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Financial Services Industry Lenders Payday Loans

Troutman Pepper

Class Action Alleging Usurious Fees and Tips Filed Against FinTech Provider of Earned Wage Access Services

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A proposed class action lawsuit has been filed in the U.S. District Court for the Northern District of California against EarnIn, a FinTech provider of Earned Wage Access services, alleging that its optional fees and tips...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - June 2024 # 3

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Cooley LLP

Latest CFPB Supervisory Highlights Identify Novel Violations Across Host of Financial Products and Services

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On July 26, 2023, the Consumer Financial Protection Bureau (CFPB) issued its Summer 2023 Supervisory Highlights describing key findings and violations identified during examinations conducted between July 2022 and March 2023....more

Orrick, Herrington & Sutcliffe LLP

4th Circuit affirms certification of class action in tribal lending case

On January 24, the U.S. Court of Appeals for the Fourth Circuit concluded that a district court did not abuse its discretion when certifying a class action. The lawsuit alleges an individual who orchestrated an online payday...more

Allen Matkins

Court: OTC Company Has The Capacity To Protect Its Own Interests

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Notably, California has a constitutional limitation on interest rates (Cal. Const. Art. XV, Section 1).   Section 25118 exempts certain evidences of indebtedness that meet specified conditions.  One of these conditions is...more

Hudson Cook, LLP

Stuck in a Time Loop: The Compliance Clock Is Still Ticking for Small-Dollar Lenders in 2021

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During the past year, small-dollar lenders learned the fate of the Consumer Financial Protection Bureau’s (“CFPB”) final rulemaking addressing payday, vehicle title, and certain high-cost installment loans. In addition, the...more

Jenner & Block

CFPB Publishes Market Snapshot Report on Consumer Use of State Payday Loan Extended Payment Plans

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Payday loans are small-dollar cash loans typically due in a single payment on the borrower’s next payday—they are extremely short-term and generally high-interest forms of consumer credit. If the borrower cannot pay off the...more

Goodwin

2021 Year in Review: Consumer Finance

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[co-authors: Amelie Hopkins, and Collin Grier] The year 2021 started with the hope of COVID-19 vaccines and a return to (relative) normalcy, only to conclude with new variants that presented new challenges and extended...more

Wiley Rein LLP

Wiley Consumer Protection Download (January 24, 2022)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Troutman Pepper

CFPB Moves to Dismiss Lawsuit But Supports Plaintiff on the Merits

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On March 22, the Consumer Financial Protection Bureau (Bureau) moved to dismiss a challenge to a final rule it promulgated last summer. But this routine filing was followed by a blog that expressed the Bureau’s intent to...more

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights: Issue 9, November 2020

How Virginia’s 2020 Fairness in Lending Act Reforms Small-Dollar Loans - "The law closes regulatory loopholes, caps interest rates, and provides lessons for other states." Why this is important: Earlier this year, the...more

Manatt, Phelps & Phillips, LLP

CFPB Issues Final Rule on Small-Dollar Lending With Good News and Bad News for the Industry

On July 7, the CFPB issued its long-awaited final rule (the 2020 Final Rule) amending the regulations that govern payday loans, vehicle title loans and certain high-cost installment loans. As expected, the CFPB revoked the...more

Goodwin

Financial Services Weekly News: FDIC Issues Deposit Insurance Application Guidance For Non-Banks

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In This Issue. The Federal Deposit Insurance Corporation (FDIC) published new procedures for federal deposit insurance applications from applicants that are not traditional community banks; federal banking regulators released...more

BakerHostetler

Financial Services 2018 Year-End Report

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Welcome to the 2018 Year-End Report from BakerHostetler’s Financial Services Industry Team . We are pleased to share our analysis of some of the key developments in the financial services industry in 2018 and our expectations...more

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