Internet Lenders

News & Analysis as of

Disclosure Confusion in the Online Lead Generation Industry

This post is the second in a series we’re writing on the FTC’s workshop on online lead generation entitled Follow the Lead. In our first post, we explored how online lead generation works. Here, we will discuss two...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

CFPB brings administrative action against online lender

The CFPB announced earlier this week that it has initiated an administrative action against a Delaware-based online lender and its CEO for alleged violations of Truth in Lending Act, the Electronic Fund Transfer Act (EFTA),...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

Department of Treasury Extends Comment Period on Expanding Access to Credit Through Online Marketplace Lending

On August 18, the Department of Treasury extended the comment period for the public to respond to its Request for Information (RFI) on online marketplace lending, entitled Public Input on Expanding Access to Credit Through...more

CFPB Orders Subsidiary of Peer-to Peer Lending Company to Provide $700,000 in Restitution over Practices Related to its Health...

On August 19, the CFPB announced a consent order against a subsidiary of an online lending company, ordering the subsidiary to provide $700,000 in monetary relief to affected consumers. According to the CFPB, the subsidiary...more

CMA makes payday lending order

CMA has published its final order on the payday lending market. The order requires: - online payday lenders to publish details of their products (including such things as loan duration, loan amount and overall loan...more

Treasury Department Extends Comment Period for Online Marketplace Lending Information Request

The U.S. Department of the Treasury has extended the deadline for submitting comments in response to its request for information (RFI) regarding online marketplace lending. Initially set to close on August 31, 2015, the...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

U.S. Treasury Department Requests Information on Online Marketplace Lending

On Monday, July 20, 2015, the United States Treasury Department (UST) published a notice and request for information (RFI) in the Federal Register in order to request public comment on online marketplace lending. The RFI...more

FTC Bans Owners of Online Payday Lending Operations from Consumer Lending Industry

On July 7, the FTC entered into settlement agreements with two individuals and the entities they operate seeking to permanently restrict them from doing business in the consumer lending industry. According to the FTC’s...more

Go Online, Young Man: Goldman Sachs to Hit the Web for Online Lending Gold Rush

Why it matters - Marketplace lending has exploded onto the scene and become a multibillion-dollar industry. Hoping to capitalize on the gold rush of consumers turning to websites to borrow money, Goldman Sachs announced...more

Federal Arbitration Case Update | Compelling and Appealing

Following are two recent federal court rulings related to arbitration. Acknowledgement of Dispute Resolution Policy Sufficient to Compel Arbitration of Retaliation Claim - Ashbey v. Archstone Property Management,...more

Pew’s Fourth Report Targets Online Payday Lending

The Pew Charitable Trusts has released the fourth report in its “Payday Lending in America” series. The new report examines issues with the online payday loan market and draws distinctions with the storefront-based payday...more

Second Circuit Denies Injunctive Relief to Tribe-Owned Online Lenders Seeking Protection From New York State Regulator

On October 1, the Second Circuit affirmed the denial of a preliminary injunction sought by Native American online lenders that would have prevented the New York State Department of Financial Services (“DFS”) from restricting...more

Seventh Circuit Finds Tribal Arbitration Is Unreasonable and Unconscionable

In a victory for advocates who worry that the odds are impossibly stacked against consumers in some arbitral fora, the Seventh Circuit found that a class of borrowers did not have to proceed with arbitration conducted by the...more

New York Targets Online Lenders Through Debit Card Networks

On April 30, the New York State Department of Financial Services (DFS) again expanded the scope of its activities targeting online payday lenders by announcing that two major debit card network operators agreed to halt the...more

FTC Settles Suit Against Tribe-Affiliated Lenders; Dispute Over CFPB Investigation Of Tribe-Affiliated Lenders Moves To Federal...

On April 11, the FTC announced that a tribe-affiliated payday lending operation and its owner agreed to pay nearly $1 million to resolve allegations that they engaged in unfair and deceptive acts or practices and violated the...more

Tribally-affiliated lenders file opposition to CFPB’s petition to enforce CIDs

We recently reported that the CFPB has filed a petition in U.S. District Court for the Central District of California seeking to enforce the civil investigative demands (CIDs) it issued in June 2012 to three...more

Illinois AG Licensing Enforcement Actions Target Payday Loan Lead Generator, Lenders

On April 7, Illinois Attorney General (AG) Lisa Madigan sued a payday loan lead generator to enforce a 2012 cease and desist order issued by the state’s Department of Financial and Professional Regulation. ...more

Hints of future payday rule-making

Laura Udis, the CFPB’s program manager for the payday lending industry, spoke on April 10 in Los Angeles on a panel sponsored by the American Bar Association Consumer Financial Services Committee. CFPB staff members are...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

CFPB Dispute with Tribe-Affiliated Lender Spills into Court

After denying a petition to set aside a civil investigative demand, the CFPB, filed a petition in the United States District Court for the Central District of California to enforce its civil investigative demand against...more

State Attorney Generals Settle with Online Payday Lenders

The Attorney General for the State of New York announced that it reached a settlement agreement with several online payday lenders for alleged violations of New York’s usury and licensed lenders laws. ...more

California Appellate Court Holds State Regulators Lack Authority To Regulate Tribe-Affiliated Lenders

On January 21, the California Court of Appeal, Second District, held that short-term, small-dollar credit businesses owned by certain federally recognized Indian tribes are sufficiently related to their respective tribes to...more

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