News & Analysis as of

Unfair or Deceptive Trade Practices Non-Bank Lenders

Troutman Pepper Locke

Mass. AG Emerges as Key Player in Consumer Protection

Troutman Pepper Locke on

Massachusetts Attorney General Andrea Campbell has emerged as a significant figure in the landscape of consumer protection and corporate accountability. Her actions and initiatives have positioned her as a thought leader...more

Latham & Watkins LLP

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

Latham & Watkins LLP on

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

Kentucky Restricts Marketing for Non-Bank Entities and Provides Clarity in Residential Real Estate Transactions

On April 4, Kentucky enacted HB 88, which will amend laws related to unlawful trade practices, and prohibit entities that are not banks or trust companies from: - suggesting that they are engaged in banking or trust...more

Husch Blackwell LLP

New California Law Prohibits Certain Fees in Commercial Financing

Husch Blackwell LLP on

California continues to lead the charge for increased regulation in the commercial finance space. Most recently, on October 13, 2023, California Governor Gavin Newsom signed Senate Bill 666 into law, which will prohibit...more

Goodwin

CFPB Reaches $20 Million Consent Order with Lender over Optional Add-On Products

Goodwin on

​​​​​​​On May 31, 2023, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with an Indiana-based non-bank installment lender. ​​The consent order alleges that the lender engaged...more

Orrick, Herrington & Sutcliffe LLP

CFPB proposes T&C registry for nonbanks

On January 11, the CFPB announced a proposed rule to create a public registry of terms and conditions used in non-negotiable, “take it or leave it” nonbank form contracts that “claim to waive or limit consumer rights and...more

BCLP

Deceptive and Unfair - Multiple NSF Fees on Representments of the Same Transaction

BCLP on

In guidance issued recently, the Federal Deposit Insurance Corporation (“FDIC”) advised that charging multiple non-sufficient funds (“NSF”) fees constitute “violations of law” when customer disclosures do not fully and...more

Seyfarth Shaw LLP

$91M Nationstar Mortgage Settlement Resolves CFPB and State Claims of Illegal Loan Servicing Practices

Seyfarth Shaw LLP on

On December 7, 2020, the Consumer Financial Protection Bureau (CFPB) along with attorneys general from all 50 states and the District of Columbia and bank regulators from 53 jurisdictions covering 48 states and Puerto Rico,...more

Baker Donelson

The New Paradigm in Vendor Management Under the CFPB

Baker Donelson on

This past July marked the fifth anniversary of the creation of the Consumer Financial Protection Bureau (CFPB), a period marked by sweeping changes to the regulatory and administrative environment in which financial...more

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