News & Analysis as of

Small Business State Attorneys General

Kilpatrick

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

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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

Alston & Bird

New York State Proposes Consumer Protection Reforms through FAIR Business Practices Act

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What Happened? On March 13, New York state legislators introduced new legislation called the Fostering Affordability and Integrity Through Reasonable (FAIR) Business Practices Act. The bill, supported by New York Attorney...more

Latham & Watkins LLP

NY Attorney General Secures $1 Billion-Plus Judgment for Illegal Loans Misrepresented as Merchant Cash Advances

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On January 22, 2025, New York Attorney General (NYAG) Letitia James announced a judgment and settlement against cash advance provider Yellowstone Capital, its officers, and two dozen affiliates (Yellowstone) for more than $1...more

Sheppard Mullin Richter & Hampton LLP

New York AG Reaches $1 Billion Settlement with ‘Predatory’ Lender

On January 22, New York Attorney General Letitia James announced a $1 billion settlement with a now defunct cash advance firm and its officers. The settlement resolves allegations that the firm and its officers repeatedly...more

Hudson Cook, LLP

Yellowstone Capital Settles Lawsuit with New York Attorney General

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On January 16, 2025, Yellowstone Capital and other entities, along with Yellowstone officers Isaac Stern and Jeffrey Reece, settled claims by New York Attorney General Letitia James that Yellowstone and the other entities...more

Cozen O'Connor

Sports Betting Companies Pay $6.5 Million for Allegedly Conspiring to Violate D.C. Laws

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District of Columbia AG Brian Schwalb has settled with Intralot, Inc. and Veterans Services Corporation (VSC) to resolve an investigation into allegations that the companies deceived city officials in violation of the...more

Cozen O'Connor

FTC’s Lawsuit Against Seek Capital Alleges Consumers Would Be Wise to Seek Capital Elsewhere

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The FTC has filed a lawsuit against Seek Capital, LLC and its founder (collectively “Seek”) alleging deceptive practices in violation of multiple federal consumer protection laws. The FTC’s complaint alleges that Seek markets...more

Troutman Pepper Locke

New York AG Secures $77M Judgment With Merchant Cash Advance Companies

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On February 8, New York attorney general (AG) Letisha James announced a $77 million judgment with three merchant cash advance (MCA) companies, Richmond Capital Group, Ram Capital Funding, and Viceroy Capital Funding, and...more

Cozen O'Connor

AGs Ask Congress Not to Deflate Inflation Reduction Act

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A group of 11 Democratic AGs wrote a letter to Congressional leaders urging them to protect the Inflation Reduction Act (IRA) from budget cuts. In the letter, the AGs argue that cuts to IRA funding could harm programs that...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

AG Platkin Settles with Yellowstone Capital for $27.4 Million over Allegedly Predatory Small Business Loans

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New Jersey AG Matthew J. Platkin announced a $27.4 million settlement with Yellowstone Capital LLC and related entities (collectively, “Yellowstone”) to resolve allegations that Yellowstone’s offers, sales, servicing, and...more

Cozen O'Connor

Washington AG Prevails in Consumer Protection Act Lawsuits

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Washington AG Bob Ferguson announced that his office secured victory in two Consumer Protection Act (CPA) lawsuits against Florida-based companies CA Certificate Service (CCS) and Labor Poster Compliance (LPC), as well as...more

Venable LLP

Gig Platforms, Wake Up. All Eyes Are Upon You.

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Constant connectivity through smartphones has ushered in a new way for small businesses to connect with potential customers and gig workers looking for flexible employment. The emergence of companies like Uber, GrubHub,...more

Morrison & Foerster LLP

Financial Services Report - Spring 2021

Can you say 0 to 60? Not cars, but pretty much everything to do with financial services. A new year, a new administration, and new challenges for providers. Prior CFPB Director Kraninger is long gone. Acting Director Uejio...more

Ballard Spahr LLP

New Jersey Attorney General sues merchant cash advance providers

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The New Jersey Attorney General recently filed a lawsuit in New Jersey state court against Yellowstone Capital LLC, its parent Fundry.US LLC, and various Yellowstone subsidiaries and affiliates alleging that the defendants...more

WilmerHale

Weekly COVID-19 Oversight & Enforcement Report - November 2020 #2

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As lawmakers debate whether to extend the Federal Reserve’s emergency loan programs, Congressional Oversight Commissioners are divided on the issue. The New York Times reported that Commissioner Senator Pat Toomey (R-PA) is...more

Hudson Cook, LLP

AFSA Extra Credit Podcast: Navigating Advertising During COVID-19

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Advertising during a global pandemic and social justice movement triggers an increased level of regulatory risk and reputational harm. Regulators moved quickly to interrupt bad actors that took immediate advantage of...more

Bracewell LLP

New York's Deadline to Comply With New Data Privacy Law Fast Approaching

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The Stop Hacks and Improve Electronic Data Security Act (known as the SHIELD Act), signed into law by Governor Cuomo last year, comes into full effect on March 21, 2020. The Act’s expansive reach requires businesses in New...more

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