Consumer Lenders

News & Analysis as of

Petitioner Opposes NY Regulator’s Motion To Dismiss Lawsuit Seeking Access to Database of Alleged Illegal Payday Lenders

The consumer financial services attorney (the petitioner) who sued the New York State Department of Financial Services (DFS) and its superintendent, Benjamin Lawsky, to obtain access to DFS’s database of alleged illegal...more

Retail Vehicle Installment Sale Contracts Now Regulated under PA Consumer Credit Code’s Motor Vehicle Sales Finance Provisions

In September 2014, dealers received a letter from the Department of Banking (“Banking”) regarding the repeal and replacement of the Motor Vehicle Sales Finance Act (“MVSFA”) with the Motor Vehicle Sales Finance provisions...more

Bank of Russia Has for the First Time Published Marginal Values of Full Cost of Payday Loans

On November 14, 2014, the Bank of Russia has for the first time published information on the weighted average of full cost of consumer loans calculated for the period from September 1 to September 30, 2014 and the marginal...more

Comment Period is Closing for U.S. Department of Defense’s Proposed Military Lending Act Rules Expansion

On September 29, 2014, DOD proposed expanding its regulation implementing the Military Lending Act (“MLA”) and the comment period for the proposed amendment is November 28, 2014. The MLA provides consumer protections for...more

DBO Proposes Reversal Of Long-Standing CFLL Interpretation

The California Finance Lenders Law generally requires that a person engaged in the business of making consumer loans and/or commercial loans obtain a license from the Department of Business Oversight. Cal. Fin. Code § 22100....more

Connecticut Broadens Exemptions to Law Limiting Credit Checks

Connecticut has added mortgage brokers, lenders, and servicing companies to the list of “financial institutions” exempted under the state’s existing law limiting credit checks for purposes of employment. The amendment, which...more

DOD Proposes Significant Expansion of Military Lending Act Protections

On September 29, 2014, the Department of Defense (DOD) published a proposed rule in the Federal Register to amend its regulation implementing the Military Lending Act (MLA), 32 C.F.R. Part 232, to significantly expand the...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

Missouri Assembly Overrides Governor’s Veto Of Installment Lending Bill

On September 10, the Missouri General Assembly voted to override Governor Jay Nixon’s veto of SB 866, which defines traditional installment loans as “fixed rate, fully amortized, closed-end extensions of direct consumer...more

CFPB UDAAP Action Targets Payday Lender’s Collection Activities

On Friday, the CFPB announced that a nonbank consumer lender will pay $10 million to resolve allegations that it engaged in certain unfair, deceptive, and abusive practices in the collection of payday loans. ...more

DOJ And CFPB Team Up To Take On Auto And Mortgage Lenders

The CFPB and the Department of Justice (DOJ) are joining forces to pursue damages and penalties against consumer lenders for violation of the Equal Credit Opportunity Act (ECOA) in pricing consumer loans....more

House Committee Members Express Concerns About Operation Choke Point

On April 8 the House Financial Services Committee held a hearing with the general counsels of the federal banking agencies regarding, among other things, Operation Choke Point, the federal enforcement operation reportedly...more

UK FCA Describes Approach To Consumer Credit Markets, Launches Review Of Credit Card Market

On April 3, Martin Wheatley, Chief Executive of the UK Financial Conduct Authority (FCA), which took over responsibility for overseeing consumer credit markets in the UK on April 1, 2014, identified the FCA’s most “immediate...more

Former Colorado regulator and consumer advocate Laura Udis to join CFPB as manager for payday lending program

We have learned that, starting Monday, Laura Udis will join the CFPB as the Payday and Small Dollar Lending Program Manager in Research, Markets and Regulations. Ms. Udis comes to the CFPB from the Consumer Federation of...more

Social Media: Consumer Compliance Risk Management Guidance

On December 11, 2013, the Federal Financial Institutions Examination Council (FFIEC) released final guidance (“Guidance”) on the applicability of consumer protection and compliance laws, regulations, and policies to...more

Federal Reserve Bank of Philadelphia Sponsors Small-Dollar Credit Conference

On July 11-12, 2013, DWT partner Andy Owens attended a conference organized by the Federal Reserve Bank of Philadelphia (Federal Reserve) entitled Small-Dollar Credit: Products, Economics, and Regulation....more

FTC confirms continued commitment to vigorous enforcement in letter to CFPB

In its annual letter to the CFPB on its 2012 administrative and enforcement activities related to Regulations B (ECOA), E (Electronic Fund Transfers), Z (TILA) and M (Consumer Leasing), the FTC stressed that it is “committed...more

A bad month for payday lenders

February was not a good month for payday lenders. As previously reported, on February 20, CFPB Director Cordray expressed pointed concerns about payday and short-term loan “debt traps” in a speech to the Consumer Advisory...more

DOJ Settles Another ‘Pattern or Practice’ Fair Lending Case

The U.S. Department of Justice (DOJ) recently settled a fair lending lawsuit against Texas Champion Bank. This means that, once again, a DOJ attempt to use disparate impact evidence to establish that a lender engaged in a...more

The FTC’s Interim Final Red Flags Rule: What It Means for Non-Bank, Short-Term Consumer Lenders

On November 30, 2012, the Federal Trade Commission (FTC) issued an interim final rule related to its identity theft “Red Flags Rule” that amends the regulatory definition of “creditor” to make it consistent with the revised...more

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