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Unfair or Deceptive Trade Practices Interest Rates

Troutman Pepper

New York AG Secures $77M Judgment With Merchant Cash Advance Companies

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On February 8, New York attorney general (AG) Letisha James announced a $77 million judgment with three merchant cash advance (MCA) companies, Richmond Capital Group, Ram Capital Funding, and Viceroy Capital Funding, and...more

Cozen O'Connor

Title Lender Pays for Allegedly Predatory Loans to Pennsylvanians

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Pennsylvania AG Michelle Henry settled with Community Loans of America, Inc. (CLA) to resolve allegations that the auto title lending company violated the state’s Unfair Trade Practices and Consumer Protection Law and its...more

Orrick, Herrington & Sutcliffe LLP

Title lender reaches settlement with Pennsylvania AG

On January 10, Pennsylvania AG Michelle Henry announced a settlement with a national auto title lending company, resolving alleged violations of the Pennsylvania Unfair Trade Practices and Consumer Protection Law and the Loan...more

Orrick, Herrington & Sutcliffe LLP

Minnesota AG files complaint against a tribal company for steep rates

On October 30, the Minnesota Attorney General’s office filed a complaint against a Montana tribal economic development entity claiming that the entity’s lending subsidiaries violated state and federal usury laws through...more

Wiley Rein LLP

Wiley Consumer Protection Download (August 7, 2023)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Cozen O'Connor

Pennsylvania AG Settles for $11.4 Million over Allegedly Predatory Lending Scheme Targeting Low-Income Retail Purchasers

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Pennsylvania AG Michelle Henry settled with Snap Finance LLC and its subsidiaries to resolve allegations the lending company violated various state consumer protection laws by providing predatory, deceptive loans to...more

Cozen O'Connor

Wine Asset Sale Watered Down | Fake Vaccination Cards | Misleading Franchisee Offer

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2022 AG Elections- County District Attorney Launches Bid for Wisconsin Attorney General- •Fond du Lac County DA Eric Toney announced his candidacy for the Republican nomination in the 2022 race for the Wisconsin AG’s...more

DailyPay, Inc.

Unfair and Deceptive Acts and Practices: Tips

DailyPay, Inc. on

If I told you I was going to give you money now and forcibly take it back from you a few days from now, that is a loan. If you paid me a fee for this, you’d probably presume this to be interest on your loan. But what if...more

Goodwin

CFPB Files Complaint Against Florida-Based Payday Lender

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On November 5, 2020, the Consumer Protection Financial Bureau (CFPB) announced that it had filed a complaint against a Florida-based payday lender and its CEO in the Southern District of Florida. The complaint alleges that...more

Ballard Spahr LLP

CFPB announces proposed consent order with companies alleged to have collected loans void under state law

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The CFPB announced that it has entered into a proposed consent order with Think Finance and six subsidiaries (collectively, the “Think Entities’) to settle the Bureau’s lawsuit filed in November 2017 that alleged the Think...more

Goodwin

North Carolina AG Settles with Out-of-State Payday Lender for $825,000

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On January 27, 2020, North Carolina Attorney General Josh Stein (North Carolina AG) reached ?a settlement with an out-of-state payday lender for $825,000. The Attorney General obtained a consent temporary restraining order...more

Robins Kaplan LLP

Financial Daily Dose 12.11.2019 | Top Story: US and China Hint at Tariff Delay to Help Ease Phase One Negotiations

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U.S. and Chinese trade negotiators are “laying the groundwork for a delay of a fresh round of tariffs set to kick in on Dec. 15” as the countries continue to work through how a Chinese promise to make huge ag purchases from...more

Carlton Fields

Class Action Roundup

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McClendon v. North Carolina Mutual Life Insurance Co. (M.D. Tenn. 2019) - In McClendon, the plaintiff’s mother purchased a whole life insurance policy to insure the plaintiff’s brother, and subsequently took out a loan on...more

Cadwalader, Wickersham & Taft LLP

State Attorneys General Jolt Antitrust Enforcement

Over the past year, State Attorneys General have stepped into what they describe as a void of antitrust enforcement at the federal level.  AGs have commenced investigations and brought antitrust actions across industry...more

Ballard Spahr LLP

CFPB enters into settlement with funder of ITT private student loans

Ballard Spahr LLP on

A new (and perhaps final) chapter was added to the tale of ITT Educational Services, Inc. last week with the CFPB’s announcement that it had settled the lawsuit it filed against Student CU Connect CUSO, LLC (CU Connect), a...more

Hudson Cook, LLP

Still Beating the Same Drum

Hudson Cook, LLP on

In February, the U.S. PIRG Education Fund and Frontier Group, two public interest groups, published a paper entitled "Driving Into Debt: The Hidden Costs of Risky Auto Loans to Consumers and Our Communities." The paper...more

Brownstein Hyatt Farber Schreck

Federal Court Applies Nevada’s Interest Statute in FDCPA Case

Debt collectors are often at the mercy of their client’s customer contracts when collecting a debt. We often encourage debt collectors to work with their clients to fashion consumer contracts that avoid or minimize FDCPA risk...more

Ballard Spahr LLP

NY Attorney General files lawsuit against jeweler for alleged unlawful sales and financing practices targeting the military

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The New York Attorney General has filed a lawsuit against a group of commonly owned and managed companies headquartered in New York that include companies operating retail jewelry stores in numerous states under the name...more

Ballard Spahr LLP

Senators urge CFPB not to reconsider payday loan rule

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A group of Democratic senators (joined by two independent Senators) has sent a letter to Leandra English and Mick Mulvaney urging them to abandon any efforts by the CFPB to reconsider its final payday/auto title/high-rate...more

Orrick, Herrington & Sutcliffe LLP

Check Your Rates – Comply with FTC Variable Rate Marketing Guidelines

On March 21, 2018 the Federal Reserve lifted its federal funds rate by a quarter percentage point to a range of 1.5% to 1.75%, the highest level since 2008. ...more

Ballard Spahr LLP

Seventh Circuit Rejects Use of Miller "Safe Harbor" Language When a Debt Cannot Increase

Ballard Spahr LLP on

Safe harbor language is not always safe, as illustrated by a recent decision of the U.S. Court of Appeals for the Seventh Circuit Court of Appeals in Boucher v. Finance System of Green Bay....more

Ballard Spahr LLP

CFPB doubles down on its attacks against online tribal lenders

Ballard Spahr LLP on

In a new lawsuit filed in an Illinois federal district court, the CFPB alleges that four online tribal lenders engaged in unfair, deceptive, and abusive acts or practices in violation of the Consumer Financial Protection Act...more

Goodwin

CFPB Lawsuit Targets High-Interest Online Lenders

Goodwin on

On April 27, 2017, the Consumer Financial Protection Bureau (CFPB) announced the filing of a suit against four online lenders alleging that the lenders illegally collected debts on invalid loans. The complaint alleged...more

Goodwin

CFPB and VA AG Take Action Against Pawnbroker

Goodwin on

On February 2, 2017, the Consumer Financial Protection Bureau (CFPB) and the Attorney General for the Commonwealth of Virginia (Virginia AG) announced the filing of a complaint and a stipulated consent order in the United...more

Davis Wright Tremaine LLP

CFPB Identifies Deceptive, Abusive Practices in the Marketing of Credit Card Promotional APR Offers

The Consumer Financial Protection Bureau recently issued a bulletin (CFPB Bulletin 2014-02) warning credit card issuers to avoid potentially deceptive and abusive practices in connection with the marketing of credit card...more

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