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Internet Lenders Consumer Financial Products

Ballard Spahr LLP

CFPB alleges dark patterns in suit against fintech peer-to-peer lender

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On May 17, 2024, the Consumer Financial Protection Bureau (“CFPB”) filed suit against an online lending platform, alleging, among other things, the use of dark patterns to induce consumers to pay tips and donations,...more

Mayer Brown

Iowa Targets Out-of-State Bank Partner for Usury, Shedding Light on State’s Interpretation of DIDMCA Opt-Out

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In December, the State of Iowa and the Iowa Division of Banking entered into an Assurance of Discontinuance (“AOD”) with Transportation Alliance Bank, Inc. (the “Bank”) settling claims that the Bank charged usurious rates of...more

Goodwin

CFPB Files Suit Against Online Lender for Alleged Violations of Military Lending Act

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On December 4, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it filed suit against an online lender that offers single-payment and installment loans to consumers for alleged violations of the Military...more

Hudson Cook, LLP

New York DFS and Other Regulators Launch Investigation into Payroll Advance Industry

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On August 6, 2019, the New York Department of Financial Services Superintendent Linda A. Lacewell announced that the DFS will lead a multistate investigation into the payroll advance industry and allegations of unlawful...more

Hudson Cook, LLP

What's Old is New Again: The Future of Bank Partnership Programs from Small Dollar Installment Loans to Mortgages to Everything

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Bank partnerships allow banks to offer loans to consumers and businesses by leveraging the resources of non-bank entities. The relationships between banks and their non-bank entity partners have existed for many years. In the...more

Goodwin

CFPB Announces $3.2 Million Settlement with Online Payday Lender

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On January 25, 2019, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with an online lender that extends unsecured payday and installment loans, as well as lines of credit,...more

Ballard Spahr LLP

State AGs file amicus brief in Fourth Circuit case involving use of sovereign immunity by tribal lenders to defeat state law...

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A coalition of 14 state Attorneys General and the D.C. Attorney General have filed an amicus brief with the U.S. Court of Appeals for the Fourth Circuit in Williams v. Big Picture Loans in which a tribal lender and its tribal...more

Troutman Pepper

True Lender: A Potential Ready Remedy

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Online lenders continue to be plagued by “true lender” legal issues, including lawsuits from state attorneys general and private litigants challenging the named lender in loans made through online lenders’ partnerships with...more

Ballard Spahr LLP

Court stays CFPB payday loan rule compliance date

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This week, the court reversed course in the lawsuit filed by two industry trade groups challenging the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule). ...more

Ballard Spahr LLP

Baptist Church Seeks to Intervene In CFPB Payday Rule Lawsuit

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On September 19, 2018, the Georgia based Cooperative Baptist Fellowship (the “Fellowship”) filed a motion to intervene as a defendant in a case filed by the Community Financial Services Association of America Ltd. and the...more

Ballard Spahr LLP

CFPB seeks extension to respond to trade groups’ preliminary injunction motion in lawsuit challenging payday loan rule

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The CFPB is asking the Texas federal district court to give it a 45-day extension to respond to the preliminary injunction motion filed by two trade groups in their lawsuit challenging the CFPB’s final payday/auto...more

Ballard Spahr LLP

Trade groups challenging CFPB’s payday loan rule file preliminary injunction motion

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The two trade groups that unsuccessfully attempted to obtain a stay of the August 19, 2019 compliance date for the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule) have now filed a Motion for...more

Ballard Spahr LLP

CFPB and trade groups file status report in industry lawsuit challenging payday loan rule

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On August 7, the Texas federal court hearing the lawsuit filed by two trade groups challenging the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule) denied the trade groups’ motion for...more

Robins Kaplan LLP

Your Daily Dose Of Financial News

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Last Friday, the White House asked the SEC to “consider eliminating requirements that publicly traded companies post quarterly earnings reports.” Such disclosures, however, are required by federal securities law, so they’re...more

Ballard Spahr LLP

CFPB settles lawsuit against online payday lenders

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The CFPB announced that it has settled a lawsuit that it filed in 2014 in a Missouri federal district court alleging that the defendants engaged in unlawful online payday lending schemes.  ...more

Ballard Spahr LLP

Court denies motion for reconsideration filed by plaintiffs in industry lawsuit challenging CFPB payday loan rule

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A Texas federal court has denied the motion for reconsideration filed by the trade groups challenging the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule)....more

Ballard Spahr LLP

Consumer advocacy groups ask to participate as amicus to oppose motion for reconsideration of plaintiffs in industry lawsuit...

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The four consumer advocacy groups that filed an amicus brief opposing the joint motion filed by the CFPB and two trade groups seeking a stay of the compliance date for the CFPB’s final payday/auto title/high-rate installment...more

Ballard Spahr LLP

CFPB files response supporting motion for reconsideration of plaintiffs in industry lawsuit challenging CFPB payday loan rule

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The CFPB has filed a response in support of the motion for reconsideration filed by the trade groups challenging the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule)....more

Ballard Spahr LLP

Court stays lawsuit challenging CFPB payday loan rule but not compliance date

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A Texas federal court has granted the stay of the lawsuit filed by two trade groups challenging the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule) requested in a joint motion filed by the trade...more

Ballard Spahr LLP

NYDFS sends survey request to online lenders

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The New York Department of Financial Services has sent a letter directed to businesses that the DFS “understands…may be involved in online lending in the State of New York” and that asks recipients to complete a “New York...more

Goodwin

Virginia Attorney General Announces Settlement with Online Lender, Resulting in $2.7 Million in Relief to Virginia Consumers

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On February 7, 2018, Virginia Attorney General Mark R. Herring (Virginia AG) announced a settlement with a Virginia based online lender for alleged violations of the Virginia Consumer Protection Act. The lender allegedly...more

Ballard Spahr LLP

CFPB continues to retreat and lose ground in payday and high-rate installment lending

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In a span of three days, the CFPB, under Acting Director Mulvaney, significantly retreated in the payday-lending space and suffered a court defeat in its request for monetary relief with respect to a CashCall installment...more

Ballard Spahr LLP

Overturning the CFPB’s final payday loan rule by reopening rulemaking or CRA resolution

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On December 1, 2018, three Democrat and three Republican members of the House of Representatives introduced a joint resolution under the Congressional Review Act (H.J. Res. 122) to override the CFPB’s final payday/auto...more

Ballard Spahr LLP

CFPB to reconsider final payday loan rule

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The CFPB announced yesterday that it intends to engage in a rulemaking process to reconsider, pursuant to the Administrative Procedure Act, its final rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans (the...more

Ballard Spahr LLP

CFPB opposes petition for certiorari filed by tribal lenders in Ninth Circuit case

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The CFPB has filed a brief opposing the petition for certiorari filed by two tribally-affiliated lenders seeking U.S. Supreme Court review of the Ninth Circuit’s decision in CFPB v. Great Plains Lending, LLC, et al. In that...more

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