News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Subprime Loans

Orrick, Herrington & Sutcliffe LLP

District Court denies motion to dismiss State Attorneys’ General case against “subprime lender”

On January 12, the U.S. District Court for the Eastern District of Pennsylvania denied a defendant’s motion to dismiss a case brought by five State Attorneys General (State AGs) from Pennsylvania, New Jersey, Oregon,...more

Burr & Forman

The CFPB and New York Attorney General’s Office Levy New Attack On Subprime Indirect Auto Financing in Complaint Filed Against...

Burr & Forman on

On January 4, 2023, the Consumer Financial Protection Bureau (CFPB) and New York Attorney General (“NYAG”) (collectively, the “Plaintiffs”) filed a complaint in the Southern District of New York against Credit Acceptance...more

Eversheds Sutherland (US) LLP

CFPB Enforcement Actions Zero in on Income Share Agreements and “Payday Alternative” Loans

In September 2021, the CFPB took action against Better Future Forward, Inc. (BFF), a provider of student income share arrangements, and LendUp, an online, subprime consumer lender. In both cases, the CFPB alleged that the...more

Goodwin

CFPB Enters Into $4.75 Million Consent Order With Subprime Auto Lender and Servicer for FCRA Violations

Goodwin on

On December 22, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a national lender and originator of subprime auto loans over the company’s alleged violations of...more

Cozen O'Connor

COVID-19 Fees Challenged | DC AG Sues Instacart | $10 Million Penalty For Robocalls & False Ads

Cozen O'Connor on

COVID-19- Senior Living Facilities Warned Against Charging Potentially Illegal COVID-19 Fees- •Michigan AG Dana Nessel sent cease and desist letters to senior living facilities owner CSIG Holding Co. LLC, management...more

White & Case LLP

Consumer financial services: The road ahead: Small-dollar loans

White & Case LLP on

In February 2019, the CFPB released the highly anticipated revamp of its Payday Rule, reinforcing its more lenient attitude towards payday lenders. In light of the Bureau’s softer touch, as well as similar developments at the...more

Robins Kaplan LLP

Your Daily Dose of Financial News

Robins Kaplan LLP on

Elon Musk had some explaining to do in light of his “funding secured” tweet on August 7 in the context of taking Tesla private, and he’s gone to the corporate blog to do so, arguing that his meetings with representatives of...more

Bradley Arant Boult Cummings LLP

2017 in Review: Three State Enforcement Trends Impacting the Auto Finance Industry

Auto lenders, like many private citizens, began 2017 curious as to what change the impending Trump administration would bring. In the landscape of government enforcement, however, the consensus amongst industry participants...more

Robins Kaplan LLP

Your Daily Dose of Financial News

Robins Kaplan LLP on

Wells Fargo’s Board Chair, Stephen Sanger, did survive his reelection vote the other day. Barely. But Breakingviews thinks he should think awfully hard about his future as a Director at the bank....more

Morrison & Foerster LLP

CFPB Initiates Third CARD Act Review

On March 10, 2017, the Consumer Financial Protection Bureau (CFPB or Bureau) published a Request for Information (2017 RFI) regarding the consumer credit card market. In accordance with Section 502(a) of the Credit Card...more

Ballard Spahr LLP

CFPB flags new issues in latest credit card review

Ballard Spahr LLP on

The CFPB has issued another request for information about the credit card market that identifies significant new issues of CFPB interest. The request is intended to inform the CFPB’s biennial review of the credit card market...more

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