News & Analysis as of

Consumer Lenders

Sheppard Mullin Richter & Hampton LLP

CFPB and Pawn Store Operator to Settle MLA Suit

On May 30, the CFPB and a national pawn store operator filed a joint status report in the U.S. District Court for the Northern District of Texas announcing that they have reached an agreement to resolve a 2021 Bureau lawsuit...more

Troutman Pepper Locke

NY AG Reaches $3.2M in Settlements With 8 New York Nissan Dealerships

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New York Attorney General (AG) Letitia James’ office has reached a cumulative total of $3.2 million in settlements with eight Nissan dealerships that the office accuses of overcharging New Yorkers for purchasing leased...more

Hudson Cook, LLP

[Webinar] Special Compliance Coffee Break - State Enforcement Issues - June 18th, 2:00 pm - 3:00 pm ET

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Catch up with Hudson Cook partners Anastasia Caton and Rob Tilley for this summer's latest trends in state AG enforcement. Temperatures are rising, and so are consumer defaults. We will give practical tips on how to assess...more

Ballard Spahr LLP

Maryland enacts Earned Wage Access legislation

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A new Maryland law deems certain earned wage access (EWA) services to be loans. It then subjects those EWA services to the Maryland Consumer Loan Law and other consumer credit provisions, restricts the acceptance of tips by...more

GeoDataVision

2023 CRA Repeal: Don’t Overlook Important Insights for CRA Enforcement

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Now that the Trump Administration has announced its intention to repeal the 2023 CRA rule many bankers are way too eager to move on and forget about the soon-to-be-repealed rule. It was unbelievably complex, confusing and...more

Troutman Pepper Locke

The Big Beautiful Bill and the Effects on Bank Lending Into the US

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Every year, foreign lenders make thousands of loans to U.S. entities. The U.S. withholding tax on the related interest payments has been generally stable since 1984. The general rule is that interest paid under these loans...more

Orrick, Herrington & Sutcliffe LLP

CFPB ceases special supervision against installment lender

On May 22, an installment lender disclosed in a securities filing that the CFPB recently withdrew a 2023 order designating the company for supervision. As previously covered by InfoBytes, the CFPB claimed special oversight...more

Orrick, Herrington & Sutcliffe LLP

CFPB dismisses case against lease-to-own finance company

On May 27, the CFPB submitted its motion to dismiss a lawsuit with prejudice filed against a lease-to-own finance company and several other entities. As previously covered by InfoBytes, the CFPB sued the lease-to-own finance...more

Hinch Newman LLP

New York Attorney General Advances Consumer Protection Legislation Intended to Bolster GBL Section 349

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In March 2025, Office of the Attorney General for the State of New York introduced the Fostering Affordability and Integrity Through Reasonable (“FAIR”) Business Practices Act in the State Senate and State Assembly. The...more

Skadden, Arps, Slate, Meagher & Flom LLP

UK Announces New Regime To Regulate ‘Buy-Now, Pay-Later’ Lending Following October 2024 Consultation

In October 2024, HM Treasury (HMT) published a consultation paper amid perceived concerns related to the “buy now, pay later” (BNPL) sector, including uninformed consumer decisions, affordability checks and levels of...more

A&O Shearman

Goodbye old friend? HM Treasury consultation on Consumer Credit Act 1974 reform

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It’s here at last—well, the next set of steps towards a brave new dawn for consumer credit, at least. No sooner have we taken down the bunting and put the final champagne glasses in the dishwasher, having celebrated the 40th...more

Latham & Watkins LLP

UK Government Publishes Initial Proposals on CCA Reform

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Government consults on the first stage of reforming the UK consumer credit regime, covering information requirements, sanctions, and criminal offences....more

Katten Muchin Rosenman LLP

Financial Services and Technology: Florida Changes Law to Make Clear that Collection-Related Emails Are Not Included in the...

