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Enforcement › Payday Loans

Hudson Cook, LLP

CFPB Bites of the Month - 2023 Annual Review - Debt Collection

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In this article, we share a timeline of our monthly "bites" for 2023 applicable to debt collection. If debt collection in 2023 had a theme it would be medical debt....more

Sheppard Mullin Richter & Hampton LLP

Payday Lender Ordered to Pay $39 Million in Misappropriated Funds Suit

Sheppard Mullin Richter & Hampton LLP on

On June 29, a Florida court issued a final judgment against a Miami-based payday lender and its CEO resolving allegations that the defendants misappropriated investor funds. According to the complaint, the business...more

Goodwin

CFPB Report Hints at Possible Debt Collection Focus

Goodwin on

At the end of May 2018, the Consumer Financial Protection Bureau (CFPB) released an analysis of consumer debt collection complaints highlighting several issues that often arise in those complaints. In light of Acting...more

Manatt, Phelps & Phillips, LLP

Payday Lender Settles With CFPB For $10 Million

Manatt, Phelps & Phillips, LLP on

Texas-based ACE Cash Express will pay a total of $10 million to settle an enforcement action brought by the Consumer Financial Protection Bureau (CFPB), predicated upon a finding by the CFPB that ACE had engaged in unfair,...more

Ballard Spahr LLP

FDIC Withdraws List of ‘Risky’ Businesses

Ballard Spahr LLP on

In an unexpected move earlier this week, the FDIC issued a Financial Institution Letter (FIL) announcing that it was withdrawing the list of “risky” merchant categories that was included in prior guidance on account...more

Ballard Spahr LLP

FDIC withdraws list of “risky” businesses alleged to be targeted in “Operation Choke Point”

Ballard Spahr LLP on

In an unexpected move earlier this week, the FDIC issued a Financial Institution Letter announcing that it was withdrawing the list of “risky” merchant categories that was included in prior guidance on account relationships...more

Foley & Lardner LLP

CFPB Expands Its Enforcement Efforts Against Payday Lending

Foley & Lardner LLP on

In November, 2013, the Consumer Financial Protection Bureau announced its first enforcement action against a payday lender. Cash America International was fined $5 million and was ordered to refund $14 million to its...more

Morrison & Foerster LLP

The CFPB's Most Recent Consent Order: Defining "Abusive" Acts and Practices Through Enforcement

Morrison & Foerster LLP on

Last week, the CFPB announced a settlement with payday lender ACE Cash Express of an enforcement action for alleged unfair, deceptive, and abusive practices (UDAAP). The Consent Order reflects the CFPB’s continued focus on...more

Ballard Spahr LLP

House to hold hearings on “Operation Choke Point”

Ballard Spahr LLP on

Two House committees have scheduled hearings this week on “Operation Choke Point,” the coordinated federal multiagency enforcement initiative targeting banks serving online payday lenders and other companies that have raised...more

Goodwin

Nevada Federal Court Holds Tribal Lender Subject to FTC Jurisdiction

Goodwin on

Adopting a magistrate judge’s report and recommendations, the United States District for the District of Nevada held that the FTC has enforcement jurisdiction over tribal payday lenders. ...more

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