News & Analysis as of

Loans Consumer Financial Protection Act (CFPA)

Ballard Spahr LLP

CFPB files and prosecutes yet another enforcement lawsuit using funds obtained in violation of the CFPB’s enabling statute...

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The Introduction to the Complaint which was filed by the CFPB on May 17, 2024 against Solo Funding, Inc. in the United States District Court for the Central District of California – Western Division Los Angeles (Judge R. Gary...more

Troutman Pepper

CFPB Files Lawsuit Against SoLo Funds for Alleged Deceptive Lending Practices

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Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) filed a complaint against SoLo Funds, Inc., a fintech company operating a small-dollar, short-term lending platform. The CFPB alleges that SoLo Funds...more

Cadwalader, Wickersham & Taft LLP

The UK’s Financial Conduct Authority Discusses Gaps in Firms' Surveillance for Market Abuse

The UK’s Financial Conduct Authority (FCA) has reported its observations on firms’ market abuse surveillance arrangements in the May edition of Market Watch. The newsletter looks at a peer review of surveillance model testing...more

Wiley Rein LLP

Wiley Consumer Protection Download (December 4, 2023)

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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

Ballard Spahr LLP

CFPB settles claims against operator of training program arising out of income share agreements

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The CFPB recently announced the settlement of a bankruptcy court adversary proceeding filed jointly with the Attorneys General of 11 states against Prehired, LLC (Prehired) and two affiliated companies (Prehired Affiliates)...more

Shipkevich PLLC

CFPB Continues to Target Consumer Lending Activity, Imposes $20 Million Penalty

Shipkevich PLLC on

On May 31, 2023, the Consumer Financial Protection Bureau (CFPB) took decisive action against installment lender OneMain Financial, demanding the payment of $20 million in penalties and redress. In the consent order, the...more

Cadwalader, Wickersham & Taft LLP

Small Business Lenders Subject to New CFPB Data Reporting Rule

Resulting from a lawsuit by the California Reinvestment Coalition against the Consumer Financial Protection Bureau (“CFPB”) in 2019 for its failure to promulgate a small business lending data rule in compliance with the...more

Orrick, Herrington & Sutcliffe LLP

Arizona AG: Earned wage access products are not loans

Recently, the Arizona attorney general issued an opinion confirming that earned wage access (EWA) products are not considered consumer loans under Arizona law...more

Cozen O'Connor

CFPB Secures $19 Million in Repayment from Loan Doctor for Allegedly Masquerading as Commercial Bank

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The CFPB announced a proposed settlement with My Loan Doctor, LLC and its founder (together, “Loan Doctor”) over allegations that the company advertised a high-yield savings product but instead invested consumers’ funds in...more

Goodwin

CFPB Grants No-Action Letter for Proposed Small-Dollar Credit Product

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In the News. The Consumer Financial Protection Bureau (CFPB) granted a no-action letter (NAL) regarding a proposed small-dollar credit product and sought comment on the CFPB’s plan to study how consumers locate, comprehend...more

Ballard Spahr LLP

CFPB continues to push the envelope in announcing settlement with brokers of pension advances

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The CFPB announced on August 14, 2019 that, subject to the approval of the Federal District Court for the Eastern District of Arkansas, the Bureau and the Arkansas Attorney General have entered into a proposed settlement with...more

Ballard Spahr LLP

RD Legal Funding files letter on jurisdictional issues

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RD Legal Funding has submitted a letter to Judge Preska asking her to dismiss all of the federal claims of the New York Attorney General (NYAG). ...more

Ballard Spahr LLP

Federal district court certifies interlocutory appeal in CFPB lawsuit against CashCall

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The California federal district court judge who is presiding over the CFPB’s lawsuit against CashCall and several related companies that funded, purchased, serviced, and collected online installment loans has granted the...more

Goodwin

Financial Services Weekly News - November 2016 #4

Goodwin on

Editor's Note - Potential CFPB Reform in the Wake of the Election. The November 16 edition of the Roundup indicated that the Financial CHOICE Act (Act) may be a blueprint for legal changes affecting the financial...more

Ballard Spahr LLP

Receiver for payday lenders sued by CFPB files malpractice lawsuit

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The court-appointed receiver for a group of interrelated companies sued by the CFPB in September 2014 for engaging in allegedly unlawful online payday lending activities has filed a malpractice lawsuit against the law firm...more

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