News & Analysis as of

State Attorneys General True Lender

Goodwin

Massachusetts Attorney General Settles Claims Against California-Based Financing Company for $625,000

Goodwin on

​On May 22, 2024,​ the Massachusetts Attorney General (MA AG) announced it entered into an Assurance of Discontinuance (AOD) with a California-based financing company resolving allegations of violations of the Massachusetts...more

Troutman Pepper

Consumer Groups and State AGs Push Regulators to Tighten Guidance on Bank Partnerships

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On October 18, consumer advocate groups and 19 state attorneys general wrote comment letters, urging banking regulators to denounce “rent-a-bank” arrangements between financial institutions and fintechs or other third-party...more

Cozen O'Connor

Is Cooperative Federalism Attainable in Cannabis Regulation? AG Weiser Seems to Think So

Cozen O'Connor on

It is not uncommon for state attorneys general (AGs) to weigh in on proposed federal legislation, particularly where states’ interests are implicated. In certain situations, state AGs may wish to alert Congress that they are...more

McGlinchey Stafford

U.S. House Of Representatives Votes To Override OCC True Lender Rule

McGlinchey Stafford on

The U.S. House of Representatives on June 24th voted 218 to 208 to repeal the Office of the Comptroller of the Currency’s (OCC) “True Lender” rule under the Congressional Review Act (CRA). As discussed in earlier alerts, the...more

Ballard Spahr LLP

State AGs file opposition to FDIC’s summary judgment motion in lawsuit challenging “Madden-fix” rule

Ballard Spahr LLP on

The state attorneys general have filed their opposition to the FDIC’s motion for summary judgment in their lawsuit to set aside the FDIC’s “Madden-fix” rule.  The filing also includes the AGs’ reply to the FDIC’s opposition...more

Cozen O'Connor

Bipartisan Group Of Attorneys General Seeks Repeal Of Trump-Era True Lender Rule

Cozen O'Connor on

A bipartisan group of 25 AGs, led by Illinois AG Kwame Raoul, sent a letter to Congress urging it to use the Congressional Review Act (“CRA”) to rescind a Trump-era True Lender Rule, which provides guidance on determining...more

Morrison & Foerster LLP

Financial Services Report - Spring 2021

Can you say 0 to 60? Not cars, but pretty much everything to do with financial services. A new year, a new administration, and new challenges for providers. Prior CFPB Director Kraninger is long gone. Acting Director Uejio...more

Goodwin

State Attorneys General Challenge the OCC’s “True Lender” Rule

Goodwin on

As LenderLaw Watch previously reported, the Office of the Comptroller of the Currency (OCC) issued its final rule on the True Lender doctrine in October 2020, addressing ambiguity in federal law and establishing that a...more

Ballard Spahr LLP

Eight state attorneys general file lawsuit seeking to overturn OCC’s true lender rule

Ballard Spahr LLP on

On January 5, 2021, the Attorneys General of New York, California, Colorado, the District of Columbia, Massachusetts, Minnesota, New Jersey, and North Carolina filed a voluminous Complaint in federal district court for the...more

Locke Lord LLP

States Sue OCC, Challenging its “True Lender” Rule

Locke Lord LLP on

On January 5, 2021, the Attorneys General of New York, California, Colorado, the District of Columbia, Massachusetts, Minnesota, New Jersey and North Carolina (collectively, the “States”) sued the Office of the Comptroller of...more

Bradley Arant Boult Cummings LLP

State Attorneys General Challenge FDIC’s Madden Fix

In early August 2020, several state attorneys general filed suit against the Office of the Comptroller of the Currency (OCC) challenging the OCC’s proposed “Madden Fix.” Notably, while the Federal Deposit Insurance...more

Troutman Pepper

Colorado Attorney General Announces Landmark Settlement in True Lender Litigation Actions

Troutman Pepper on

In January 2017, the Attorney General of Colorado filed two lawsuits against Marlette Funding LLC and Avant of Colorado LLC. Among other things, the lawsuits claimed that these two companies, as the online platforms for loans...more

Bradley Arant Boult Cummings LLP

State Attorneys General Challenge OCC Madden Fix

Last Wednesday, the attorneys general of Illinois, California, and New York filed a lawsuit in the United States District Court for the Northern District of California challenging the Office of the Comptroller of the...more

Ballard Spahr LLP

Attorney General for District of Columbia Files “True Lender” Complaint Against Elevate Bank Program

Ballard Spahr LLP on

The Attorney General for the District of Columbia, Karl A. Racine, (the “AG”) has filed a complaint against Elevate Credit, Inc. (“Elevate”) in the Superior Court of the District of Columbia alleging violations of the D.C....more

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