Jeremy T. Rosenblum

Jeremy T. Rosenblum

Ballard Spahr LLP

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CFPB files petition in CA federal court to enforce CIDs issued to tribal payday lenders

The CFPB recently filed a petition in U.S. District Court for the Central District of California seeking to enforce the civil investigative demands (CIDs) it issued in June 2012 to three tribally-affiliated payday lenders. A...more

4/14/2014 - CFP CID Payday Loans Tribal Loans

Tribal Affiliation Not a Bar to FTC Authority

In an enforcement action alleging violations of the Federal Trade Commission Act (FTC Act) and other federal laws by tribally affiliated entities that operated an Internet payday lending operation, a Nevada federal court...more

3/25/2014 - FTC Jurisdiction Payday Loans Tribal Loans

CFPB to hold March 25 payday loan field hearing

The CFPB has announced that it will be holding a field hearing on payday loans on March 25, 2014 in Nashville, Tennessee. The event will feature remarks by Director Cordray and testimony from consumer groups, industry...more

3/14/2014 - CFPB Deposit Advances Payday Loans

Director Cordray confirms 2014 focus on payday and other small-dollar loans

According to a report by Kim Chipman and Carter Dougherty of Bloomberg, in a Q&A with state attorneys general that followed a speech today in Washington, D.C. to the National Association of Attorneys General, Director Cordray...more

2/27/2014 - Attorney Generals CFPB Lending Overdraft Fees Pawn Brokers Payday Loans

New York Attorney General Announces Settlement with Large Payday Lender

On January 24, 2014, New York Attorney General Eric Schneiderman announced that a settlement had been reached with Western Sky Financial, LLC, Cash Call, Inc., WS Funding, LLC, and their principals for alleged violations of...more

2/17/2014 - Interest Rates Lenders Payday Loans Predatory Lending Settlement Usury

CFPB denies payday lender’s petition to modify or set aside CID

The CFPB has issued an order denying the petition filed by CheckSmart Financial Company in September 2013 to modify or set aside a civil investigative demand (CID) it received from the CFPB. ...more

1/28/2014 - CFPA CFPB Fair Lending Investigations Payday Loans Predatory Lending

Tribal Sovereign Immunity Blocks Payday Lending Enforcement Action, Calif. Appellate Court Rules

In a state enforcement action alleging violations of California’s lending law and seeking to enjoin continued lending to state residents, a California Court of Appeal has ruled that tribal sovereign immunity shielded the two...more

1/28/2014 - Enforcement Actions Payday Loans Sovereign Immunity Tribal Governments Tribal Lands

DOJ lawsuit sends warning to banks dealing with online payday lenders, third-party payment processors, other targeted companies

Last month, the CFPB filed its first lawsuit against companies involved in online payday lending. The lawsuit against CashCall and several related companies that funded, purchased, serviced and collected online payday loans...more

1/21/2014 - Banks CFPB Compliance DOJ Internet Lenders Payday Loans Payment Processors Third-Party Risk UDAAP

DOJ Hits First Bank Target in ‘Operation Choke Point’

Last week, the U.S. Department of Justice (DOJ) filed a lengthy complaint and consent order in a lawsuit against Four Oaks Bank & Trust Company. The DOJ action is the first lawsuit (and settlement) under "Operation Choke...more

1/20/2014 - Banking Sector CashCall DOJ EFTA Fair Lending Payday Loans Payment Processors

CFPB bootstraps purported state law violations into attack on online payday lending companies

The CFPB has broken new ground in an attack in Massachusetts federal court against CashCall, several related companies and their principal. The companies funded, purchased, serviced and collected online payday loans made by a...more

12/17/2013 - CashCall CFPB Payday Loans Tribal Corporations UDAAP

Former Colorado regulator and consumer advocate Laura Udis to join CFPB as manager for payday lending program

We have learned that, starting Monday, Laura Udis will join the CFPB as the Payday and Small Dollar Lending Program Manager in Research, Markets and Regulations. Ms. Udis comes to the CFPB from the Consumer Federation of...more

12/16/2013 - Borrowers CFPB Consumer Lenders Credit Agreements Debt Collection Debt Settlement Services Debtor-Creditor Interest Rates Lenders Payday Loans Usury

Payday lender files petition to modify or set aside CID

The CFPB recently posted to its website a petition filed by Checksmart Financial Company to modify or set aside a civil investigative demand it received from the Bureau. ...more

