Newsletters

06.20.18

Payday Lender Wins Over South Dakota Banking Regulator

A payday lender in South Dakota scored a victory in its lawsuit against the state’s banking regulator when a federal court judge agreed that the South Dakota Division of Banking exceeded its authority by revoking the plaintiff’s operating licenses.


06.06.18

Short-Term Lending: Think Small, as OCC Nudges Banks

Not long after the CFPB’s acting director put the brakes on tough payday lending rules, the Trump administration likewise signaled that banks should move back into the $90 billion business.


05.24.18

Congress Tosses (Another) CFPB Rule While Constitutionality Battle Continues

In another use of the Congressional Review Act (CRA) to repeal a Consumer Financial Protection Bureau (CFPB or Bureau) rule, lawmakers did away with the Bureau’s Bulletin 2013-02, negating guidance on indirect automobile financing.


04.27.18

CRA Resolutions, Last RFI and Semiannual Report—With a Twist

In Consumer Financial Protection Bureau (CFPB) news, more resolutions have been filed under the Congressional Review Act (CRA) to overturn Bureau rules, and the last in a series of 12 Requests for Information (RFIs) was released.


03.28.18

California DBO, Virginia AG Target Short-term Lending

As the Consumer Financial Protection Bureau retreats, states continue their aggressive attacks on short-term lending.


03.15.18

BSA/AML Failures Prove Costly

Recent enforcement actions demonstrate just how expensive failures with regard to Bank Secrecy Act and anti-money laundering (BSA/AML) compliance can be and how intentional conduct can enhance the severity of a penalty, with the California branch of a foreign bank required to pay upward of $368 ...


03.09.18

No Vicarious Liability Without Ratification, Ninth Circuit Rules

A trio of payday lenders and two marketing companies did not indirectly violate the Telephone Consumer Protection Act (TCPA) by working with a lead generator that used an automated program to send text message ads, the U.S. Court of Appeals for the Ninth Circuit recently ruled.


02.16.18

Passive Investors in Payday Lending Operations Get Partial Reprieve

While tossing certain claims brought by Pennsylvania’s attorney general, a federal judge denied part of a motion to dismiss brought by online short-term lenders in an action accusing them of “renting” Native American tribes and out-of-state banks.


02.01.18

CFPB Upheaval Continues: From RFIs to Leadership Philosophy

With the near-daily stories coming out of the Consumer Financial Protection Bureau (CFPB or Bureau), the question has become what isn’t happening at the Bureau.


01.24.18

Mulvaney to CFPB: No More ‘Regulation by Enforcement’

In an email to staff leaked to ProPublica, Acting CFPB Director Mick Mulvaney questioned the “previous governing philosophy” of the bureau, and he signaled a major shift in enforcement methodologies and priorities by suggesting the days of “regulation by enforcement” were ...