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Native American Issues Financial Institutions

Troutman Pepper

FTC and Wisconsin DOJ Settle with Auto Group over Alleged Illegal Add-Ons and Discrimination Against American Indian Consumers

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On October 24, the Federal Trade Commission (FTC) and the Wisconsin Department of Justice announced a settlement with Wisconsin auto dealer group Rhinelander Auto Center, Inc. (Rhinelander), its current and former owners, and...more

Cadwalader, Wickersham & Taft LLP

FRB Vice Chair Brainard Touts CRA Proposal and Positive Impacts on Native American Communities

On July 19, Federal Reserve Board (“FRB”) Vice Chair Lael Brainard gave remarks to the National Native Coalition Virtual Series sponsored by the National Congress of American Indians. Her remarks focused on the joint proposal...more

Ballard Spahr LLP

CFPB to reconsider final payday loan rule

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The CFPB announced yesterday that it intends to engage in a rulemaking process to reconsider, pursuant to the Administrative Procedure Act, its final rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans (the...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Despite a stronger global economic outlook than we’ve seen in years, the world’s central bankers appear loath to let go of stimulus measures while lower-than-expected inflation bedevils them....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

Ballard Spahr LLP

Tribal Sovereign Immunity Not a Bar to Payday Lending Enforcement Action, California Supreme Court Rules

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In a state enforcement action alleging violations of California's lending law and seeking to enjoin continued lending to state residents, the California Supreme Court has ruled that the two tribally affiliated entities that...more

Orrick, Herrington & Sutcliffe LLP

Georgia Supreme Court Rejects Attempts to Narrow State Payday Lending Act

Last week, in Western Sky Financial v. State of Georgia, the Georgia Supreme Court issued a decision rejecting challenges to the state's Payday Lending Act (the "Act") and affirming the denial of a motion to dismiss claims...more

Ballard Spahr LLP

FTC Obtains $1.3 Billion Judgment Against Individual Who Operated Payday Lenders

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The Federal Trade Commission (FTC) has obtained a $1.3 billion judgment against the individual operator of several payday lenders and related servicing and marketing companies in a lawsuit filed in a Nevada federal district...more

Troutman Pepper

CashCall Case Brings More Uncertainty to the True Lender Debate

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The case provides an outline of issues to consider and structures to avoid in designing bank collaboration models in the future. On August 31, in Consumer Financial Protection Bureau v. CashCall, Inc., the U.S....more

Orrick, Herrington & Sutcliffe LLP

Arguing that CashCall was the "True Lender", CFPB Successfully Challenges High Interest Loan Program

On August 31, a federal district court in California ruled in favor of the U.S. Consumer Financial Protection Bureau (CFPB) on the application of "true lender" principles in the context of a tribal lending arrangement. The...more

Sheppard Mullin Richter & Hampton LLP

CFPB Prevails On Summary Judgment Against CashCall, Inc.

On August 31, 2016, in a ground breaking decision, the United States District Court in Los Angeles ruled that CashCall, Inc. violated the Consumer Financial Protection Act in connection with efforts to collect on certain...more

Holland & Knight LLP

FinCEN Assesses Significant Penalty Against Casino for Bank Secrecy Act Violations

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The Financial Crimes Enforcement Network (FinCEN) assessed on July 15 a civil money penalty in the amount of $2.8 million against Hawaiian Gardens Casino Inc., d/b/a The Gardens Casino, for Bank Secrecy Act (BSA) regulatory...more

Robins Kaplan LLP

DOJ Takes On Tribal Lending: Inside The Indictments

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In recent months, the attention of the tribal lending industry has focused on the Consumer Financial Protection Bureau’s emerging role in regulating short-term loans from sovereign tribal nations, but a new and even more...more

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