CashCall

News & Analysis as of

CFPB Sues All American Check Cashing

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

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

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...

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

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

Maryland Court of Special Appeals Holds MCSBA Applies to Loan Broker Working with Federally Insured Out-of-State Banks

On October 27, the Maryland Court of Special Appeals held that a loan broker who originates loans in Maryland for a federally insured out-of-state bank and then repurchases those loans days later qualifies as a “credit...more

Risky times for some Internet lenders

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

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

CashCall Revisited: The CFPB’s Evolving Theory of Abusiveness

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

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

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

Kight vs. CashCall – raising the bar for certification in call recording class actions

The California Invasion of Privacy Act, Penal Code sections 630 et seq. (CIPA) is only a credible threat if plaintiffs can achieve class certification. Otherwise, the case is nearly valueless, and will fall to the curb in no...more

"California Consumer Class Actions: What CashCall Means for Businesses in Privacy Cases"

The California Invasion of Privacy Act (CIPA) imposes criminal penalties on anyone who intentionally "eavesdrops upon or records [a] confidential communication" in California without the consent of all parties to the...more

The Importance Of Selecting An Available Arbitration Forum

The Eleventh Circuit affirmed a Florida district court’s denial of Cashcall’s motion to compel arbitration, as the forum selected in the parties’ loan agreement was not available. Appellee Abraham Inetianbor initially...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

Director Cordray highlights CFPB collaboration with state AGs

The CFPB’s collaboration with state attorneys general was the focus of Director Cordray’s remarks today to the National Association of Attorneys General. Director Cordray discussed the role of such collaboration in various...more

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

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

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