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FTC Files Lawsuit Against Merchant Cash Advance Providers For Alleged Unfair And Deceptive Practices

The FTC’s recently-filed lawsuit against two merchant cash advance providers and their chief executive officer and president for alleged unfair and deceptive conduct in violation of the FTC Act serves both as an illustration...more

Small business borrowers bring lawsuit alleging lender engaged in “rent-a-charter” scheme to make usurious loans

A group of small businesses and their individual owners have filed a putative class action lawsuit in a New York federal district court against online lender Kabbage, Inc. that alleges Kabbage engaged in a “rent-a-charter”...more

FTC to Host Strictly Business: A Forum on Small Business Financing

The FTC has announced that on Wednesday, May 8, it will host a forum on small business lending which will examine trends and consumer protection issues in the marketplace....more

Georgia Supreme Court Ruling Is Helpful Precedent for Litigation Financing Industry

Consistent with the weight of authority, the Georgia Supreme Court has ruled that certain litigation financing agreements structured as asset sales were not disguised "loans," and therefore not subject to the state's...more

GAO to opine on whether CFPB indirect auto finance guidance is a rule subject to disapproval under the Congressional Review Act

American Banker has reported that the Government Accountability Office has accepted a request from Senator Pat Toomey on whether the CFPB’s indirect auto finance guidance issued in March 2013 is a “rule” under the...more

Best Practices Issued for Small Business Alternative Finance Industry

The Small Business Finance Association (SBFA) has issued "Small Business Finance Principles" that represent best practices for providers of merchant cash advances (MCA) and other companies in the alternative finance industry...more

Colorado Supreme Court Ruling That Litigation Financing is a Loan Could Have Broader Reach

The Colorado Supreme Court has ruled that two litigation financing programs are non-recourse “loans,” not purchases, and therefore subject to licensing and other requirements of the state’s Uniform Consumer Credit Code...more

House Democrats request auto fair lending information from the CFPB

We have previously blogged about the CFPB’s laser-like focus on the fair lending practices of banks and non-banks purchasing auto finance consumer contracts from auto dealers....more

CFPB delays effective date of Reg Z prohibition on financing credit insurance premiums

The CFPB has issued a final rule delaying the June 1, 2013 effective date of the Regulation Z prohibition on financing credit insurance premiums (Section 1026.36(i)). The final rule sets January 10, 2014 as the prohibition’s...more

Auto dealer trade groups question CFPB guidance

It seems two major auto dealer trade groups share my doubts about whether the CFPB’s position on dealer rate participation will really help car buyers. In a statement responding to CFPB Bulletin 2013-02, the National...more

CFPB Issues Guidance on Indirect Auto Lending ECOA Compliance

The Consumer Financial Protection Bureau has issued guidance on fair lending compliance for indirect auto lenders. The guidance targets the practice of “dealer markups.” This practice involves an auto dealer charging the...more

So this is what the CFPB means about leveling the playing field?

My colleague, Chris Willis, posted his reaction to CFPB Bulletin 2013-02, which provides guidance as to how the CFPB will apply ECOA and Reg B to dealer rate participation in the auto finance business. Except for Chris’...more

CFPB lawyer discusses disparate impact in auto financing and says important development to happen soon

At the ABA Consumer Financial Services Committee meeting earlier this week, Rick Hackett, Assistant Director of the Research, Markets and Regulations Division of the CFPB, spoke about “Discretionary Pricing in Indirect Auto...more

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