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Financial Services Industry Civil Investigation Demand Consumer Lenders

Hudson Cook, LLP

Pay Now or Pay Later, But Paying Later May Cost a Whole Lot More

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The Consumer Financial Protection Bureau has long required that an institution within the scope of its supervision or enforcement authority, including both depository institutions like banks and non-depository consumer...more

Orrick, Herrington & Sutcliffe LLP

Chopra testifies at House, Senate committee hearings

On June 12, the Senate Committee on Banking, Housing, and Urban Affairs held a hearing to address the CFPB’s Semi-Annual Report to Congress. The CFPB Director, Rohit Chopra, in his opening statement addressed the Committee to...more

Orrick, Herrington & Sutcliffe LLP

When the CFPB Investigates: Responding to a CFPB CID

Since opening its doors in July 2011, the Consumer Financial Protection Bureau (CFPB) has not been shy about initiating enforcement actions against companies and individuals subject to its authority, recovering billions of...more

Ballard Spahr LLP

CFPB Files First Lawsuit Under Acting Director Mulvaney

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The CFPB filed its first new lawsuit under acting Director Mulvaney yesterday, alleging that a pension advance company and its president made predatory loans to consumers that were falsely marketed as asset purchases.  ...more

Ballard Spahr LLP

CFPB refuses to set aside or modify CID

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The CFPB, in a decision and order signed by Acting Director Mulvaney, has denied the petition filed by Firstsource Advantage, LLC (Firstsource) to modify or set aside a civil investigative demand (CID) (Petition) that was...more

Bradley Arant Boult Cummings LLP

Speak Up! The CFPB Wants Your Feedback

January 17th, the Consumer Financial Protection Bureau (CFPB) announced that it is seeking “evidence to ensure the Bureau is fulfilling its proper and appropriate functions to best protect consumers.” The CFPB is expected to...more

Ballard Spahr LLP

CFPB/NY AG lawsuit against RD Legal Funding may signal greater scrutiny of non-loan financial products such as merchant cash...

Ballard Spahr LLP on

The CFPB and the New York Attorney General this week filed an action against RD Legal Funding, LLC, two of its affiliates, and their principal (collectively, “RD”), alleging that a litigation settlement advance product...more

Ballard Spahr LLP

Ninth Circuit affirms tribal lenders subject to CFPB investigative demands

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The Ninth Circuit recently issued its opinion in CFPB v. Great Plains Lending, LLC, et al., in which three tribal-affiliated, for-profit lending companies (“Tribal Lenders”) challenged the authority of the CFPB to issue civil...more

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