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Consumer Financial Protection Bureau (CFPB) Rent-a-Tribe

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Court Awards $10 Million Penalty Against Payday Lender, Rejecting CFPB’s Request for $280 Million in Restitution and Penalties

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In August 2016, the U.S. District Court for the Central District of California granted partial summary judgment to the Consumer Financial Protection Bureau (CFPB) in a federal lawsuit against a California-based online payday...more

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Financial Services Weekly News - February 2017 #3

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Editor's Note - A Not So New Tool for Reigning in Federal Regulations. President Trump has signed a Joint Resolution of Congress which “disapproves the rule submitted by the SEC relating to ‘Disclosure of Payments by...more

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Financial Services Weekly News - January 2017 #2

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Editor's Note - In This Issue.The SEC and FINRA released their examination priorities for 2017; the SEC’s Division of Investment Management issued an interpretative letter that would permit brokers to charge their own...more

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Federal Court Certifies to the Ninth Circuit the CFPB’s Challenge to Alleged “Rent-a-Tribe” Scheme

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On January 3, 2017, the U.S. District Court for the Central District of California certified for appellate review its August 31, 2016 Order finding that a California-based payday lending company used a “rent-a-tribe” scheme...more

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CFPB Wins Judgment Against Online Payday Lender in Lawsuit Alleging “Rent-a-Tribe” Scheme and Violations of State Usury Laws

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On August 31, 2016, the Consumer Financial Protection Bureau (CFPB) obtained summary judgment against a California-based online payday lender, its individual owner, its subsidiary, and a servicer of its loans, which allegedly...more

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