Consumer Finance Monitor Podcast Episode: How the CFPB Is Using Interpretive Rules to Expand Regulatory Requirements for Innovative Consumer Financial Products; Part Two: Earned Wage Access
Earned Wage Access: Exploring the CFPB's Proposed Interpretive Rule — Payments Pros – The Payments Law Podcast
Understanding the CFPB's Payday Loan Rule: Implications and Compliance — Payments Pros – The Payments Law Podcast
Understanding the CFPB's Payday Loan Rule: Implications and Compliance — The Consumer Finance Podcast
Consumer Finance Monitor Podcast Episode: A Close Look at the Recent Study of the Effects of Illinois' 36% “All-In” Interest Rate Cap on Small-Dollar Credit Availability, with Special Guest Tom Miller
Fifth Circuit Rules that the Consumer Financial Protection Bureau is Unconstitutionally Funded: What Does the Decision Mean? A Deep Dive with Special Guest Isaac Boltansky, BTIG
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
On March 11, a class action lawsuit was filed in the Philadelphia County Court of Common Pleas against a financial technology company offering cash advances up to $200 through a lending app. The lawsuit alleged the company...more
On November 5, 2020, the Consumer Protection Financial Bureau (CFPB) announced that it had filed a complaint against a Florida-based payday lender and its CEO in the Southern District of Florida. The complaint alleges that...more
The industry trade groups challenging the CFPB’s final rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans (the Rule) have filed a motion for summary judgment. The motion follows the filing of an Amended...more
On January 27, 2020, North Carolina Attorney General Josh Stein (North Carolina AG) reached ?a settlement with an out-of-state payday lender for $825,000. The Attorney General obtained a consent temporary restraining order...more
A number of diverse stakeholders gathered at George Mason University (GMU) on Nov. 18, 2019, to participate in a program entitled "Consumer Debt in America: What Would Rate Caps and Student Loan Forgiveness Mean?" The debate,...more
The CFPB has entered into a proposed settlement with a group of corporate and individual defendants who were alleged to have engaged in unlawful conduct in connection with offering “short-term loans to consumers located in...more
The New York Department of Financial Services (NYDFS) has issued an Online Lending Report that calls for the application of New York usury limits to all online lending and increased regulation of online lenders making loans...more
Over the last two years the financial industry has seen an uptick in litigation and enforcement actions aimed at banks and their non-bank lending partners. These actions have primarily challenged the validity of the bank...more
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
On February 9, the Attorney General’s Office for the State of Georgia (Georgia AG) announced that it reached a settlement and entered into a consent order with a California-based online lender relating to an alleged...more
On November 22, 2016, the Massachusetts Division of Banks (“DOB) announced that it has returned approximately $2.3 Million to 1,673 Massachusetts residents, as part of a settlement with an online payday lender. The payday...more
The comment period for the CFPB’s proposed rule on Payday, Title and High-Cost Installment Loans ended Friday, October 7, 2016. The CFPB has its work cut out for it in analyzing and responding to the comments it has...more
The Maryland Court of Appeals, the state's highest court, in CashCall, Inc. et al. v. Maryland Commissioner of Financial Regulation, recently affirmed the judgment of the Court of Special Appeals (MCSA) directing CashCall to...more
On May 18, the New York State Department of Financial Services (DFS) announced a consent order with a Virginia debt buyer for collecting on illegal payday loans from New York consumers, in violation of the Fair Debt...more
On August 20, 2015, the Consumer Financial Protection Bureau (CFPB) and New York Department of Financial Services (NYDFS) filed suit in the U.S. District Court for the Central District of California against two pension...more
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
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