Clik here to view.
Georgia Attorney General Latest to Sue Tribe-Affiliated Online Payday Lender
On July 29, Georgia Attorney General (AG) Sam Olens announced a lawsuit against a payday lending operation affiliated with a Native American Tribe for allegedly making illegal loans in that state. The...
View ArticleClik here to view.
New York Seeks to Halt Online Payday Loans, Collections; Federal Agencies...
On August 6, the New York Department of Financial Services (DFS) sent letters to 35 online lenders, including lenders affiliated with Native American Tribes, demanding that they cease and desist...
View ArticleClik here to view.
August Beach Read Series: Increasing Scrutiny of Short-Term, Small-Dollar...
The interest of regulators and enforcement authorities in short-term, small-dollar credit products – including payday loans, advance deposit products, installment loans, and more – has intensified in...
View ArticleClik here to view.
Tribes Seek to Halt New York Internet Lending Investigation; Meet with DOJ on...
On August 21, two Native American tribes and related entities announced a lawsuit against the New York Department of Financial Services (DFS) in response to its recent effort to halt the offering of...
View ArticleClik here to view.
Director Cordray’s Statements Offer Insight Into CFPB Activities
During a September 12 House Financial Services Committee hearing and in a recent interview published in the Washington Post, CFPB Director Richard Cordray made a number of statements that shed light on...
View ArticleClik here to view.
Alabama Establishes Payday Loan Database
On September 18, Alabama Governor Robert Bentley announced new State Banking Department regulations that will create a state database of payday loans made to borrowers. Under the Alabama Deferred...
View ArticleClik here to view.
FTC Files Amicus Brief in Tribal Payday Lending Case
On September 26, the FTC announced that it had filed an amicus brief in the U.S. Court of Appeals for the Seventh Circuit in a class action suit against a Native American payday lender. In that case,...
View ArticleClik here to view.
FDIC Promises Guidance on Bank Payment Processing
On September 17, FDIC Chairman Martin Gruenberg responded to a letter sent recently by Republican members of the House of Representatives, in which the members objected to the agency’s approach toward...
View ArticleClik here to view.
CFPB Rejects Tribal Lenders’ CID Challenge
On September 26, the CFPB denied three tribal lenders’ joint petition to set aside civil investigative demands (CIDs) issued in June 2012. The CIDs were issued in connection with the Bureau’s...
View ArticleClik here to view.
Federal District Court Denies Tribal Lenders’ Attempt to Block New York...
On September 30, the U.S. District Court for the Southern District of New York denied a motion filed by two Native American tribes and related entities seeking to enjoin the New York Department of...
View ArticleClik here to view.
FDIC Explains Supervisory Approach to Payment Processing Relationships
On September 27, the FDIC issued Financial Institution Letter FIL-43-2013, which is intended to clarify the FDIC’s policy and supervisory approach related to financial institutions that facilitate...
View ArticleClik here to view.
CFPB Begins Taking Payday Loan Complaints
On November 6, the CFPB announced that it now will formally accept borrower complaints regarding payday loans through its online complaint portal and by phone. The CFPB’s complaint taking process...
View ArticleClik here to view.
California Appellate Court Holds State Regulators Lack Authority To Regulate...
On January 21, the California Court of Appeal, Second District, held that short-term, small-dollar credit businesses owned by certain federally recognized Indian tribes are sufficiently related to...
View ArticleClik here to view.
New York AG Settles Suit Against Internet Payday Lenders
On January 24, New York Attorney General (AG) Eric Schneiderman announced the resolution of a lawsuit filed in August 2013 against Native American tribe-affiliated payday lending firms and their owners...
View ArticleClik here to view.
CFPB Director Defends Mortgage Rules, Discusses Plans In Other Markets
On January 28, the House Financial Services Committee held a lengthy hearing with CFPB Director Richard Cordray in connection with the CFPB’s November 2013 Semi-Annual Report to Congress, which covers...
View ArticleClik here to view.
Maine Seeks To Halt Unlicensed Consumer Lending
On March 16, Maine enacted legislation that makes it a violation of the Maine Unfair Trade Practices Act for a lender not organized and supervised under the laws of any state or the United States to...
View ArticleClik here to view.
Nevada Federal Court Affirms FTC’s Authority Over Tribal Payday Lending...
On March 19, the FTC reported that the U.S. District Court for the District of Nevada held that the FTC Act “grants the FTC authority to regulate arms of Indian tribes, their employees, and their...
View ArticleClik here to view.
Minnesota Appeals Court Upholds State Regulation Of Online Payday Lender
On March 31, the Minnesota Court of Appeals held that the Minnesota state legislature may regulate the activities of online payday lenders that extend loans to individuals residing within the state’s...
View ArticleClik here to view.
Illinois AG Licensing Enforcement Actions Target Payday Loan Lead Generator,...
On April 7, Illinois Attorney General (AG) Lisa Madigan sued a payday loan lead generator to enforce a 2012 cease and desist order issued by the state’s Department of Financial and Professional...
View ArticleClik here to view.
Senate Democrats Lobby CFPB On Forthcoming Payday Lending Proposal
On May 14, six Senate Democrats, including Senate Banking Committee Members Jeff Merkley (D-OR) and Elizabeth Warren (D-MA), sent a letter to CFPB Director Richard Cordray asking that the CFPB consider...
View Article
