Part 1 – The CFPB has no authority to investigate or sue Acima because, under Dodd-Frank and the appropriations Clause of the Constitution, it may only be funded out of combined earnings of the Federal Reserve System and...more
In this month's article, we share some of our top "bites" for the prior month covered during the August 2023 webinar. Bite 1: CFPB Publishes Report on Employer-Driven Debt - On July 20, 2023, the CFPB published a...more
On May 15, the Pennsylvania attorney general announced a $11.4 million settlement with a rent-to-own lender and its subsidiaries accused of engaging in predatory practices targeting low-income borrowers and employing...more
On May 15, 2023, the Pennsylvania Attorney General (PA AG) announced that it reached a $11.4 million settlement with a rent-to-own lender and its affiliates. This settlement resolves a lawsuit filed by the PA AG in...more
In two unrelated settlements, the California DFPI and Georgia attorney general each recently settled with rent-to-own companies. In the California settlement that was announced on January 10, the DFPI settled with a Los...more