On March 11, New Jersey Attorney General (AG) Matthew Platkin and the New Jersey Division on Civil Rights (DCR) announced that DCR issued a finding of probable cause against Advance Funding Partners/Same Day Funding (Advance...more
3/17/2025
/ Consumer Financial Products ,
Consumer Lenders ,
Discriminatory Lending Practices ,
Employment Discrimination ,
Enforcement Actions ,
Equal Protection ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Hostile Environment ,
Loan Applications ,
New Jersey ,
Probable Cause ,
Race Discrimination ,
Regulatory Violations ,
Retaliation ,
State Attorneys General ,
Whistleblowers
Given the future uncertainty of the Consumer Financial Protection Bureau’s (CFPB) efforts to regulate bank overdraft fees, New York’s Department of Financial Services (DFS) has stepped in to fill a perceived gap. The DFS...more
2/7/2025
/ Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Institutions ,
Financial Services Industry ,
New York ,
NYDFS ,
Overdraft Fees ,
Proposed Rules ,
Regulatory Agenda ,
Unfair or Deceptive Trade Practices
Washington Attorney General (AG) Nick Brown secured a $3.75 million settlement with Puppyland, known for selling purebred and mixed breed puppies, over unlawful advertising and sales practices. The settlement resolves a...more
In this episode, Brooke Conkle and Chris Capurso from Troutman Pepper Locke’s Consumer Financial Services Practice Group are joined by Chris Carlson, a partner in the Regulatory Investigations Strategy and Enforcement...more
On October 29, New Jersey Attorney General Matthew Platkin and the state’s Division on Civil Rights (DCR) released a report detailing the findings of a multi-year investigation into Republic First Bank (Republic) and its...more
11/1/2024
/ Banks ,
Consumer Financial Products ,
Discriminatory Lending Practices ,
Enforcement Actions ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Mortgage Lenders ,
Mortgages ,
Race Discrimination ,
Real Estate Transactions ,
Redlining
A federal district judge in Massachusetts entered a nearly $51 million judgment against Commonwealth Equity Group LLC (d/b/a Key Credit Repair) and its CEO after granting summary judgment in favor of the Consumer Financial...more
10/29/2024
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Repair Services ,
Enforcement Actions ,
Financial Institutions ,
Financial Services Industry ,
Hidden Fees ,
Telemarketing ,
Telemarketing Sales Rule ,
Unfair or Deceptive Trade Practices
On September 20, 13 states and Washington, D.C. joined Colorado in its appeal asking the Tenth Circuit to uphold a state law imposing more restrictive interest rate caps on loans from out-of-state banks to residents, arguing...more
10/3/2024
/ Banks ,
Consumer Financial Products ,
DIDMCA ,
Financial Regulatory Reform ,
Financial Services Industry ,
Interest Rates ,
Loans ,
Opt-Outs ,
Out-of-State Companies ,
Regulatory Authority ,
Regulatory Oversight ,
State Attorneys General ,
Usury
California Attorney General (AG) Rob Bonta, along with a coalition of AGs, has submitted a letter to the Consumer Financial Protection Bureau (CFPB) regarding a proposed final rule. This rule aims to establish a registry of...more
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
3/15/2024
/ Consumer Financial Products ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Financial Fraud ,
Financial Services Industry ,
Loans ,
Merchant Cash Advance (MCA) ,
New York ,
Predatory Lending ,
Restitution ,
Settlement ,
Small Business Loans ,
State and Local Government ,
State Attorneys General ,
Unfair or Deceptive Trade Practices
State attorneys general (AGs) continue their role as innovators, shaping the regulatory environment by utilizing their expertise and resources to influence policy and practice. The public-facing nature of the AGs' office...more
Illinois Attorney General (AG) Kwame Raoul recently issued a consumer alert to Illinois consumers regarding the use of artificial intelligence (AI) by phone scammers. According to the alert, phone scammers are regularly...more
While the federal government’s campaign against hidden “junk” fees intensifies, state attorneys general (AGs) have long been contesting concealed costs as unfair or deceptive — especially in the absence of sufficient...more
12/29/2023
/ Consumer Financial Products ,
Convenience Fees ,
False Advertising ,
Financial Regulatory Reform ,
Financial Services Industry ,
Goods or Services ,
Misleading Impressions ,
Processing Fees ,
Proposed Legislation ,
Regulatory Agenda ,
State Attorneys General ,
Unfair or Deceptive Trade Practices
On November 20, Delaware Attorney General (AG) Kathy Jennings, along with the Consumer Financial Protection Bureau (CFPB) and 11 other states, announced a settlement in excess of $30 million with Prehired LLC and affiliated...more
11/30/2023
/ Chapter 11 ,
Consumer Bankruptcy ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Delaware ,
FDCPA ,
Financial Services Industry ,
Income Share Agreements ,
Regulation Z ,
Regulatory Oversight ,
Settlement ,
State Attorneys General ,
Statutory Violations ,
Stipulated Judgment ,
Student Loans ,
Truth in Lending Act (TILA) ,
Unfair or Deceptive Trade Practices
On November 3, Colorado Attorney General (AG) Phil Weiser announced that his office reached a settlement with Touchstone Partners, Inc. (Touchstone), a noted debt management company. The AG’s allegations were that Touchstone...more
11/17/2023
/ Consumer Financial Products ,
Consumer Lenders ,
Debt Collection ,
Debt Collectors ,
Debt Management Companies ,
Debtors ,
Enforcement Actions ,
Financial Services Industry ,
Popular ,
Settlement ,
State Attorneys General
On June 13, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra provided the CFPB’s semiannual report to Congress, which included concerns about predatory house-flipping practices by companies like HomeVestors....more
On May 10, SoLo Funds, Inc. (Solo), one of the largest community lending platforms in the United States, entered into a settlement with the District of Columbia attorney general (OAG). The settlement resolves claims that the...more
6/5/2023
/ Attorney General ,
Consumer Financial Products ,
Consumer Protection Act ,
Enforcement Actions ,
Financial Services Industry ,
Lenders ,
Loans ,
Online Marketplace Lending ,
Regulatory Oversight ,
Unfair or Deceptive Trade Practices ,
Usury
As discussed here, on December 7, 2022, the Consumer Financial Protection Bureau (CFPB or Bureau) made a preliminary conclusion that a New York commercial financing law was not preempted by the Truth in Lending Act (TILA)....more
In March 2022, state attorneys general provided comments to the Consumer Financial Protection Bureau (CFPB) concerning the CFPB’s inquiry into companies that offer consumers the opportunity to divide the cost of their...more