Finance & Banking Indigenous Peoples Consumer Protection

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Vermont federal district court rules CFPA does not provide private right of action for alleged usurious loans; denies motion to...

A Vermont federal district court recently issued a decision ruling on the defendants’ motion to dismiss a class action involving allegations that an online tribal lending venture violated federal and state law because of...more

Spotlight on CFPB Enforcement

At this week’s NBPCA Power of Prepaid conference in Washington, DC, DWT Payments team member Adam Maarec joined a panel entitled “Spotlight on CFPB Enforcement: Uncovering Recent Trends, Targets and Priorities Surrounding...more

DOJ Takes On Tribal Lending: Inside The Indictments

In recent months, the attention of the tribal lending industry has focused on the Consumer Financial Protection Bureau’s emerging role in regulating short-term loans from sovereign tribal nations, but a new and even more...more

Lawmakers Request That the CFPB Consult With State Officials Before Proceeding With Its Proposed Rulemaking on Short-Term Lending

In an April 8, 2016 letter to Richard Cordray, Director of the Consumer Financial Protection Bureau (“CFPB,” or “Bureau”), Representatives Randy Neugebauer (R-TX) and Mick Mulvaney (R-SC) requested that the Bureau convene a...more

Republican Congressmen seek CFPB forum on impact of payday lending rule on state and tribal sovereignty

Two Republican members of the House Financial Services Committee, Randy Neugebauer and Mick Mulvaney, have sent a letter to Director Cordray asking him to convene a forum or roundtable of state and tribal officials before the...more

Director Cordray reveals no change in CFPB’s approach to payday loans

In remarks earlier this week to the National Credit Union Association, Director Cordray discussed the proposals the CFPB is considering for small dollar loans. In March 2015, in anticipation of convening a SBREFA panel, the...more

Owner of Payday Lenders, Attorney Hit with Federal Criminal Indictment

A man alleged to be the owner and operator of a group of payday-lending companies and an attorney alleged to have submitted false affidavits and structured sham arrangements have been indicted by a federal grand jury in New...more

CA federal court refuses to dismiss CFPB lawsuit against payday lending companies alleging UDAAP violations based on state law...

A federal district court has refused to dismiss the lawsuit filed by the CFPB in December 2013 against CashCall, several related companies and their principal, which asserted UDAAP violations based on the defendants’ efforts...more

CFPB Online Loan Suit Sent to California

In the most recent development in the CFPB’s two-year-old lawsuit alleging unfair, deceptive, and abusive practices by several online lenders, on September 23, 2015, Massachusetts U.S. District Judge George O’Toole, Jr.,...more

CFPB files lawsuit against Internet payday loan companies

The CFPB has filed a complaint in federal district court in New York against a group of commonly-controlled companies for allegedly engaging in unlawful conduct in connection with making payday loans over the Internet. With...more

Briefing completed in Ninth Circuit tribal lending case challenging CFPB authority

Briefing has now been completed in CFPB v. Great Plains Lending, LLC, et al., the case before the U.S. Court of Appeals for the Ninth Circuit in which three tribally-affiliated payday lenders are challenging the CFPB’s...more

Report from SBREFA Panel on Payday, Title and Installment Loans

Wednesday, I had the opportunity to participate as an advisor to a small entity representative (“SER”) at the small business review panel on payday, title and installment loans. The meeting was held in the Treasury Building’s...more

CFPB and Navajo Nation Partner in UDAAP Action Against Companies Involved in Alleged Tax Refund Scheme

On April 14, the CFPB along with the Navajo Nation jointly announced an enforcement action against two companies and their respective owners (Defendants) for running an alleged tax-refund scheme, marking the CFPB’s “first...more

FTC Settles With Payday Lenders for $21M Plus $285M in Waived Charges

Why it matters - Continuing the regulatory crackdown on payday lenders, the Federal Trade Commission (FTC) reached a proposed settlement with two lenders – AMG Services, Inc. and MNE Services, Inc. – for a $21 million...more

FTC Announces Settlement with Online Payday Lenders

The Federal Trade Commission recently announced a settlement with two online payday lenders to resolve charges that they violated the FTC Act, the Truth in Lending Act (TILA), and the Electronic Fund Transfer Act (EFTA). The...more

Connecticut Banking Regulator Fines Tribal Payday Lenders

On January 6, the Connecticut Department of Banking issued a cease and desist order against the head of an American Indian tribe and two payday loan companies owned by the tribe for allegedly violating a state cap on interest...more

Second Circuit Issues Decision in Payday-Loan Regulatory Case

In a clash of competing sovereigns’ interests, the Second Circuit recently upheld, for now, the authority of the New York Department of Financial Services (DFS) to regulate online payday loans made by Indian tribal lenders to...more

Federal district court grants CFPB petition to enforce CIDs issued to tribal lenders

A California federal court recently issued an order granting the CFPB’s petition to enforce its civil investigative demands (CIDs) issued to three tribally-affiliated payday lenders. However, the court also granted the...more

Senate Democrats Lobby CFPB On Forthcoming Payday Lending Proposal

On May 14, six Senate Democrats, including Senate Banking Committee Members Jeff Merkley (D-OR) and Elizabeth Warren (D-MA), sent a letter to CFPB Director Richard Cordray asking that the CFPB consider the proposals included...more

Tribal Lenders File Opposition to CFPB’s Motion to Enforce Civil Investigative Demand

Resisting the CFPB’s enforcement petition filed in the United States District Court for the Central District of California, as they resisted the petition in proceedings before the CFPB, a group of tribally-affiliated lenders...more

CFPB replies to tribally-affiliated lenders’ opposition to CIDs

Last Friday, the CFPB replied to the arguments made by three tribally-affiliated payday lenders in opposition to the CFPB’s petition in California federal court seeking to enforce the civil investigative demands (CIDs) issued...more

FTC Settles Suit Against Tribe-Affiliated Lenders; Dispute Over CFPB Investigation Of Tribe-Affiliated Lenders Moves To Federal...

On April 11, the FTC announced that a tribe-affiliated payday lending operation and its owner agreed to pay nearly $1 million to resolve allegations that they engaged in unfair and deceptive acts or practices and violated the...more

Tribally-affiliated lenders file opposition to CFPB’s petition to enforce CIDs

We recently reported that the CFPB has 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...more

CFPB amends CashCall complaint

The CFPB has filed an amended complaint in its lawsuit against CashCall and several related companies that funded, purchased, serviced and collected online payday loans to identify additional states in which the loans...more

CFPB Dispute with Tribe-Affiliated Lender Spills into Court

After denying a petition to set aside a civil investigative demand, the CFPB, filed a petition in the United States District Court for the Central District of California to enforce its civil investigative demand against...more

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