Consumer Lenders

News & Analysis as of

Deadline Extended for Requesting Direct Access to Military Loan Act Database

The Department of Defense has extended the deadline for requesting direct access to its Military Loan Act (MLA) Defense Manpower Data Center (DMDC) database until February 15, 2016. Under amendments to the MLA's implementing...more

FDIC Puts Up More Road Blocks for Marketplace Lenders

The FDIC continues to be the one regulator with the most cautious outlook regarding marketplace lending. The Federal Deposit Insurance Corporation’s (FDIC’s) February 1 issue of Supervisory Insights continues the...more

CFPB Publishes Monthly Complaint Snapshot on “Other Financial Services” and Trends in New York

On January 28,2016, the Consumer Financial Protection Bureau (CFPB) published its latest monthly consumer complaint snapshot (Snapshot) focusing on consumer complaints related to debt settlement, check cashing, money orders...more

Federal court issues mixed ruling on PA AG’s Dodd-Frank UDAAP claim based on alleged “rent-a-bank” and “rent-a-tribe” schemes

An attempt by the Pennsylvania Attorney General to use her Dodd-Frank Section 1042 authority recently met with only partial success in Pennsylvania federal district court. Section 1042 allows state attorneys general and...more

Will Assignee Liability Increase as FTC Seeks Comments on the Holder Rule?

The “Adam’s Rib” of assignee liability ? the “Holder Rule” issued by the Federal Trade Commission (“FTC”) in 1976 ? is up for review. Imposing liability on innocent purchasers of consumer credit loans for the legal violations...more

“High-Cost Credit” Consumer Lenders Face New Laws in Manitoba

New laws to regulate consumer loans and lines of credit that meet the definition of a “high-cost credit product” will come into effect in Manitoba on September 1, 2016. After this date, a consumer lender who offers, arranges...more

FinTech in the UK: Regulating Disruption

The United Kingdom Government’s Chief Scientific Adviser in its 2015 FinTech Report considered “FinTech” as the integration of “finance and technology in ways that will disrupt traditional financial models and businesses and...more

CFPB Continues Stated Intention to Target Large Non-Bank Auto Lenders

In December 2015, the CFPB took action against non-bank auto lender CarHop. In so doing, the CFPB continued to carry out its stated intention of expanding its regulatory oversight to large non-bank auto lenders. ...more

A word of caution: does your prepayment indemnity clause work?

The High Court decision in K/S Preston Street v Santander [2012] EWHC 1633 and the more recent decision in Barnett Waddington v RBS [2015] EWHC 2435 highlight the importance of careful drafting of prepayment indemnity clauses...more

Revised draft pre-action protocol for debt claims out for consultation

The Ministry of Justice is consulting on a revised draft Pre-action Protocol for Debt Claims (Debt Protocol) after an earlier version was lambasted by representatives of the credit industry as being totally disproportionate....more

UK Financial Regulatory Developments - January 2016 #3

FCA publishes pensions report - FCA has published its Retirement Income Market Data report for the period of July to September 2015. It covers: - choices made by consumers accessing their pensions; -...more

Senator Brown urges funding of Dodd-Frank small dollar loan programs

Senator Sherrod Brown, ranking member of the Senate Banking Committee, has sent a letter to President Obama that asks the President to prioritize funding in his FY 2017 budget proposal for programs in Title XII of the...more

Treasury publishes Banking Act report

Treasury has published its six-monthly report on arrangements which involve or may require reliance on section 228(1) of the Act, which allows Treasury to make payments from money provided by Parliament or the Consolidated...more

Citizen, Soldier, Small-Business Owner? Commercial Lending and The Servicemembers Civil Relief Act

The Servicemembers Civil Relief Act, 50 U.S.C.A. § 3901, provides certain protections to military service members regarding their financial obligations. The act applies to virtually every type of debt that a service member...more

California Launches Marketplace Lending, Merchant Cash Advance Inquiry

The recent announcement by the California Department of Business Oversight (DBO) that it has launched an inquiry into the marketplace lending industry represents an important development that could presage increased industry...more

CFPB Orders Small-Dollar Lender to Pay $10 Million for Debt Collection Practices; Releases Compliance Bulletin

On December 16, the CFPB announced a consent order against a Texas-based small-dollar lender for alleged violations of the Consumer Financial Protection Act, the Electronic Fund Transfer Act (EFTA), and the EFTA’s...more

California DBO Seeks Information Regarding Marketplace Lending Industry

On December 11, the California Department of Business Oversight (DBO) announced an inquiry into the marketplace lending industry, requesting that 14 lenders complete an online survey to provide five-year trend data on their...more

BoE issues Financial Stability Report

The latest Financial Stability Report says the UK financial system has become more resilient in line with regulatory requirements since the report in July (see FReD 3 July). It reports that stress-test results and banks’...more

The House Has Voted: Auto Lenders Prevail Over CFPB

As we predicted, auto lenders scored a significant victory last week in opposing the Consumer Financial Protection Bureau’s (CFPB’s) efforts to regulate the auto financing industry. House Resolution 1737, The Reforming CFPB...more

CFPB Debt Collection Rules: Requirement to Maintain Original Account Records for Every Customer

The Consumer Financial Protection Bureau is preparing to release its proposed regulations on debt collection in the near future. The structure and substance of these extensive regulations, and their impact on the financial...more

NY Fed blog post calls into question objections to payday loans and rollover limits

A blog post about payday lending, “Reframing the Debate about Payday Lending,” posted on the New York Fed’s website takes issue with several “elements of the payday lending critique” and argues that more research is needed...more

California DBO Orders California-based Lender to Pay Restitution to California Borrowers

On November 18, the California DBO announced that a California-based lender fulfilled its obligation to pay nearly $1 million of restitution to more than 7,000 California consumers and $1 million to the DBO in penalties to...more

House of Representatives Issues Report Blasting CFPB on the Heels of House Vote to Repeal CFPB’s Auto Lending Guidance

On November 24, 2015, Republican members of the House of Representatives’ Financial Services Committee issued a report titled Unsafe at Any Bureaucracy: CFPB Junk Science and Indirect Auto Lending, which blasts the Consumer...more

CFPB Takes Action Against Online Lender Integrity Advance, LLC

On November 18, 2015, the Consumer Financial Protection Bureau (“CFPB”) announced that it initiated an administrative proceeding against online lender Integrity Advance, LLC, and its CEO, for allegedly deceiving consumers...more

Challenge to CFPB’s Auto Lending Guidance

A bipartisan bill, House Resolution 1737, which the U.S. House of Representatives will be voting on this week, seeks to nullify the Consumer Financial Protection Bureau’s (CFPB’s) guidance to indirect auto lenders....more

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