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CFPB seeking public comment on buy-now-pay-later products

Having sent orders last month to five companies that offer buy-now-pay-later (BNPL) products directing them to provide information to the Bureau, the CFPB published a notice in today’s Federal Register seeking public comment...more

CFPB Acting General Counsel addresses “confusion” caused by CFPB advisory opinion on earned wage access program

In a letter to three representatives of consumer advocacy groups, CFPB Acting General Counsel Seth Frotman indicated that due to “repeated reports of confusion” caused by the CFPB’s November 2020 advisory opinion (AO) on...more

NYDFS announces providers of commercial financing not required to provide consumer-like disclosures under new law until final...

The New York Department of Financial Services has issued a letter announcing that it has concluded that the obligation of providers of commercial financing under the Commercial Finance Disclosure Law (CFDL) to provide...more

CFPB orders five providers of buy-now-pay-later products to provide information

At the end of last week, the CFPB sent orders to five companies that offer buy-now-pay-later (BNPL) products directing them to provide information to the Bureau. The orders were issued as market monitoring orders under the...more

NYDFS publishes notice of proposed regulation on consumer-like disclosures for commercial financing transactions

On October 20, 2021, the New York Department of Financial Services published a notice in the New York State Register announcing that it has issued a proposed regulation to implement S 5470–B, which requires consumer-like...more

Hawaii enacts significant changes to small-dollar lending law

Hawaii recently enacted significant changes to its small-dollar lending law that repeals existing Hawaii law on deferred deposits and creates a new regime for installment loans. Although H.B. 1192 took effect on July 1, the...more

NY DFS proposes regulation on disclosures for commercial financing transactions

The New York Department of Financial Services has issued a proposed regulation to implement S 5470–B, which requires consumer-like disclosures for “commercial financing” transactions of $2.5 million or less. The proposed...more

CA DFPI issues second modifications to proposed regulations to implement 2018 law requiring consumer-like disclosures for...

The California Department of Financial Protection and Innovation (DFPI) has issued second modifications to its proposed regulations to implement SB 1235, the bill signed into law on September 30, 2018 that requires...more

Plaintiff in lawsuit challenging CFPB’s rescission of ability-to-repay provisions of 2017 payday loan rule files opposition to...

The National Association for Latino Community Asset Builders (NALCAB) has filed its combined opposition to the motions of the CFPB and the Consumer Financial Services Association (CFSA) to dismiss NALCAB’s lawsuit challenging...more

CA DFPI issues modifications to proposed regulations to implement 2018 law requiring consumer-like disclosures for commercial...

The California Department of Financial Protection and Innovation (DFPI) has issued modifications to its proposed regulations to implement SB 1235, the bill signed into law on September 30, 2018 that requires consumer-like...more

CFPB issues compliance assistance sandbox approval for earned wage access product

The CFPB has issued an approval order through its Compliance Assistance Sandbox Policy (CAS Policy) to Payactiv in connection with its earned wage access (EWA) program....more

Eighth Circuit Rules Against Telemarketing Company on TCPA Claim, Yet Declares $1.6 Billion in Statutory Damages Unconstitutional

The U.S. Court of Appeals for the Eighth Circuit found that unwanted, prerecorded phone messages to consumers, even without any other alleged harm, met the injury-in-fact requirement for Article III standing to bring a...more

Ninth Circuit Reaffirms Its Broad Definition of ATDS in TCPA ; Rules Government Debt Exception Unconstitutional

A unanimous three-judge panel of the U.S. Court of Appeals for the Ninth Circuit in Duguid v. Facebook, Inc., has reaffirmed the broad reading of the Telephone Consumer Protection Act’s (TCPA) definition of an automatic...more

Ninth Circuit Accepts Broad Definition of ATDS

A unanimous three-judge panel of the U.S. Court of Appeals for the Ninth Circuit on Thursday handed the plaintiffs’ bar a resounding win. ...more

California on the Verge of Requiring Commercial Finance Disclosures

It appears likely that California Governor Jerry Brown will sign a bill passed on August 31 by the state's Senate, Senate Bill 1235, which would create consumer-style disclosure requirements for certain commercial loans and...more

TCPA's Definition of Autodialer Restricted to Equipment's Current Functions, Second Circuit Holds

In a significant opinion issued last week, the U.S. Court of Appeals for the Second Circuit held that the term "capacity," in the Telephone Consumer Protection Act's (TCPA) definition of "automatic telephone dialing system"...more

Third Circuit Refuses to Apply TCPA Autodialer Limits Based on System’s Potential Capacity

This week's ruling of the U.S. Court of Appeals for the Third Circuit in Dominguez v. Yahoo, Inc. (Dominguez II) represents the first circuit court decision to address the Telephone Consumer Protection Act's (TCPA)...more

Oral Revocation of TCPA Consent Ineffective Where Agreement Required Written Notice, Court Rules

A consumer's alleged oral revocation of consent to receive autodialed or prerecorded calls to his cell phone was ineffective under the Telephone Consumer Protection Act (TCPA) when his credit card agreement provided that...more

D.C. Circuit TCPA Decision Gives Industry Partial Victory But No Certainty

The decision last week of the U.S. Court of Appeals for the D.C. Circuit ruling on petitions seeking review of the Federal Communications Commission’s (the “FCC”) 2015 Declaratory Ruling and Order (the “2015 Ruling”)...more

Second Circuit Holds That TCPA Does Not Permit Unilateral Revocation of Consent Obtained Contractually

The U.S. Court of Appeals for the Second Circuit recently held, in Reyes v. Lincoln Automotive Financial Services, that the Telephone Consumer Protection Act (TCPA) "does not permit a consumer to revoke its consent to be...more

FCC Cannot Require Opt-Out Notice on "Solicited" Fax Ads, D.C. Circuit Holds

The FCC's 2006 Solicited Fax Rule is unlawful to the extent that it requires opt-out notices on solicited fax advertisements, the U.S. Court of Appeals for the District of Columbia Circuit has held in a 2-1 ruling....more

NY Licensing Proposal Threatens New Burdens on Financial Services Providers, Reduced Credit Availability

Proposed legislation to implement New York Governor Andrew Cuomo's 2018 Fiscal Year Executive Budget would amend the New York Licensed Lender Law to significantly extend its licensing requirements. The proposal threatens to...more

Tribal Sovereign Immunity Not a Bar to Payday Lending Enforcement Action, California Supreme Court Rules

In a state enforcement action alleging violations of California's lending law and seeking to enjoin continued lending to state residents, the California Supreme Court has ruled that the two tribally affiliated entities that...more

Installment Lender Using Bank Partner Model Needs Maryland License, Court of Appeals Rules

The Maryland Court of Appeals, the state's highest court, in CashCall, Inc. et al. v. Maryland Commissioner of Financial Regulation, recently affirmed the judgment of the Court of Special Appeals (MCSA) directing CashCall to...more

Supreme Court Denies Certiorari To Review Second Circuit’s Decision in Madden v. Midland Funding, LLC

The U.S. Supreme Court has denied certiorari to review the decision of the U.S. Court of Appeals for the Second Circuit in Madden v. Midland Funding, LLC. As previously reported, Madden involved a putative class action...more

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