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Loans Department of Financial Protection and Innovation (DFPI) Borrowers

Allen Matkins

Court Allows Borrower To Challenge Department's Decision To Issue A Finance Lender's License

Allen Matkins on

A lot has changed since George Gerro filed an action seeking a declaration that the California finance lender's license issued to BlockFi Lending LLC  was both void and improperly issued: Blockfi has filed for bankruptcy; the...more

Sheppard Mullin Richter & Hampton LLP

California Court Denies DFPI’s Motion for Preliminary Injunction Against Fintech

On October 30, the Superior Court of California County of Los Angeles denied the DFPI’s motion for a preliminary injunction to force a Chicago-based fintech company to stop facilitating loans to California borrowers from its...more

Ballard Spahr LLP

DFPI asks Court to Enjoin OppFi From Facilitating High Rate Consumer Loans in California

Ballard Spahr LLP on

In a motion for a preliminary injunction and accompanying memorandum of points and authorities, the California Department of Financial Protection and Innovation (DFPI) is asking a California state court to order fintech...more

Allen Matkins

The DFPI's Subterranean "True Lender" Doctrine

Allen Matkins on

Some readers may recall that two years ago the Office of the Comptroller of the Currency adopted a "true lender" rule.  That rule  The rule specified that a bank makes a loan and is the true lender if, as of the date of...more

Sheppard Mullin Richter & Hampton LLP

Fintech Flips Script, Sues California Regulator Over 36% Rate Cap Law

On March 7, a Chicago-based FinTech company  filed a Complaint for Declaratory and Injunctive Relief in Los Angeles County Superior Court against the Commissioner of the California Department of Financial Protection and...more

Ballard Spahr LLP

California DFPI announces consent order with auto title loan servicer that was subject of “true Lender” investigation

Ballard Spahr LLP on

Last week, the California Department of Financial Protection and Innovation (DFPI) announced that it had entered into a consent order with Wheels Financial Group, LLC d/b/a LoanMart, a California-based company that markets...more

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