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Enforcement Actions Payday Loans Federal Trade Commission (FTC)

Goodwin

2024 Year in Review: Payday and Small-Dollar Lending

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Welcome to the “Payday and Small-Dollar Lending” chapter of our annual report, Consumer Financial Services: 2024 Year in Review. We expect the level of enforcement and regulatory activity in the payday and short-term...more

Jenner & Block

The Consumer Finance Observer - Fall 2022 Edition

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Potential Bias in AI Consumer Decision Tools Eyed by FTC, CFPB - Potential discrimination and bias resulting from consumer tools based on artificial intelligence and automated data will be an enforcement focus of...more

Goodwin

FTC Announces $114 Million Settlement with Payday Lenders

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On February 11, 2021, the Federal Trade Commission (FTC) announced a $114 million settlement with the owners and operators of an alleged tribal payday lending scheme.  The settlement resolves allegations concerning...more

Wiley Rein LLP

Wiley Consumer Protection Download (February 16, 2021)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Goodwin

Financial Services Weekly Roundup: The OCC Proposes New Rulemaking And Changes To Address Innovation And Consumer Needs

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In This Issue. The Office of the Comptroller of the Currency (OCC) released an advanced notice of proposed rulemaking seeking comments on several issues related to digital technology and innovation, as well as proposed...more

Goodwin

FTC Obtains Temporary Restraining Order Against Tribal Payday Lending Enterprise

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On May 22, 2020, the Federal Trade Commission (FTC) announced that it had obtained a temporary restraining order against a payday lending enterprise for alleged violations of the Federal Trade Commission Act, the...more

Goodwin

Financial Services Weekly News: FDIC Issues Deposit Insurance Application Guidance For Non-Banks

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In This Issue. The Federal Deposit Insurance Corporation (FDIC) published new procedures for federal deposit insurance applications from applicants that are not traditional community banks; federal banking regulators released...more

Hudson Cook, LLP

The Walking Dead: 2018 Small Dollar Lending Updates-Is the Small Dollar Loan Industry Mostly Dead or Slightly Alive?

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During the past year, many small dollar lenders operated under looming rulemaking from the Bureau of Consumer Financial Protection (“CFPB”), which threatened elimination of their businesses. This survey reviews small dollar...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

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

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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

Goodwin

FTC and Illinois AG Settle With “Phantom” Debt Collectors For $47 Million

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On November 1, the Federal Trade Commission (FTC) and Illinois Attorney General’s Office (Illinois AG) announced that they had reached a settlement to resolve a joint action brought against affiliated Chicago-based debt...more

Ballard Spahr LLP

FTC enforcement under new leadership to focus on consumer harm, fraud

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Based on a Law360 article reporting on an interview with Thomas Paul, the Acting Director of the FTC Bureau of Consumer Protection, it appears that under its new leadership, the FTC will take a less aggressive approach to...more

Goodwin

FTC Files Lawsuit Against Seller of Fake Payday Loans

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On January 9, 2017, the Federal Trade Commission (FTC) announced that it had filed a lawsuit in the U.S. District Court for the District of Kansas against one individual and affiliated companies, alleging that they sold...more

Goodwin

FTC Obtains $1.3 Billion Judgment for Payday Lending Scheme

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On October 4, 2016, the Federal Trade Commission (FTC) announced that the U.S. District Court for the District of Nevada issued an order requiring that a racecar driver and several corporate defendants pay $1.3 billion in...more

Goodwin

FTC Bars New York Debt Collector and Companies from Future Debt Collection

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On August 24, 2016, the Federal Trade Commission (FTC) announced that the FTC and the Attorney General for the State of New York (New York AG) reached a settlement with a New York debt collector that will ban the owner and...more

Ballard Spahr LLP

FTC provides 2015 enforcement report to CFPB

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The Federal Trade Commission has provided its annual report to the CFPB covering the FTC’s enforcement activities in 2015 related to compliance with Regulation Z (Truth in Lending), Regulation M (Consumer Leasing), and...more

Davis Wright Tremaine LLP

Spotlight on CFPB Enforcement

At this week’s NBPCA Power of Prepaid conference in Washington, DC, DWT Payments team member Adam Maarec joined a panel entitled “Spotlight on CFPB Enforcement: Uncovering Recent Trends, Targets and Priorities Surrounding...more

Dorsey & Whitney LLP

“Abusive” Development – Recent Applications of the Prohibition against Abusive Acts and Practices

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The enactment of the Dodd-Frank Act in 2010 created the Consumer Financial Protection Bureau (“CFPB”) and, among other things, vested it with broad authority to enforce prohibitions on unfair, deceptive and abusive acts and...more

King & Spalding

FTC Charges Data Broker With Facilitating Theft Of Millions From Consumer Accounts

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On December 23, 2014, the Federal Trade Commission ("FTC") announced the filing of a complaint charging a data broker with selling the sensitive personal information of hundreds of thousands of consumers to third parties that...more

Foley & Lardner LLP

CFPB and FTC Stop Two Payday Lending Scams

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In separate suits brought by the Consumer Financial Practices Bureau (“CFPB”) and the Federal Trade Commission (“FTC”) federal courts have frozen the assets of two separate groups who allegedly defrauded consumers by creating...more

Ballard Spahr LLP

CFPB and FTC file lawsuits against online payday lenders

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Earlier this month, the CFPB and FTC filed lawsuits against different groups of interrelated companies and their individual principals for engaging in allegedly unlawful online payday lending schemes....more

Foley & Lardner LLP

CFPB Action Against Payday Lender to be Followed by New Military Lending Act Regulations

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On November 20, 3013, the Consumer Financial Protection Bureau announced its first enforcement action against a payday lender. Cash America International was fined $5 million and was ordered to refund $14 million to its...more

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