News & Analysis as of

CashCall

California Supreme Court to Decide Key Finance Lender Law Usury and Unconscionability Issue

by Ballard Spahr LLP on

Although the California Finance Lenders Law (the CFLL) does not limit the interest rates that may be charged on loans of $2,500 or more, Section 22302 of the law expressly states that loans made under the CFLL may be held...more

Ninth Circuit rejects interlocutory appeal in CFPB lawsuit against CashCall

by Ballard Spahr LLP on

On April 20, the United States Court of Appeals for the Ninth Circuit declined to hear an interlocutory appeal  by CashCall of the district court’s order granting the CFPB’s partial summary judgment motion and denying...more

Colorado Attorney General Pursues 'True Lender' and 'Madden' Actions Against Major Non-Bank Online Lenders

by Pepper Hamilton LLP on

On February 15, the Colorado Attorney General filed substantially similar, separate amended complaints in the U.S. District Court of Colorado against Marlette Funding LLC and Avant of Colorado LLC, alleging violations of...more

PLI’s “The CFPB Speaks” panel discussion

by Ballard Spahr LLP on

Earlier yesterday, at the Practicing Law Institute’s (“PLI”) 22nd Annual Consumer Financial Services Institute in New York City, Alan Kaplinsky (who is co-chairing the event) moderated a panel entitled “The CFPB Speaks,” that...more

Stage Set for Ninth Circuit to Weigh in on “True Lender” Test

by Goodwin on

On January 3, 2017, the Central District of California issued an order in CFPB v. CashCall, Inc., No. 2:15-cv-07522 (C.D. Cal.) allowing the defendants to request an interlocutory appeal of its August 31, 2016, decision...more

Federal district court certifies interlocutory appeal in CFPB lawsuit against CashCall

by Ballard Spahr LLP on

The California federal district court judge who is presiding over the CFPB’s lawsuit against CashCall and several related companies that funded, purchased, serviced, and collected online installment loans has granted the...more

California Court Rejects Attempt to Overturn Judgement Based on Spokeo

by Carlton Fields on

A defendant who lost a bench trial in a certified class case alleging that it violated the Electronic Funds Transfer Act by forcing the plaintiff and class to use electronic funds transfer services to obtain loans sought to...more

Orrick's Financial Industry Week in Review

Financial Industry Developments - Agencies Publish Study on Banking Activities and Investments under Dodd-Frank - On September 8, 2016, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance...more

CashCall Case Brings More Uncertainty to the True Lender Debate

by Pepper Hamilton LLP on

The case provides an outline of issues to consider and structures to avoid in designing bank collaboration models in the future. On August 31, in Consumer Financial Protection Bureau v. CashCall, Inc., the U.S....more

CFPB Month in Review for August 2016

In case you missed it, here is what the Consumer Financial Protection Bureau (CFPB) was up to over the last month: Enforcement Actions and Litigation - Enforcement Action Against First National Bank of Omaha...more

Arguing that CashCall was the "True Lender", CFPB Successfully Challenges High Interest Loan Program

On August 31, a federal district court in California ruled in favor of the U.S. Consumer Financial Protection Bureau (CFPB) on the application of "true lender" principles in the context of a tribal lending arrangement. The...more

FinTech Flash: Marketplace Lending Bank Partner as True Lender

by Goodwin on

In our last FinTech Flash we covered the pros and cons of marketplace lending platform companies entering into bank partnerships. If the arrangement is structured properly, two significant advantages result...more

CFPB Prevails On Summary Judgment Against CashCall, Inc.

On August 31, 2016, in a ground breaking decision, the United States District Court in Los Angeles ruled that CashCall, Inc. violated the Consumer Financial Protection Act in connection with efforts to collect on certain...more

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

by Ballard Spahr LLP on

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

CFPB Sues All American Check Cashing

by Ballard Spahr LLP on

On May 11, 2016, the CFPB sued All American Check Cashing, Mid-State Finance and their President and owner Michael E. Gray. It alleged that the Defendants engaged in abusive, deceptive, and unfair conduct in making certain...more

CFPB enforcement lawyer tries to clarify when a state law violation is also a UDAAP

by Ballard Spahr LLP on

On Thursday, May 11, 2016 in Chicago, I moderated the “CFPB Speaks” panel which was the lead-off panel at the sold-out Practicing Law Institute 21st Annual Consumer Financial Services Institute. The CFPB speakers were: Jeff...more

Marketplace Lending Developments in Maryland, California and Pennsylvania

by Dechert LLP on

Recently, two courts rendered decisions that have implications for the marketplace lending industry regarding the application of state usury and licensing laws to marketplace lenders. Concurrently, federal and state...more

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

by Ballard Spahr LLP on

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

Maryland Licensing Threat to Bank Partner Model to be Reviewed by Court of Appeals

by Ballard Spahr LLP on

The Maryland Court of Appeals, the state’s highest appellate court, last week agreed to review an October 2015 Maryland Court of Special Appeals (MCSA) decision that illustrated how the bank partner structure used by many...more

Risky times for some Internet lenders

by Ballard Spahr LLP on

A recent decision by the Minnesota Supreme Court 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

CFPB Online Loan Suit Sent to California

by McGuireWoods LLP on

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

by Ballard Spahr LLP on

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

CashCall Revisited: The CFPB’s Evolving Theory of Abusiveness

by K&L Gates LLP on

In 2013, the CFPB filed a complaint against CashCall, Inc. and others, alleging that their conduct in collecting on payday loans that allegedly violated certain states’ usury and/or licensing laws constituted unfair,...more

“Predominant economic interest” — CashCall, Inc. v. Morrisey

by Davis Wright Tremaine LLP on

PLA today posts (alongside the already-posted public WebBank deals) a petition for certiorari filed in the U.S. Supreme Court a few months back in the CashCall rent-a-charter / true lender litigation. In this case, West...more

Financial Services Report, Summer 2015

by Morrison & Foerster LLP on

In This Issue: - Arbitration Report - Beltway Report - Bureau Report - Mobile & Emerging Payments Report - Mortgage & Fair Lending Report - Operations Report - Preemption Report -...more

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