News & Analysis as of September 25, 2024

Payday Loans

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The Federal Deposit Insurance Corporation is a United States federal agency created in 1933 in response to widespread bank failures in the 1920s and early 1930s. The FDIC's mission is to maintain stability and consumer confidence in the United States banking system by insuring deposits, monitoring the health of financial institutions and managing receiverships. less -

Operation Choke Point Lawsuit Comes to an End

Manatt, Phelps & Phillips, LLP on 6/12/2019

Putting an end to a 2014 lawsuit filed by payday lenders challenging the actions of federal regulators in Operation Choke Point, the Federal Deposit Insurance Corporation (FDIC) announced a resolution to the action....more

D.C. District Court Allows Payday Lenders’ Due Process Claims To Proceed In Case Against “Operation Choke Point”

Ballard Spahr LLP on 7/20/2017

On July 5, 2017, the U.S. District Court for the District Columbia, in the lawsuit filed in 2014 challenging “Operation Choke Point” — a federal enforcement initiative involving various agencies, including the Consumer...more

Payday Lenders Can't Halt Operation Choke Point, Court Rules

Manatt, Phelps & Phillips, LLP on 6/9/2017

A federal judge in the District of Columbia denied a request for injunctive relief sought by a group of payday lenders allegedly affected by the Department of Justice's (DOJ) controversial Operation Choke Point....more

Financial Services Report, Spring 2016

Morrison & Foerster LLP on 3/9/2016

Why another law firm newsletter? Over ten years ago, Will Stern answered that question in the first Editor’s Note of the first Financial Services Report. Some things have changed since then—we no longer print and mail paper...more

Mixed Ruling in Suit Challenging Operation Choke Point

Manatt, Phelps & Phillips, LLP on 10/22/2015

Why it matters - A D.C. federal court judge issued a mixed ruling in a suit brought on behalf of payday lenders against the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board of Governors, and the...more

Payday Lenders’ “Operation Choke Point” Suit Allowed To Proceed

Ballard Spahr LLP on 9/30/2015

In a June 2014 alert, we discussed Community Financial Services Association vs. Federal Deposit Insurance Corporation, a payday loan industry suit challenging on various grounds certain supervisory and interpretive statements...more

Treasury Request for Public Input on Expanding Access to Credit through Online Marketplace Lending

Orrick, Herrington & Sutcliffe LLP on 7/22/2015

On July 20, the Department of the Treasury published a Notice and Request for Information (“RFI”) seeking comment on various aspects of online marketplace lending, including – - the business models and products offered...more

‘Operation Choke Point’ under Fire

Ballard Spahr LLP on 6/13/2014

"Operation Choke Point," the coordinated multiagency federal effort to choke off banking services to alleged fraudsters (according to its defenders) or politically unpopular industries (according to its detractors), has come...more

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Federal Deposit Insurance Corporation › Department of Justice (DOJ) › Payday Loans

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