On May 16, Governor Ron DeSantis signed bill CS/CS/SB 232 into law. The bill includes modifications to the Florida Consumer Collection Practices Act (FCCPA) to make clear that the prohibition on communications between “9...more

Troutman Pepper Locke

Welcoming a New Payment Pro: Jason Cover Joins the Payments Pros Podcast — Payments Pros – The Payments Law Podcast

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In this episode of Payments Pros, Carlin McCrory introduces Jason Cover as a new co-host. Jason, a partner in Troutman Pepper Locke's Consumer Financial Services practice, brings extensive knowledge in consumer lending and...more

McGlinchey Stafford

Court Finds No TILA Violation for Not Providing TILA Disclosures During Pre-Approval Process

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In a recent case, the United States District Court for the District of Connecticut granted a motion to dismiss, finding that the Defendant had no obligation to provide disclosures under the Truth in Lending Act (TILA) during...more

Holland & Knight LLP

Florida Legislature Clarifies FCCPA to Allow Overnight Email Contact with Debtors

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The Florida Legislature unanimously approved Senate Bill (SB) 232 on April 29, 2025, to update and clarify the Florida Consumer Collections Practices Act (FCCPA) by removing email communications from the list of prohibited...more

A&O Shearman

FCA policy statement on new regulatory return for consumer credit firms

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The UK Financial Conduct Authority (FCA) has issued a final policy statement (PS25/3) on consumer credit regulatory returns, published together with an updated webpage. The FCA is introducing a new regulatory return for...more

Troutman Pepper Locke

CFPB Shifts Focus Away from Buy Now, Pay Later Loans

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The Consumer Financial Protection Bureau (CFPB or Bureau) announced a significant shift in its enforcement priorities, choosing not to prioritize actions related to Buy Now, Pay Later (BNPL) loans under the Truth in Lending...more

Troutman Pepper Locke

Driven by Data: Auto Finance Trends Uncovered - Moving the Metal: The Auto Finance Podcast

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In this episode, hosts Brooke Conkle and Chris Capurso delve into the latest TransUnion report on credit industry insights for the fourth quarter of 2024. With auto finance trends revealing rising loan-to-value ratios,...more

Orrick, Herrington & Sutcliffe LLP

CFPB seeks withdrawal from auto finance suit

On April 24, the CFPB filed a memorandum in support of a consent motion to withdraw as a plaintiff in its enforcement action in the U.S. District Court for the Southern District of New York. The case involves the CFPB and the...more

Goodwin

Shifting Priorities: Bureau Memorandum Provides Insight into New Era for CFPB

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The first 100 days of the Trump administration have included dramatic changes at the Consumer Financial Protection Bureau. The agency has retreated from many of its enforcement litigations, initiated reductions in force...more

Hudson Cook, LLP

No Harm, No Foul: Statutory Violations and Consumer Harm

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"No harm, no foul" is a common saying. As it turns out, that saying is sometimes true in law. An important prerequisite for a lawsuit in federal court is that the plaintiff have standing to sue....more

Ballard Spahr LLP

New York AG sues payday lenders MoneyLion and DailyPay

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New York Attorney General Letitia James has sued payday lenders MoneyLion Inc. and DailyPay Inc. in New York state court, alleging that the two companies took advantage of tens of thousands of New Yorkers....more

Venable LLP

California Bill Would Expand DFPI's Power to Police Financial Services Misconduct

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A new proposal in California, Senate Bill 825 (SB 825), is intended to strengthen the enforcement authority of the state's Department of Financial Protection and Innovation (DFPI) by clarifying that it can take action against...more

Troutman Pepper Locke

Shifting Gears: Adapting to Regulatory Changes in Auto Finance — Moving the Metal: The Auto Finance Podcast

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In this episode of Moving the Metal, Brooke Conkle and Chris Capurso from Troutman Pepper Locke’s Consumer Financial Services Practice Group discuss what dealerships and auto finance companies should prioritize amidst...more

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