question, state AGs...more

A&O Shearman

CJEU imposes limits on the validity of asymmetric EU jurisdiction clauses

A&O Shearman on

In a decision that may cause some concern, the CJEU has held that asymmetric EU jurisdiction clauses are only valid under EU law if they designate with sufficient precision the alternative jurisdictions in which proceedings...more

Bennett Jones LLP

Lower Criminal Interest Rate Now in Effect

Bennett Jones LLP on

As detailed in our prior blog the Government of Canada proposed amendments to lower the criminal interest rate to an annual percentage rate (APR) of 35 percent (the prior criminal interest rate, being an effective rate of 60...more

Ballard Spahr LLP

DC Attorney General files suit against app-based lender EarnIn

Ballard Spahr LLP on

The Attorney General for the District of Columbia has filed suit against ActiveHours Inc., doing business as EarnIn, alleging that the app-based lender deceptively marketed and provided illegal high-interest loans to more...more

Troutman Pepper Locke

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

Troutman Pepper Locke on

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

DOJ Reaches Historic Multi-Million Dollar Redlining Settlement With Citadel Federal Credit Union

Troutman Pepper Locke on

On October 10, the U.S. Department of Justice (DOJ) announced a landmark redlining settlement with Citadel Federal Credit Union (Citadel), marking the first such agreement with a credit union in the DOJ’s history. This...more

Ballard Spahr LLP

Citadel FCU is first credit union to settle DOJ redlining complaint

Ballard Spahr LLP on

The Justice Department announced that Citadel Federal Credit Union has agreed to pay more than $6.5 million to resolve allegations that it engaged in a pattern or practice of redlining majority-Black and Hispanic...more

Ballard Spahr LLP

CFPB files and prosecutes yet another enforcement lawsuit using funds obtained in violation of the CFPB’s enabling statute...

Ballard Spahr LLP on

The Introduction to the Complaint which was filed by the CFPB on May 17, 2024 against Solo Funding, Inc. in the United States District Court for the Central District of California – Western Division Los Angeles (Judge R. Gary...more

Cadwalader, Wickersham & Taft LLP

Beware of the Law of Unintended Consequences

A recent study, Government Litigation Risk and the Decline in Low-Income Mortgage Lending, provides further evidence that the law of unintended consequences reigns supreme, particularly in the realm of public policy. The...more

Troutman Pepper Locke

CFPB Files Lawsuit Against SoLo Funds for Alleged Deceptive Lending Practices

Troutman Pepper Locke on

Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) filed a complaint against SoLo Funds, Inc., a fintech company operating a small-dollar, short-term lending platform. The CFPB alleges that SoLo Funds...more

Troutman Pepper Locke

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

Troutman Pepper Locke on

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

Orrick, Herrington & Sutcliffe LLP

CFPB reflects on 2023 enforcement actions; states upcoming enforcement goals

On January 29, the CFPB released a blog post on its enforcement actions from 2023, as well as its outlook for 2024.  In 2023, the CFPB reportedly filed 29 enforcement actions and resolved six final orders on previously filed...more

Troutman Pepper Locke

Opportunity Financial Scores Big Win in CA DFPI’s “True Lender” Lawsuit

Troutman Pepper Locke on

A California state court recently denied a preliminary injunction sought by the California Department of Financial Protection and Innovation (the DFPI) in its long-running litigation against Opportunity Financial (OppFi)...more

Davis Wright Tremaine LLP

Banking and Consumer Regulatory Digest - November 2023

The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more

Hudson Cook, LLP

CFPB Bites of the Month - July 2023 - Freedom, Independence, and Celebration From the CFPB

Hudson Cook, LLP on

In this month's article, we share some of our top "bites" for the prior month covered during the July 2023 webinar. Bite 10: Public Inquiry Launched into Credit Card and Loan Products for Healthcare Costs - On July 7,...more

Troutman Pepper Locke

DC OAG Resolves Alleged Usury and Deceptive Acts Violations With Community Lending Platform

Troutman Pepper Locke on

On May 10, SoLo Funds, Inc. (Solo), one of the largest community lending platforms in the United States, entered into a settlement with the District of Columbia attorney general (OAG). The settlement resolves claims that the...more

Bilzin Sumberg

No, We Are Still Not Done With Indemnification Claims Arising from 2000s Residential Mortgages

Bilzin Sumberg on

If you thought we were finally done with indemnification litigation focused on residential mortgages originated before the financial crisis of 2007-2008, think again. Over the past year, the Federal Deposit Insurance...more

Troutman Pepper Locke

CFPB Focuses on Medical Credit Cards and Installment Loans in Latest Report

Troutman Pepper Locke on

Citing research that found about half of U.S. adults find it difficult to afford the cost of their healthcare, the Consumer Financial Protection Bureau (CFPB or Bureau) published a report focusing on medical credit cards and...more

Cadwalader, Wickersham & Taft LLP

Springing into Q2 April 2023 - FFF Sovereign Immunity Series – Part VIII: England & Wales

For our eighth installment in the FFF Sovereign Immunity Series, we consider the doctrine of sovereign immunity in England & Wales. We begin with our usual disclaimer that sovereign immunity is a complex legal and tax...more

36 Results
 / 
View per page
Page: of 2

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide