Fintech is increasingly prevalent in the financial services marketplace, allowing providers to offer myriad innovative products and services that are dramatically changing how consumers can interact with financial service...more
On March 16, 2022, the Consumer Financial Protection Bureau ("CFPB") announced in a press release changes to its supervisory operations that may dramatically expand the reach of the CFPB's anti-discrimination mandate....more
Maryland Commissioner of Financial Regulation Asserts Action against Non-Maryland State Bank for Lending Without State License -
On January 21, 2021, the Maryland Commissioner of Financial Regulation filed an...more
In August of 2020, the American Bar Association (ABA) House of Delegates issued "Best Practices for Third-Party Litigation Funding" (the "Report"). Litigation funding, in any of its various forms, is largely unregulated by...more
Litigation funding - a transaction in which a funder purchases a portion of the future potential proceeds of a litigation claim from a consumer for an immediate cash advance - has proven to be an attractive alternative to a...more
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
10/2/2019
/ Consumer Financial Products ,
Enforcement Actions ,
Financial Services Industry ,
Fraud ,
Interest Rates ,
Internet Lenders ,
Investigations ,
Loans ,
Multistate Investigations ,
NYDFS ,
Payday Loans ,
Payroll Advances ,
Usury ,
Vulnerable Victims
Until recently, legal principles surrounding unfairness, deception, and abusiveness have been defined primarily at the federal level, yet with perceived federal retrenchment from consumer protection, states have increasingly...more
9/10/2019
/ Abusive Acts ,
Actual Injuries ,
Actual Reliance ,
Amended Rules ,
Calculation of Damages ,
Civil Monetary Penalty ,
Class Action ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Frivolous Lawsuits ,
Military Lending Act ,
Private Right of Action ,
Proximate Cause ,
SCRA ,
State Legislatures ,
UDAAP ,
Unfair or Deceptive Trade Practices
Bank partnership lending programs have existed for years and have played a significant role in the growth of the online lending industry and the fintech sector. In a bank partnership lending program, a non-bank partner...more
6/13/2019
/ Bank Partnership Lending Programs ,
Banks ,
Corrupt Organizations Act (COA) ,
Enforcement Actions ,
FDIA ,
FDIC ,
Finance Lenders Law ,
Financial Regulatory Agencies ,
LendingTree ,
Loan Origination Funds ,
Non-Bank Lenders ,
Personal Liability ,
RICO ,
State Regulators ,
Tribal Loans ,
Usury