News & Analysis as of

Merchant Cash Advance (MCA) Federal Trade Commission (FTC)

Troutman Pepper

New York AG Sues Yellowstone Capital Over Alleged “Fraudulent Loans” Targeting Small Businesses

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New York Attorney General (AG) Letitia James filed a lawsuit on March 5 against Yellowstone Capital, its founder David Glass, and a network of 30 other affiliated companies and individuals. James alleges that Yellowstone...more

Sheppard Mullin Richter & Hampton LLP

FTC Settles with Fintech for $18M over Deceptive Cash Transfers and Difficult-to-Cancel Memberships

On November 2, the FTC entered into a settlement agreement with a Manhattan-based fintech company for $18 million over alleged deceptively marketed cash advances to consumers and impeding customers’ ability to cancel...more

Ballard Spahr LLP

FTC targets deceptive practices in merchant cash advance case

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The Federal Trade Commission recently prevailed on summary judgment in a case against Jonathan Braun and his company RCG Advances, LLC. The product at issue, merchant cash advances, generally provide small businesses with...more

Wiley Rein LLP

Wiley Consumer Protection Download (January 10, 2022)

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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

Bradley Arant Boult Cummings LLP

FTC’s Comment on ECOA and Regulation B Signals Continued Focus on Small Business Lending

Last year, the CFPB issued a notice and request for information on the Equal Credit Opportunity Act (ECOA) and Regulation B. Specifically, the CFPB sought “comments and information to identify opportunities to prevent credit...more

White and Williams LLP

New York State Enacts Small Business Truth in Lending Law

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On December 23, 2020, New York Governor Andrew Cuomo signed into law Senate Bill S5470B (Small Business Truth in Lending Law), which imposes new requirements on certain providers of commercial financing. Aimed at protecting...more

Manatt, Phelps & Phillips, LLP

FTC Commissioner Targets Merchant Cash Advance Industry

What happened - On August 3, 2020, the Federal Trade Commission (FTC) filed a complaint against a merchant cash advance (MCA) provider and two of its officers, alleging misconduct ranging from grossly misrepresenting the...more

Ballard Spahr LLP

FTC Files Lawsuit Against Merchant Cash Advance Providers For Alleged Unfair And Deceptive Practices

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The FTC’s recently-filed lawsuit against two merchant cash advance providers and their chief executive officer and president for alleged unfair and deceptive conduct in violation of the FTC Act serves both as an illustration...more

Bradley Arant Boult Cummings LLP

FTC and NY AG Target Merchant Cash Advance Companies

On June 10, 2020, the Federal Trade Commission and the New York Office of the Attorney General filed actions against two merchant cash advance (MCA) companies – RCG Advances and Ram Capital Funding – and individuals...more

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