Payday Loans

News & Analysis as of

Changes to Military Lending Act on the Horizon

The Department of Defense (DoD) recently published its Final Rule amending the Military Lending Act’s (MLA) implementing regulation. The MLA, passed by Congress in 2006, provides active duty service members and their...more

Advertising Law - August 2015 #4

In Case You Missed It: Possible Jail Time for TCPA Violations, Microsoft Gets Slammed With Solicitation Scam Class Action, and 'Do Not Disturb' Technology Gets Pushed on FCC - The world of the Telephone Consumer...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

FTC Announces Action Against Data Brokers for Fraud Allegations, Settles with Three Defendants

On August 12, the FTC announced an action against a data broker enterprise for violations of the FTC Act. The FTC’s complaint alleges that, from at least 2011 to 2013, the data broker enterprise (i) sold payday loan...more

CFPB Sues Offshore Payday Lender

On August 4, the CFPB announced the filing of a lawsuit against NDG Eneterprise, a complex web of commonly controlled companies, for collecting money consumers did not owe. The CFPB alleges that the defendants illegally...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

CashCall Revisited: The CFPB’s Evolving Theory of Abusiveness

In 2013, the CFPB filed a complaint against CashCall, Inc. and others, alleging that their conduct in collecting on payday loans that allegedly violated certain states’ usury and/or licensing laws constituted unfair,...more

DOJ Report Clears Agency From Unlawful Behavior Charges in Operation Choke Point

Why it matters A new report from the Department of Justice's (DOJ) Office of Professional Responsibility (OPR) found that agency attorneys did not engage in professional misconduct by improperly targeting objectionable...more

Department of Defense Adopts Significant Changes to Its Military Lending Act Regulations

On July 22, 2015, the Department of Defense (DOD) published sweeping changes to its rules that implement the Military Lending Act (MLA). The amended rules significantly expand the scope of the MLA provisions by covering both...more

Fourth Circuit Rejects Characterization Of Motions “For Reconsideration,” Remands To Determine Whether Dispute Is Arbitrable

The Court of Appeals for the Fourth Circuit recently remanded a case to the district court for full consideration of a request to compel arbitration, finding the lower court’s order “inconsistent with the emphatic federal...more

Defense Department dramatically expands scope of Military Lending Act

The Department of Defense (DoD) dramatically expanded the scope of the Military Lending Act (MLA) on July 22, 2015, publishing its Final Rule amending the MLA’s implementing regulation. The DoD consulted with the CFPB in...more

Defense Department Dramatically Expands Scope of Military Lending Act

The Department of Defense (DoD) dramatically expanded the scope of the Military Lending Act (MLA) on July 22, 2015, publishing its Final Rule amending the MLA’s implementing regulation. MLA coverage was previously limited to...more

Treasury Request for Public Input on Expanding Access to Credit through Online Marketplace Lending

On July 20, the Department of the Treasury published a Notice and Request for Information (“RFI”) seeking comment on various aspects of online marketplace lending, including – - the business models and products offered...more

Director Cordray appears before Senate Banking Committee

On Wednesday, July 15, CFPB Director Richard Cordray appeared before the Senate Committee on Banking, Housing, & Urban Affairs to answer questions regarding the Bureau’s Semi-Annual Report to Congress and the President, which...more

New York Limits Interest Rates on Loans to New York-based Military Personnel

Since 2005, banks have continued to provide certain military service members with loans that require payment of interest far beyond the 16% New York state cap under what has become known as the “Fort Drum Loophole.” The...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

Briefing completed in Ninth Circuit tribal lending case challenging CFPB authority

Briefing has now been completed in CFPB v. Great Plains Lending, LLC, et al., the case before the U.S. Court of Appeals for the Ninth Circuit in which three tribally-affiliated payday lenders are challenging the CFPB’s...more

DOJ Targets Payday Lender Using RICO

On June 22, 2015, the US Attorney’s office for the Eastern District of Pennsylvania filed an information charging Adrian Rubin of Jenkintown, PA, with: (1) one count of conspiracy to violate RICO, 18 U.S.C. § 1962(d); (2) one...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

Senator seeks GAO investigation of CFPB payday loan rulemaking

In a letter to the Government Accountability Office (GAO), Senator David Vitter questioned “the adequacy and thoroughness of the CFPB’s analysis of small business impacts” in connection with its payday lending rulemaking...more

Still Threatened: Arbitration Clauses in Securities Customer Agreements

In a report to Congress released in March, the Consumer Financial Protection Bureau (CFPB) takes aim at consumer agreements that require disputes to be resolved by arbitration. The CFPB generally does not have...more

New report shows negative effect of CFPB’s contemplated payday loan proposals on credit availability

A new report prepared by Charles River Associates for the Community Financial Services Association of America (CFSA) found that the CFPB’s contemplated proposals for payday (and other small-dollar, high-rate) loans would cut...more

FTC Provides Annual Financial Acts Enforcement Report to CFPB and Federal Reserve

On June 9, the FTC announced that it has provided to the CFPB its 2014 Annual Financial Acts Enforcement Report. The report highlights the FTC’s enforcement, research, rulemaking, and policy development activities with...more

“Abusive” Development – Recent Applications of the Prohibition against Abusive Acts and Practices

The enactment of the Dodd-Frank Act in 2010 created the Consumer Financial Protection Bureau (“CFPB”) and, among other things, vested it with broad authority to enforce prohibitions on unfair, deceptive and abusive acts and...more

32 Democratic senators call for strong payday lending rules

A group of 32 Democratic U.S. senators sent a letter to Director Cordray last week regarding the CFPB’s efforts to address payday lending in which they urged him “to issue the strongest possible rules to end the damaging...more

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