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A repository for the most well-read content on JD Supra at any given time, along with occasional roundups of popular content by specific topic. Also stop by for monthly recaps of hot articles for the previous... more +
A repository for the most well-read content on JD Supra at any given time, along with occasional roundups of popular content by specific topic. Also stop by for monthly recaps of hot articles for the previous thirty days. less -
Latham & Watkins LLP

CFPB Proposes to Designate Earned Wage Access Products as Loans

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Paycheck advance products that are deemed consumer loans under the CFPB’s new proposal would be subject to increased disclosure and regulatory protections....more

Troutman Pepper

Kansas Becomes Fourth State to Enact Earned Wage Access Legislation

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On April 19, Kansas Governor Laura Kelly signed House Bill (HB) 2560 to regulate earned wage access (EWA) products and services. HB 2560 enacts the Earned Wage Access Services Act that requires EWA providers to be licensed by...more

Ballard Spahr LLP

House Financial Services Committee: “rent-a-bank” hearing on Feb. 5; Director Kraninger to testify on Feb. 6

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On Wednesday, February 5, the House Financial Services Committee will hold the first part of a two-part hearing on “rent-a-bank” structures. The hearing is titled “Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to...more

Robins Kaplan LLP

Financial Daily Dose 10.15.2019 | Top Story: Uber lays off 350 more corporate workers in effort to control costs

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Ride-hailing giant Uber laid off 350 workers on Monday as part of an ongoing effort to pare costs that now represents 1000 jobs cut since July....more

White & Case LLP

Financial institutions M&A: Sector trends - January 2019: The face of consumer finance is changing

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Consumer finance:* Credit cards/Consumer credit - Deal activity involving credit card businesses blooms—trade consolidators, financial sponsors and big banks see opportunities - Buyers scrutinise historic compliance...more

Ballard Spahr LLP

Federal jury convicts operator of payday lenders sued by CFPB and FTC

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Richard Moseley Sr., the operator of a group of interrelated payday lenders, was convicted by a federal jury on all criminal counts in an indictment filed by the Department of Justice, including violating the Racketeer...more

Kilpatrick

CFPB Makes Accommodations for Certain Fintech Products in Final Small Dollar Lending Rule

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On October 5, the Consumer Financial Protection Bureau (CFPB or Bureau) released its long-anticipated final rule on small-dollar lending, which covers payday, vehicle title, and certain high-cost installment loans. Along with...more

Orrick, Herrington & Sutcliffe LLP

California Supreme Court Declines to Extend Tribal Sovereign Immunity to Payday Lending Businesses

Orrick, Herrington & Sutcliffe LLP on

On December 22, 2016, the California Supreme Court issued People ex rel. Owen v. Miami Nation Enterprises. The decision found that certain tribal business entities that provided loans in California are not "arms of the tribe"...more

Ballard Spahr LLP

Tribal Sovereign Immunity Not a Bar to Payday Lending Enforcement Action, California Supreme Court Rules

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In a state enforcement action alleging violations of California's lending law and seeking to enjoin continued lending to state residents, the California Supreme Court has ruled that the two tribally affiliated entities that...more

McGuireWoods LLP

I Can’t Get No (Financial Product) Satisfaction: CFPB Complaint Database Exceeds One Million Complaints

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On September 27, the Consumer Financial Protection Bureau (CFPB) released its Monthly Complaint Report capturing a high-level snapshot of trends in consumer complaints. In conjunction with releasing its September Report, the...more

Bradley Arant Boult Cummings LLP

CFPB Sends Clear Message That FinTech Start-Ups Have Same Obligations as Established Companies

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In a clear message to FinTech start-ups, on September 27, 2016, the Consumer Financial Protection Bureau (CFPB) ordered online lender Flurish, Inc. to pay $1.83 million in refunds and a civil penalty of $1.8 million for...more

Troutman Pepper

CashCall Case Brings More Uncertainty to the True Lender Debate

Troutman Pepper on

The case provides an outline of issues to consider and structures to avoid in designing bank collaboration models in the future. On August 31, in Consumer Financial Protection Bureau v. CashCall, Inc., the U.S....more

Sheppard Mullin Richter & Hampton LLP

CFPB Prevails On Summary Judgment Against CashCall, Inc.

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On August 31, 2016, in a ground breaking decision, the United States District Court in Los Angeles ruled that CashCall, Inc. violated the Consumer Financial Protection Act in connection with efforts to collect on certain...more

Carlton Fields

CFPB Continues Scrutiny of Payday Loans in Recent Report and Proposed Rule

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Online payday loans can result in an array of "steep, hidden costs" for borrowers, according to the latest payday loan report from the Consumer Financial Protection Bureau. The report precedes potential new regulatory...more

Cadwalader, Wickersham & Taft LLP

CFPB Proposed Rules Address Payday Loans and Impose New Customer Diligence Requirements

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The Consumer Financial Protection Bureau (“CFPB”) last week announced long-awaited proposed rules governing payday loans and other high-cost credit products, including that lenders must take steps to ensure prospective...more

Orrick - Finance 20/20

The New CFPB Payday Lending Rules: An Early Analysis

Orrick - Finance 20/20 on

Last week the Consumer Finance Protection Bureau ("CFPB") released its long-awaited proposed rulemaking to regulate payday, auto title and certain high-cost installment loans ("covered loans"). The stated purpose of the...more

Ballard Spahr LLP

CFPB Releases Spring 2016 Rulemaking Agenda

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The Consumer Financial Protection Bureau (CFPB) has released its Spring 2016 rulemaking agenda. The agenda sets the following timetables for key rulemaking initiatives: Arbitration. The Spring 2016 agenda does not...more

BakerHostetler

CFPB Identifies Hidden Costs and Fees Associated With Online Payday Loans

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On April 20, 2016, the Consumer Financial Protection Bureau (CFPB) issued a report regarding online payday lenders’ efforts to debit payments from a borrower’s checking account. Based on an 18-month observation period, the...more

Ballard Spahr LLP

NY DFS Brings First Data Security Action

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The New York State Department of Financial Services (DFS) has announced that it has entered into a consent order with an online payday loan lead generator and its chief executive officer (CEO) (collectively, respondents) to...more

Goodwin

Consumer Financial Services Litigation - Year In Review

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In 2015, the consumer financial services industry continued to face increasing pressure, from regulators and government enforcement activity, and ever-more creative litigation tactics. In order to stay competitive—and to...more

Ballard Spahr LLP

The CFPB’s contemplated payday/title/high-cost lending proposals: our initial reactions

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Last Friday, we posted a summary of the contemplated CFPB proposals taking aim at payday (and other small-dollar, high-rate) loans (“Covered Loans”). In this blog post, we share our thoughts on the CFPB’s grounds for the...more

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