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New York Consumer Lenders

Hinch Newman LLP

New York Attorney General Advances Consumer Protection Legislation Intended to Bolster GBL Section 349

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In March 2025, Office of the Attorney General for the State of New York introduced the Fostering Affordability and Integrity Through Reasonable (“FAIR”) Business Practices Act in the State Senate and State Assembly. The...more

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

Orrick, Herrington & Sutcliffe LLP

New York attorney general files two complaints against wage access providers

On April 14, the Attorney General (AG) for the State of New York filed two complaints in the New York State Supreme Court, alleging two earned wage access (EWA) providers violated civil and criminal usury provisions, as well...more

Alston & Bird

Consumer Finance State Roundup - March 2025

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The latest edition of the Consumer Finance State Roundup highlights recently enacted measures of potential interest from two states: California: Effective January 1, California Assembly Bill 3108 addresses mortgage fraud. ...more

Orrick, Herrington & Sutcliffe LLP

New York Attorney General secures $1B settlement with merchant cash advance lenders

On January 16, the New York State Attorney General (AG) filed a consent order in the Supreme Court of the State of New York involving lending companies and its officers (the respondents) accused of predatory lending of...more

Troutman Pepper Locke

The Evolving Landscape of B2B Payments: Regulatory Trends and Financial Practices Explained — Payments Pros – The Payments Law...

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In this episode of Payments Pros, host Josh McBeain is joined by Caleb Rosenberg, a member of the firm’s Consumer Financial Services practice group, to discuss the complexities of business-to-business payments and the...more

Hinshaw & Culbertson - Consumer Crossroads

Buy Now Pay Later Lender Licensing Legislation Still Under Consideration in New York

The Buy Now Pay Later ("BNPL") legislation introduced by New York Governor Kathy Hochul officially died last week. However, BNPL legislation introduced last month by New York Assemblymember Pamela Hunter remains active and,...more

Husch Blackwell LLP

A Closer Look at New York's Proposed Abusiveness Prohibition

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In January, New York Governor Kathy Hochul introduced a budget bill that proposed the headline-grabbing Buy Now Pay Later licensing regime. Less attention has been given to another proposed provision: adding a prohibition on...more

Ballard Spahr LLP

New York Governor’s Proposed TED Bill Includes Sweeping BNPL Legislation

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After promising earlier this year to “establish nation-leading regulations for the Buy Now Pay Later loan industry,” New York Governor Kathy Hochul took a significant first step in that direction by including Buy Now Pay...more

Ballard Spahr LLP

New York Governor’s 2024 Consumer Protection Agenda Targets “Unfair and Abusive” Business Practices and BNPL

Ballard Spahr LLP on

In remarks to the press and public on January 2, 2024, New York Governor Kathy Hochul announced “a sweeping consumer protection and affordability agenda”, including proposed actions to “strengthen consumer protections against...more

Troutman Pepper Locke

NY Governor Announces Plans to Regulate “Buy Now, Pay Later” Industry

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On January 2, New York Governor Kathy Hochul unveiled her 2024 consumer protection agenda, which includes plans to regulate the “buy now, pay later” (BNPL) industry. Specifically, Governor Hochul plans to propose legislation...more

Sheppard Mullin Richter & Hampton LLP

CFPB and New York AG File Suit Against “Predatory” Auto Lender

On January 4, the CFPB and the New York State Office of the Attorney General filed a complaint against a prominent subprime auto lender in the Southern District of New York. The complaint alleges that the auto lender...more

Harris Beach Murtha PLLC

Temporary Bank Forbearance on Loans Due to COVID-19 Hardships

On March 21, 2020, New York Gov. Andrew Cuomo issued New York Executive Order 202.9, “Continuing Temporary Suspension and Modification of Laws Relating to the Disaster Emergency" (the “Executive Order.”) The Executive Order...more

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