12/10/2013 - CFPB CID Payday Loans

New York Payday Loan Crackdown Continues as DFS Subpoenas 16 Lead Generators

The New York Department of Financial Services (DFS) opened a new front in its campaign against the payday lending industry by subpoenaing 16 online lead generation firms that allegedly collected and sold consumers’...more

12/4/2013 - Compliance Department of Financial Services Internet Lenders Payday Loans

New York Attorney General Announces Settlement with Debt Collector of Payday Loans

A settlement with the operator of five Buffalo-area debt collection companies announced on November 21, 2013, by New York Attorney General Eric T. Schneiderman marks the latest chapter in the Attorney General's targeting of...more

12/2/2013 - Attorney Generals Debt Collection Debt Collectors FDCPA Payday Loans Settlement

CFPB rejects (again) trade group efforts seeking retraction of white paper on payday and deposit advance loans

In addition to our own criticism of the CFPB’s April 2013 White Paper on payday and deposit advance loans, the paper has drawn well-deserved fire from industry. As we reported, that fire included a June 2013 petition to the...more

11/25/2013 - CFPB Deposit Advances Payday Loans

Pew Report on Payday Loans Makes Questionable Policy Recommendations

The Pew Charitable Trusts has released the third report in its “Payday Lending in America” series. The new report makes policy recommendations that are intended to apply to all small-dollar consumer cash loans (other than...more

11/5/2013 - Loans Payday Loans

New York City Brings Enforcement Action against National Debt Collector

The New York City Department of Consumer Affairs (DCA) recently filed an enforcement action to enjoin National Credit Adjusters, LLC, a national debt collector, from collecting debts in the City. The DCA had rejected the...more

11/1/2013 - Cease and Desist Debt Collection Enforcement Actions Licenses Payday Loans

New York Continues Payday Loan Crackdown

The New York Department of Financial Services (DFS) may take direct and indirect actions against online tribal lenders, Judge Richard Sullivan of the Southern District of New York held in a ruling last week. The decision is...more

10/7/2013 - Enforcement Actions Payday Loans

FDIC Clarifies Position on Bank Payment Processing for Payday Lenders and High-Risk Merchants

Last week, the FDIC issued the latest in a series of Financial Institutions Letters dating back to 2008 on the subject of banks managing third-party risk. This most recent FIL deals with payment processing for third-party...more

10/3/2013 - Banks FDIC Payday Loans

Much to do about nothing? CFPB guidelines, servicemembers and payday lending

Amid fanfare about its commitment to the protection of the military, the CFPB has released new guidelines to assist its examiners regarding payday and title loans to military servicemembers and their dependents. “Protecting...more

9/23/2013 - CFPB Military Lending Act Payday Loans Richard Cordray

New York Takes Aim at Internet Payday Lenders and Other Industry Players

The Cuomo administration, through the New York State Department of Financial Services (DFS), recently announced aggressive enforcement-related activities in an ongoing DFS investigation designed to stop supposedly unlawful...more

8/9/2013 - Compliance FDCPA Financial Services Authority Fraud Internet Investigations NACHA Payday Loans

Let the games begin!

My friend Hilary Miller, one of the leading payday lending lawyers in the country, has submitted a Petition to the CFPB on behalf the Community Financial Services Association (CFSA), the leading payday lending trade group....more

6/26/2013 - CFPB Payday Loans

A bit of balance from a consumer advocate

Jeff Sovern and I come at most issues from different sides of the street but I want to credit him for the open mind he showed in his recent blog post on deposit advance loans....more

6/26/2013 - Borrowers CFPB Deposit Advances FDIC OCC Payday Loans

Choice of Law and Commerce Clause Do Not Bar Minnesota Regulation of Internet Loans, State Court Rules

A recent Minnesota state court decision serves as a painful reminder to Internet lenders of the perils of relying on choice-of-law provisions or arguments citing the Commerce Clause of the U.S. Constitution to avoid...more

6/10/2013 - Borrowers Choice-of-Law Commerce Clause Internet Lenders Payday Loans Penalties

Further comment on payday lending and deposit advances

As suggested by prior blog posts, I am no fan of the direction the CFPB, OCC and FDIC seem to be going with respect to payday and deposit advance loans. ...more

5/31/2013 - CFPB Deposit Advances FDIC OCC Payday Loans

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