Consumer Lenders

News & Analysis as of

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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