News & Analysis as of

Consumer Financial Protection Act (CFPA) Military Lending Act

Ballard Spahr LLP

FirstCash Files Motion for Partial Summary Judgment in Case Filed by CFPB

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FirstCash, a national pawnshop chain, is asking a federal judge to confirm that it has a statutory defense to all of the CFPB’s claims that it violated the Military Lending Act (MLA) while also asking the judge to drop three...more

Ballard Spahr LLP

CFPB Summer 2023 Supervisory Highlights looks at auto origination and servicing, consumer reporting, debt collection, deposits,...

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The CFPB has released the Summer 2023 edition of Supervisory Highlights.  The report discusses the Bureau’s examinations in the areas of auto origination and servicing, consumer reporting, debt collection, deposits, mortgage...more

Orrick, Herrington & Sutcliffe LLP

CFPB orders nonbank title lender to pay $15 million for numerous violations

On February 23, the CFPB entered a consent order against a Georgia-based nonbank auto title lender (respondent) for alleged violations of the Military Lending Act (MLA), the Truth in Lending Act, and the Consumer Financial...more

Perkins Coie

Fintech Legal Report - October 2022

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FTC explains that merchants using BNPL services are also subject to consumer protection obligations. CFPB ends its no-action letter and compliance sandbox policies. CFPB sues an online lender for Military Lending Act...more

Goodwin

CFPB Launches Lawsuit Against Online Lender Alleging Violations of the Military Lending Act

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On September 29, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it filed suit in the United States District Court for the Southern District of New York against an online lender and 38 of its subsidiaries...more

Wiley Rein LLP

Wiley Consumer Protection Download (November 29, 2021)

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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

Hudson Cook, LLP

CFPB Bites of the Month - November Top 10

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Each month, we host a 30-minute webinar outlining the month's key announcements and takeaways from the Consumer Financial Protection Bureau (CFPB) for financial services providers to consider. In this month's article, we...more

Goodwin

CFPB Files Complaint Against Pawnshop Lenders for Alleged Military Lending Act Violations

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On November 12, 2021, the Consumer Financial Protection Bureau (CFPB) announced that it filed a complaint in the United States District Court for the Northern District of Texas against two pawnshop lenders, alleging...more

Hudson Cook, LLP

CFPB Bites of the Month - July Top 10

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So what happened at the CFPB in the past month? Bite #10 - The CFPB released its Spring 2021 rulemaking Agenda. The CFPB published its Spring 2021 rulemaking Agenda, which outlines the current plans for the CFPB...more

Ballard Spahr LLP

CFPB to resume examinations for Military Lending Act compliance

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In another action demonstrating that a “new CFPB” is in place under the Biden Administration, the CFPB has issued an interpretive rule setting forth the basis for its determination that it has authority to examine...more

Ballard Spahr LLP

CFPB to Ramp up MLA Supervision and Enforcement

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In a blog post published on January 28, 2021 sharing a statement sent to CFPB staff, Acting Director David Uejio announced several new priorities for the CFPB’s Supervision, Enforcement and Fair Lending Division under the...more

Hudson Cook, LLP

CFPB Bites of the Month - January Top 10

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Each month, we host a 30-minute webinar outlining the month's key announcements and takeaways from the Consumer Financial Protection Bureau (CFPB) for financial services providers to consider. In this month's article, we...more

Goodwin

CFPB Announces $2.175 Million Settlement with Company Offering Installment Loans

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On December 30, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a lender that provided installment loans to consumers affiliated with the military over the...more

Hudson Cook, LLP

CFPB Bites of the Month - December Top 20

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Each month, we host a 30-minute webinar outlining the month's key announcements and takeaways from the CFPB to be considered by financial services providers. It was a particularly busy month at the CFPB, so as an extra...more

Manatt, Phelps & Phillips, LLP

CFPB Updates: MLA Controversy, GLBA Amendment, Settlement, CFPB Constitutionality

In the latest Bureau of Consumer Financial Protection (CFPB or Bureau) news, the reported halt to Military Lending Act (MLA) examinations has created controversy, an amendment to the Gramm-Leach-Bliley Act (GLBA) annual...more

Ballard Spahr LLP

FTC continues vigorous use of enforcement authority

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As observers ponder the CFPB’s future in a Trump Administration, the Federal Trade Commission’s continuing role as an enforcer of federal consumer financial protection laws should not be overlooked. Over the approximately...more

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