News & Analysis as of

Consumer Financial Protection Bureau (CFPB) New York

Cozen O'Connor

AG James v. Bond Co.: $811 Million Judgment Obtained Against Company Targeting Immigrants

Cozen O'Connor on

New York AG Letitia James, along with the Massachusetts and Virginia AGs and the CFPB, obtained an $811 million judgment against Libre by Nexus, Inc., its parent company Nexus Services, Inc., and its principals (collectively,...more

Husch Blackwell LLP

A Closer Look at New York's Proposed Abusiveness Prohibition

Husch Blackwell LLP on

In January, New York Governor Kathy Hochul introduced a budget bill that proposed the headline-grabbing Buy Now Pay Later licensing regime. Less attention has been given to another proposed provision: adding a prohibition on...more

Ballard Spahr LLP

New York enacts new requirements for subscription auto-renewals and credit card surcharge pricing

Ballard Spahr LLP on

On December 13, 2023, New York Governor Hochul signed two laws, which aim to protect consumers from (1) unwanted subscriptions by requiring notice to consumers for upcoming automatic renewals with clear instructions for...more

Troutman Pepper

New York Bans Reporting of Medical Debt Effective Immediately

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On December 13, New York Governor Kathy Hochul signed into law S4907A, which prohibits hospitals, medical providers, or ambulance services from providing negative information about medical debt to consumer reporting agencies...more

Sheppard Mullin Richter & Hampton LLP

NY Federal Court Rules CFPB Vicarious Liability Suit Can Proceed

In August, a New York federal district court denied a motion to dismiss a CFPB lawsuit against three affiliated companies engaged in the business of purchasing distressed consumer debt and several of the companies’ owners and...more

Troutman Pepper

New York Federal Court Sides with CFPB, Denies Debt Holders’ Motions to Dismiss Case Alleging Violations of the FDCPA and CFPA

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On August 22, a district court judge in the Western District of New York denied the defendants’ motions to dismiss a case brought by the Consumer Financial Protection Bureau (CFPB) alleging violations of the Fair Debt...more

Ballard Spahr LLP

New York federal court stays lawsuit filed jointly by CFPB and New York Attorney General pending SCOTUS decision in CFSA

Ballard Spahr LLP on

In January 2023, the CFPB filed a lawsuit in a New York federal district court jointly with the New York Attorney General (NYAG) against an auto finance company alleging violations of the Consumer Financial Protection Act...more

Troutman Pepper

New York Federal Court Stays CFPB’s Lawsuit Against Indirect Auto Finance Company Pending U.S. Supreme Court Decision in CFPB...

Troutman Pepper on

As discussed here, on January 4, the Consumer Financial Protection Bureau (CFPB) and the New York Attorney General (NY AG) filed a joint complaint in the U.S. District Court for the Southern District of New York against...more

Orrick, Herrington & Sutcliffe LLP

District Court says EFTA applies to cryptocurrency

On February 22, the U.S. District Court for the Southern District of New York partially granted a cryptocurrency exchange’s motion to dismiss allegations that its inadequate security practices allowed unauthorized users to...more

Husch Blackwell LLP

New CFPB and NY AG Lawsuit Could Harm Consumer Credit Markets

Husch Blackwell LLP on

Perhaps not as prominent in the national news as another relatively high-profile balloon, in its latest effort to legislate and regulate by enforcement, the Consumer Financial Protection Bureau (CFPB), together with New...more

Sheppard Mullin Richter & Hampton LLP

CFPB and New York AG File Suit Against “Predatory” Auto Lender

On January 4, the CFPB and the New York State Office of the Attorney General filed a complaint against a prominent subprime auto lender in the Southern District of New York. The complaint alleges that the auto lender...more

Sheppard Mullin Richter & Hampton LLP

CFPB, NY Reach $4M Settlement with Debt Collection Operation

On May 23, the CFPB and the New York Attorney General’s office filed a proposed stipulated judgment in federal district court against a debt collection operation, including several companies and individuals, to resolve...more

Hudson Cook, LLP

CFPB and New York AG Announce Settlement that Includes Permanent Industry Bans Against Debt Collection Companies and Employees

Hudson Cook, LLP on

HIGHLIGHTS: CFPB and the New York Attorney General ("NY AG") announced a proposed settlement of a lawsuit—originally filed in September 2020—against six interrelated companies and five individual defendants. The various...more

Sheppard Mullin Richter & Hampton LLP

CFPB and NY AG Sue Remittance Provider, citing “Repeat Offender”

On April 21, the CFPB and New York Attorney General’s Office filed a complaint against a remittance provider alleging that the provider (i) repeatedly gave senders inaccurate information about when their remittance transfers...more

Bradley Arant Boult Cummings LLP

NYDFS’s New (and Expanded) Servicer Vendor Management Expectations

Originally proposed by the New York Department of Financial Services (NYDFS) in 2019 and constituting what the Mortgage Bankers Association has described as “the first major update to Part 419 since its adoption almost 10...more

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