Just two days before its Payday, Vehicle Title, and Certain High-Cost Installment Loans final rule was slated to go into effect (and eight years after it was finalized), the Consumer Financial Protection Bureau (CFPB)...more
Missouri and Washington introduced new true lender bills intended to regulate companies, largely FinTechs, that operate under bank partnership models with federally insured depository institutions. Under these models, the...more
The CFPB issued an order against OneMain Financial, Inc. and affiliated entities for allegedly deceptive acts and practices in violation of the Consumer Financial Protection Act of 2010 in connection with providing personal...more
The Fifth Circuit has entered an order staying the compliance date of the payment provisions in the CFPB’s 2017 final payday/auto title/high-rate installment loan rule (2017 Rule) until 286 days after the trade groups’ appeal...more
On March 23, 2021, the CFPB issued a brief statement highlighting its position regarding “consumer harms in the small dollar lending market” and likely future action to reverse the previous CFPB administration’s policy...more
As forewarned in our January 15, 2021 posting, Illinois Governor J.B. Pritzker has signed into law SB 1792, which takes effect immediately. SB 1792, also known, as relevant here, as the Predatory Loan Prevention Act,...more
Last Monday, in Seila Law v. CFPB, the U.S. Supreme Court held that the structure of the CFPB, with a single-director who the President could not remove without cause, violates the separation of powers mandated by the U.S....more