While uncertainty continued to loom over the CFPB, the states did not take a spring break. Instead, we saw an eye-popping settlement from NY DFS involving BSA/AML claims. And both republican and democratic AGs continued to...more
The Situation: The Office of the Comptroller of the Currency ("OCC") has appealed a decision from the Southern District of New York that concluded that the OCC lacks the authority to grant "Fintech Charters" to nondepository...more
On August 6, 2019, the New York Department of Financial Services Superintendent Linda A. Lacewell announced that the DFS will lead a multistate investigation into the payroll advance industry and allegations of unlawful...more
The New York Department of Financial Services (DFS) issued a press release this week to announce that it is leading a multistate investigation into the payroll advance industry. A payroll advance allows an employee to access...more
Bank partnerships allow banks to offer loans to consumers and businesses by leveraging the resources of non-bank entities. The relationships between banks and their non-bank entity partners have existed for many years. In the...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
A New York lender licensing proposal that threatened to create new regulatory burdens for financial service providers and to potentially adversely affect credit availability to New York residents and businesses, has been...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
The New York State Department of Financial Services (DFS) has announced that it has entered into a consent order with an online payday loan lead generator and its chief executive officer (CEO) (collectively, respondents) to...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