News & Analysis as of

NYDFS Usury

Hudson Cook, LLP

State Watch: Consumer Protection Enforcement Update

Hudson Cook, LLP on

While uncertainty continued to loom over the CFPB, the states did not take a spring break. Instead, we saw an eye-popping settlement from NY DFS involving BSA/AML claims. And both republican and democratic AGs continued to...more

Jones Day

OCC Fintech Charter Headed to the Second Circuit

Jones Day on

The Situation: The Office of the Comptroller of the Currency ("OCC") has appealed a decision from the Southern District of New York that concluded that the OCC lacks the authority to grant "Fintech Charters" to nondepository...more

Hudson Cook, LLP

New York DFS and Other Regulators Launch Investigation into Payroll Advance Industry

Hudson Cook, LLP on

On August 6, 2019, the New York Department of Financial Services Superintendent Linda A. Lacewell announced that the DFS will lead a multistate investigation into the payroll advance industry and allegations of unlawful...more

Ballard Spahr LLP

NY DFS announces multistate investigation of payroll advance industry

Ballard Spahr LLP on

The New York Department of Financial Services (DFS) issued a press release this week to announce that it is leading a multistate investigation into the payroll advance industry.  A payroll advance allows an employee to access...more

Hudson Cook, LLP

What's Old is New Again: The Future of Bank Partnership Programs from Small Dollar Installment Loans to Mortgages to Everything

Hudson Cook, LLP on

Bank partnerships allow banks to offer loans to consumers and businesses by leveraging the resources of non-bank entities. The relationships between banks and their non-bank entity partners have existed for many years. In the...more

Ballard Spahr LLP

NYDFS calls for application of NY usury limits to all online lending and more regulation in online lending report

Ballard Spahr LLP on

The New York Department of Financial Services (NYDFS) has issued an Online Lending Report that calls for the application of New York usury limits to all online lending and increased regulation of online lenders making loans...more

Ballard Spahr LLP

Controversial NY lender and student loan servicer licensing proposals removed from budget bill

Ballard Spahr LLP on

A New York lender licensing proposal that threatened to create new regulatory burdens for financial service providers and to potentially adversely affect credit availability to New York residents and businesses, has been...more

Goodwin

NY DFS Obtains $119K in Restitution for Illegal Payday Lending

Goodwin on

On May 18, the New York State Department of Financial Services (DFS) announced a consent order with a Virginia debt buyer for collecting on illegal payday loans from New York consumers, in violation of the Fair Debt...more

Ballard Spahr LLP

NY DFS Brings First Data Security Action

Ballard Spahr LLP on

The New York State Department of Financial Services (DFS) has announced that it has entered into a consent order with an online payday loan lead generator and its chief executive officer (CEO) (collectively, respondents) to...more

McGuireWoods LLP

CFPB Targets Pension Lenders in Dodd-Frank Suit

McGuireWoods LLP on

On August 20, 2015, the Consumer Financial Protection Bureau (CFPB) and New York Department of Financial Services (NYDFS) filed suit in the U.S. District Court for the Central District of California against two pension...more

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