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Clark Hill PLC

Right To Know - June 2025, Vol. 30

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Cyber, Privacy, and Technology Report - Welcome to your monthly rundown of all things cyber, privacy, and technology, where we highlight all the happenings you may have missed. State Action: North Dakota Passes Law...more

Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – June 2025

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....more

Holland & Knight LLP

New Jersey Federal Court Sides with Kalshi Over Prediction Market Contracts

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Prediction market platform Kalshi has secured a preliminary injunction against the New Jersey Division of Gaming Enforcement (the Division), preventing the state from enforcing a cease-and-desist order that aimed to halt...more

Orrick, Herrington & Sutcliffe LLP

Colorado enacts its Money Transmission Modernization Act

On April 16, the Colorado General Assembly enacted HB 25-1201, which repeals the state’s current Money Transmitters Act and replaces it with the Money Transmission Modernization Act (the “Act”), which is based on the model...more

Hudson Cook, LLP

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

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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

Ballard Spahr LLP

CFPB inaction harming state consumer protection efforts, Democratic AGs allege in amicus brief

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The Trump Administration’s efforts to “effectively shutter the CFPB” amounts to a “total dereliction of all mandatory statutory duties,” that will harm state consumer protection efforts, Democratic state attorneys general...more

Shipkevich PLLC

Rapid Changes at the CFPB: Speculation, Uncertainty, and the Future of Consumer Protection

Shipkevich PLLC on

The Consumer Financial Protection Bureau (CFPB) has been a focal point for both regulatory oversight and political debate arguably since its inception. Created in 2010 as a response to the financial crisis, the CFPB is still...more

Hudson Cook, LLP

State Licensing Pitfalls Mortgage Servicers Must Beware

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In many states, a company that services a residential mortgage loan by collecting payments from borrowers must hold a mortgage servicer license. What can come as a surprise, however, is that those licenses can also apply to...more

Troutman Pepper Locke

New York AG Sues Yellowstone Capital Over Alleged “Fraudulent Loans” Targeting Small Businesses

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New York Attorney General (AG) Letitia James filed a lawsuit on March 5 against Yellowstone Capital, its founder David Glass, and a network of 30 other affiliated companies and individuals. James alleges that Yellowstone...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

Morgan Lewis

New York Attorney General Proposes Comprehensive and Restrictive Digital Assets Bill

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New York Attorney General Letitia James introduced on May 5, 2023 a proposed bill that, if enacted, would significantly tighten regulation over digital asset market participants and exchanges. While the New York State...more

Sheppard Mullin Richter & Hampton LLP

Massachusetts AG Settles Enforcement Action Against Auto Lender

On February 2, the Massachusetts Attorney General announced that her office entered into an assurance of discontinuance with an auto loan provider to settle allegations of certain illegal auto loan collection practices....more

Sheppard Mullin Richter & Hampton LLP

CFPB and State Regulators Hone in on Interest-Bearing Crypto Accounts

On November 22, the CFPB denied a crypto lending institution’s petition for an order modifying a pending civil investigative demand (“CID”) that the Bureau issued to the institution in December of 2021. The CFPB issued the...more

Miles & Stockbridge P.C.

Will You Need a License to Hold MSRs in Maryland?

The question of whether a state mortgage finance licensing obligation arises to acquire and hold mortgage loans or mortgage loan servicing rights has often generated confusion and raised questions among mortgage finance...more

Faegre Drinker Biddle & Reath LLP

New York Department of Financial Services Announces $1.5 Million Settlement of Second Cybersecurity Enforcement Action

On March 3, 2021, the New York State Department of Financial Services (NYDFS) announced a settlement with Residential Mortgage Services, Inc. (RMS) for $1.5 million in connection with its violation of the NYDFS Cybersecurity...more

Goodwin

Financial Services Weekly Roundup: Priming The Pump – Additional Actions To Combat COVID-19

Goodwin on

Priming the Pump. As the COVID-19 outbreak continues, the Board of Governors of the Federal Reserve System (Federal Reserve), consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), took additional...more

Morgan Lewis

Watch Out for California – State Stepping Up Fintech and Lending Regulatory Enforcement

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A recent legal conference in Washington, DC, highlighted newly proposed and ongoing regulatory changes in California concerning consumer and commercial lending. ...more

Ballard Spahr LLP

CFPB announces proposed consent order with companies alleged to have collected loans void under state law

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The CFPB announced that it has entered into a proposed consent order with Think Finance and six subsidiaries (collectively, the “Think Entities’) to settle the Bureau’s lawsuit filed in November 2017 that alleged the Think...more

Seyfarth Shaw LLP

The Week in Weed: January 2020 #4

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Welcome back to The Week in Weed, your Friday look at what’s happening in the world of legalized marijuana. The big news in cannabis this week comes from New Mexico.  Legislation introduced last Thursday would legalize...more

Seyfarth Shaw LLP

The Year in Weed: 2019 Edition

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Welcome to The Week in Weed’s look back at the news of 2019; whether the year has flown by or seemed to last forever, it’s (almost) over now.  In tribute to Dave Barry and his always hilarious Year in Review, we’ll organize...more

Womble Bond Dickinson

Wage Advance Products Draw First Consumer Class Action Lawsuits

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The legal uncertainties that surround wage advance products continue to boil and bubble. We’ve previously written about legal issues these products raise, the New York Department of Financial Services (“NYDFS”) investigation...more

Seyfarth Shaw LLP

The Week in Weed: December 2019

Seyfarth Shaw LLP on

Welcome back to The Week in Weed, your Friday look at what’s happening in the world of legalized marijuana. New Jersey is talking about decriminalizing marijuana. Regular readers will doubtless recall that legalization...more

Polsinelli

BitBlog Weekly Summary: Digital Asset Regulations in New York State

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This week saw two items of note in the regulation of digital assets and both came out of the state of New York. The Return of the Empire State - A New York State Supreme Court ruled that it has personal and subject...more

Ballard Spahr LLP

CA Dept. of Business Oversight files action against title lender for CA law violations; launches investigation into whether...

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The California Department of Business Oversight (DBO) has filed an administrative enforcement action against a title lender for alleged violations of California law and launched an investigation into whether the interest...more

Ballard Spahr LLP

Washington State AG Sues Debt Buyers for Operating Without a License

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On September 21, 2018, the Attorney General for the State of Washington filed a lawsuit (see complaint) against several companies engaged in purchasing charged-off consumer debts, for operating as “collection agencies”...more

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