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Ballard Spahr LLP

New York AG sues payday lenders MoneyLion and DailyPay

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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

Miller Canfield

Commitment Fees Might Constitute Interest Under Michigan Law

Miller Canfield on

Lenders often include fees in loan transactions in addition to an interest rate. Typically such fees are not considered interest, as they compensate the lender for various services or commitments provided under the loan...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Late Penalties on Loan Payments in Arkansas – What's the Rule?

Mitchell, Williams, Selig, Gates & Woodyard,... on

A frequently asked question in the lending community is whether there is an established amount regarding the maximum late fee that can be charged for a late payment made on a loan in Arkansas. Unfortunately, the answer to...more

Orrick, Herrington & Sutcliffe LLP

Class Action Against Lending Club and WebBank Headed to Defeat

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On Monday, a federal district court in the Southern District of New York granted a motion to compel arbitration in Bethune v. Lending Club Corporation, et al., a closely watched putative class action raising important issues...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

Ballard Spahr LLP on

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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