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Borrowers Civil Monetary Penalty

Sheppard Mullin Richter & Hampton LLP

CFPB Files Action Against Fintech for Allegedly Violating Previous Order, Deceiving Customers, Withdrawing Funds Without Consent

On November 15, the CFPB issued an order requiring an Illinois-based fintech lender to pay $15 million in fines. The order additionally prohibits the company from operating in certain lines of business and requires revision...more

Goodwin

FinCEN Proposes Rule for SARs Sharing Pilot Program

Goodwin on

In This Issue. The Financial Crimes Enforcement Network (FinCEN) issued a proposed rule about the establishment of a limited-duration pilot program for sharing suspicious activity reports (SARs); FinCEN published the final...more

Perkins Coie

Fintech Legal Report - September 2021 #2

Perkins Coie on

House Financial Services Committee Discusses Consumer Rights to Access Personal Financial Data - On September 21, 2021, the House Committee of Financial Services Task Force on Financial Technology held a hybrid hearing...more

Cozen O'Connor

Texas Power Companies Investigated Post-Storm | Cryptocurrency Investors Misled| Student Loan Relief

Cozen O'Connor on

2022 AG Elections- Republican Candidate Seeks 2022 Rematch Against Minnesota’s Incumbent Attorney General- •Doug Wardlow, general counsel for My Pillow, Inc. and a former state representative, has announced he will...more

White & Case LLP

Sanctioned default? The English High Court considers the effect of foreign illegality on English obligations

White & Case LLP on

As sanctions ramp up globally, it is increasingly important for commercial parties engaged in cross border transactions to have certainty (i) as promisees (e.g. lenders) as to when their counterparties may legitimately avoid...more

Manatt, Phelps & Phillips, LLP

CFPB Brings Another Auto Lender Action, This Time for $48M

Why it matters - Continuing its focus on the auto lending industry, the Consumer Financial Protection Bureau (CFPB) ordered Westlake Services LLC and subsidiary Wilshire Consumer Credit LLC to pay roughly $48 million for...more

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