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Lenders State Attorneys General

Paul Hastings LLP

Disparate Impact Lives: Massachusetts Attacks AI in Lending

Paul Hastings LLP on

On July 10, the Massachusetts attorney general announced a $2.5 million settlement with a Delaware-based student loan company to resolve allegations that the company’s lending practices, including the use of artificial...more

Goodwin

Massachusetts Attorney General Settles with Student Loan Lender for Unlawful Practices Related to the Use of AI

Goodwin on

This Thursday, July 10, Massachusetts Attorney General Andrea Joy Campbell announced a $2.5 million settlement with a company that offers education financing products based in Delaware. ...more

Sheppard Mullin Richter & Hampton LLP

CFPB Dismisses Two Actions Against Student Loan Trusts and Subprime Auto Lender 

The CFPB recently dropped two more lawsuits it brought under the Chopra administration—one involving a student loan securitization trust and the other regarding a subprime auto finance company. Both lawsuits included...more

Ballard Spahr LLP

New York AG sues payday lenders MoneyLion and DailyPay

Ballard Spahr LLP on

New York Attorney General Letitia James has sued payday lenders MoneyLion Inc. and DailyPay Inc. in New York state court, alleging that the two companies took advantage of tens of thousands of New Yorkers....more

Sheppard Mullin Richter & Hampton LLP

Ohio AG Sues Mortgage Lender for Illegal Broker Steering Scheme

On April 17, Ohio Attorney General Dave Yost announced that the state has filed a lawsuit against a wholesale mortgage lender, alleging that the company engaged in a statewide scheme to mislead borrowers and inflate mortgage...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

Hudson Cook, LLP

The CFPB's Future is Unclear, but Its $42 Million Judgment Still Sends a Clear Message

Hudson Cook, LLP on

If we could use only one word to describe the future of the Consumer Financial Protection Bureau, I think most of us would agree on the word "uncertain." However, one thing seems certain to occur as we wait to see what will...more

Kilpatrick

New York’s FAIR Business Practices Act: State Regulators Begin Expansion of Consumer Protection Authority

Kilpatrick on

On March 13, 2025, New York State took a significant step towards bolstering its consumer and small business protections with the introduction of the Fostering Affordability and Integrity Through Reasonable (FAIR) Business...more

Sheppard Mullin Richter & Hampton LLP

Class Action Certified Against Fintech Lender for Home Improvement Loans

In an order issued in January and made public on February 24, a judge in the United States District Court for the Northern District of California granted class certification to consumers alleging a fintech lender’s loan...more

Troutman Pepper Locke

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

Troutman Pepper Locke on

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

Massachusetts Attorney General Settles Claims Against California-Based Financing Company for $625,000

Goodwin on

​On May 22, 2024,​ the Massachusetts Attorney General (MA AG) announced it entered into an Assurance of Discontinuance (AOD) with a California-based financing company resolving allegations of violations of the Massachusetts...more

Cozen O'Connor

Coalition Grows to Torpedo Mariner Finance over Hidden Add-ons

Cozen O'Connor on

Pennsylvania AG Michelle Henry announced that six additional states have joined a lawsuit against lending company Mariner Finance, LLC, which was first filed by Pennsylvania and five other AGs in 2022. The bipartisan...more

Orrick, Herrington & Sutcliffe LLP

New York Attorney General sues over 25 lenders for predatory lending operation

On March 5, New York Attorney General Letitia James released a verified petition against 27 lenders accusing them of a “large-scale, predatory lending” operation in which they allegedly misrepresented themselves in order to...more

Cozen O'Connor

The State AG Report – 2.29.2024

Cozen O'Connor on

Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: •New Jersey AG Says Bumble Bumbled Background Check...more

Cozen O'Connor

Minnesota to Island Mountain: Scale Down Interest-Rates and Collections

Cozen O'Connor on

Minnesota AG Keith Ellison reached a settlement with three online lenders operating jointly under Island Mountain Development Group to resolve allegations that the companies violated Minnesota and federal consumer-lending...more

Orrick, Herrington & Sutcliffe LLP

New York State Attorney General wins $77 million judgment against short-term lenders for predatory lending

On February 8, New York State Attorney General (AG) Letitia James announced a more than $77 million judgment against three merchant cash advance (MCA) companies for usury and fraud based on allegations the lenders used...more

Cozen O'Connor

MoneyLion’s Membership Lending Model Elicits Roar from Colorado AG

Cozen O'Connor on

Colorado AG Phil Weiser settled with MoneyLion Technologies Inc. and MoneyLion of Colorado LLC (collectively, “MoneyLion”) to resolve allegations that the lender charged consumers illegal membership fees tied to loans in...more

Cozen O'Connor

FTC is Mortgage Technology Industry’s White Knight in Antitrust Settlement

Cozen O'Connor on

The FTC settled with Intercontinental Exchange, Inc. (ICE) and Black Knight, Inc. to resolve allegations that a proposed merger of the nation’s two largest providers of home mortgage loan origination systems (LOS) would...more

Cozen O'Connor

D.C. AG Schwalb Settles with Fintech Platform over Usurious “Tipping” Model

Cozen O'Connor on

District of Columbia AG Brian Schwalb settled with SoLo Funds, Inc. to resolve allegations that the fintech platform violated the District’s Consumer Protection Procedures Act and usury statute by deceptively charging...more

Cozen O'Connor

The State AG Report – 4.20.2023

Cozen O'Connor on

Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: •AG Lawsuit Challenges Endangered Status of Lesser...more

Cozen O'Connor

CFPB to Require Reporting of Small Business Lending Information

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The CFPB finalized a rule requiring collection and reporting of data regarding credit applications for small businesses, including women-owned and minority-owned businesses, by lenders making more than 100 covered small...more

Cozen O'Connor

CFPB Shines a Spotlight on Junk Fees in Bank Deposits, Lending Markets

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The CFPB issued a special edition of its Supervisory Highlights focusing on illegal, unnecessary charges by banks and other financial companies sometimes referred to as “junk fees.”...more

Faegre Drinker Biddle & Reath LLP

State AG Updates: Colorado, New Jersey, New York, Kansas, Florida, Rhode Island and AG Coalitions

In this edition of Faegre Drinker’s State Attorneys General Update, we discuss: • The Colorado AG’s $4 million settlement with two credit unions related to auto loan GAP fees...more

Cozen O'Connor

CFPB and AG James Sue Auto Lender for Allegedly Targeting Consumers Likely to Default

Cozen O'Connor on

New York AG Letitia James and the CFPB sued Credit Acceptance Corporation (CAC) for allegedly violating New York usury limits and consumer and investor protection laws, as well as the Consumer Financial Protection Act, by...more

Troutman Pepper Locke

California Legislation Strengthens Consumer Protections for Servicemembers

Troutman Pepper Locke on

On September 27, California Governor Gavin Newsom signed Senate Bill 1311, the Military and Veteran Consumer Protection Act of 2022 (the Act), into law. The Act takes direct aim at, among other things, the Military Lending...more

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