On January 24, the U.S. Court of Appeals for the Fourth Circuit concluded that a district court did not abuse its discretion when certifying a class action. The lawsuit alleges an individual who orchestrated an online payday...more
This week, the Court revives an ERISA claim and compels arbitration of a dispute over tribal internet payday loans. WARMENHOVEN v. NETAPP, INC. The Court holds that PowerPoint presentations did not constitute plan...more
On February 11, 2021, the Federal Trade Commission (FTC) announced a $114 million settlement with the owners and operators of an alleged tribal payday lending scheme. The settlement resolves allegations concerning...more
The Third Circuit Court of Appeals has refused to enforce an arbitration agreement because it impermissibly limited claims to those available under tribal law at the expense of federal statutory claims. The court also...more
On May 22, 2020, the Federal Trade Commission (FTC) announced that it had obtained a temporary restraining order against a payday lending enterprise for alleged violations of the Federal Trade Commission Act, the...more
In a stark message, Justice Department prosecutors have brought the first criminal case for anti-money laundering violations against a broker-dealer. ...more
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
It appears that Acting Director Mulvaney’s BCFP is about to settle a case that former Director Cordray’s CFPB filed in 2015 against D&D Marketing, which allegedly engages in lead generation for payday, tribal, and offshore...more
The 60-day period during which the Senate could pass a resolution under the Congressional Review Act disapproving the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule) with only a simple majority...more
While tossing certain claims brought by Pennsylvania’s attorney general, a federal judge denied part of a motion to dismiss brought by online short-term lenders in an action accusing them of “renting” Native American tribes...more
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
The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) is a U.S. government agency created by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB is the first federal agency tasked solely with the...more
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
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
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
The State of Oklahoma has filed an amicus brief in support of the motion to dismiss filed by four online tribal lenders sued by the CFPB for alleged Consumer Financial Protection Act and Truth in Lending Act violations. The...more
American Express Chair and CEO Kenneth Chenault announced that he’s stepping down next year after 16 years at the helm of AmEx. He’ll be succeeded by Vice Chair Stephen Squeri....more
Despite a stronger global economic outlook than we’ve seen in years, the world’s central bankers appear loath to let go of stimulus measures while lower-than-expected inflation bedevils them....more
Vanguard’s not well known for making waves, but the $4.5 trillion mutual-fund manager has quietly increased its corporate engagement activity over the past year—discussing governance, pay, and other issues with nearly a...more
Plaintiff electronically signed a contract which contained: (1) terms governing the loan; (2) an agreement to submit disputes to arbitration; and (3) a choice of law provision which required the application of Otoe-Missouria...more
The Ninth Circuit recently issued its opinion in CFPB v. Great Plains Lending, LLC, et al., in which three tribal-affiliated, for-profit lending companies (“Tribal Lenders”) challenged the authority of the CFPB to issue civil...more
The California federal district court judge who is presiding over the CFPB’s lawsuit against CashCall and several related companies that funded, purchased, serviced, and collected online installment loans has granted the...more
On December 22, 2016, the California Supreme Court issued People ex rel. Owen v. Miami Nation Enterprises. The decision found that certain tribal business entities that provided loans in California are not "arms of the tribe"...more
In a state enforcement action alleging violations of California's lending law and seeking to enjoin continued lending to state residents, the California Supreme Court has ruled that the two tribally affiliated entities that...more
Last week, in Western Sky Financial v. State of Georgia, the Georgia Supreme Court issued a decision rejecting challenges to the state's Payday Lending Act (the "Act") and affirming the denial of a motion to dismiss claims...more