Hawaii recently enacted significant changes to its small-dollar lending law that repeals existing Hawaii law on deferred deposits and creates a new regime for installment loans. Although H.B. 1192 took effect on July 1, the...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
1/17/2018
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Institutions ,
Financial Regulatory Reform ,
Internet Lenders ,
Native American Issues ,
Online Marketplace Lending ,
Payday Loans ,
Regulatory Agenda ,
Tribal Loans
The FCC's 2006 Solicited Fax Rule is unlawful to the extent that it requires opt-out notices on solicited fax advertisements, the U.S. Court of Appeals for the District of Columbia Circuit has held in a 2-1 ruling....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
1/4/2017
/ CA Supreme Court ,
Civil Investigation Demand ,
Consumer Financial Products ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
FTC Act ,
Internet Lenders ,
Native American Issues ,
Payday Loans ,
Popular ,
Sovereign Immunity ,
Tribal Loans
Oral arguments were recently held before the U.S. Court of Appeals District of Columbia Circuit in a consolidated case, spearheaded by ACA International, challenging the Federal Communications Commission's (FCC) recent order...more
10/27/2016
/ Arbitrary and Capricious ,
ATDS ,
Auto-Dialed Calls ,
Cell Phones ,
Declaratory Rulings ,
FCC ,
Financial Institutions ,
Reassigned Phone Numbers ,
Robocalling ,
Safe Harbors ,
Smartphones ,
TCPA
In a new white paper, ACA International, a trade association for members of the credit and collection industry, argues that the Telephone Consumer Protection Act (TCPA) must be modernized to accurately reflect the current...more
The U.S. Treasury Department has released a white paper addressing the online marketplace lending industry. Based in part on the responses to Treasury's July 2015 Request for Information (RFI), the white paper offers a broad...more
5/16/2016
/ Community Development Entities ,
Consumer Lenders ,
Financial Institutions ,
Financial Services Industry ,
Loans ,
Online Marketplace Lending ,
Peer-to-Peer ,
Request For Information ,
Small Business ,
Transparency ,
U.S. Treasury
The Colorado Supreme Court has ruled that two litigation financing programs are non-recourse “loans,” not purchases, and therefore subject to licensing and other requirements of the state’s Uniform Consumer Credit Code...more
The Minnesota Supreme Court has ruled that the Commerce Clause of the U.S. Constitution does not preclude Minnesota from applying its payday lending law to loans consummated in Delaware that are made to Minnesota residents...more
Last Thursday, I had the pleasure of teaching a class on payments and banking products to new lawyers at the American Bar Association’s Consumer Financial Services Institute. I arrived early for the class and got to hear a...more
10/13/2015
/ Affordable Housing ,
Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Disparate Impact ,
Dodd-Frank ,
ECOA ,
Fair Housing Act (FHA) ,
Fair Lending ,
Financial Institutions ,
Gender Discrimination ,
HMDA ,
Industry Examinations ,
LGBTQ ,
Loans ,
Mortgages ,
Sex Discrimination ,
Sexual Orientation Discrimination ,
Small Business ,
Texas Dept of Housing v Inclusive Communities
The Federal Reserve Bank of Cleveland recently issued a special report on the results of online focus groups it conducted with the Federal Reserve Board “to better understand small businesses’ perceptions of online...more
9/4/2015
/ Borrowers ,
Consumer Lenders ,
Cyber Threats ,
Cybersecurity ,
Data Breach ,
Data Security ,
Federal Reserve ,
Financial Institutions ,
Loans ,
Online Marketplace Lending ,
Popular ,
Privacy Concerns ,
Request For Information ,
Small Business
A new type of Electronic Funds Transfer Act (EFTA) class action is now being filed in volume. This trend is highly likely to continue, as the cases are being filed by a consumer class action firm that has filed hundreds of...more
The U.S. Department of the Treasury has extended the deadline for submitting comments in response to its request for information (RFI) regarding online marketplace lending. Initially set to close on August 31, 2015, the...more
The U.S. Department of the Treasury has issued a request for information (RFI) regarding online marketplace lending. The RFI reflects the Treasury Department’s recognition that online marketplace lending “is a rapidly...more
As previously reported, the Federal Communications Commission recently approved a Declaratory Ruling and Order (the Order) addressing a number of petitions that requested the FCC clarify its interpretations of the Telephone...more
7/14/2015
/ Auto-Dialed Calls ,
Collection Agencies ,
Debt Collection ,
Declaratory Rulings ,
Exemptions ,
FCC ,
Financial Institutions ,
Healthcare ,
Prior Express Consent ,
Revocation ,
TCPA ,
Telemarketing ,
Text Messages