• 09.25.19

    Eleventh Circuit Tosses Online Lender’s Forum Selection, Class Waiver Clauses

    Siding with six consumers who filed suit asserting violations of state usury laws against online lenders, the U.S. Court of Appeals for the Eleventh Circuit has affirmed a decision by the U.S. District Court for the Southern District of Georgia, holding that the enforcement of forum selection ...

  • 08.28.19

    Payroll Advance Industry in Regulators’ Crosshairs

    The payroll advance industry is the subject of a newly announced multistate investigation seeking information to enable regulators to determine whether there is unlawful lending by online companies engaged in this business.

  • 08.28.19

    CFPB: Settlement Agreements, Call for Payday Lending Rule, New Ombudsman

    In Consumer Financial Protection Bureau (CFPB or Bureau) news, the battle over its constitutionality continues in a New York federal court, the Bureau announced more enforcement activity, student lending remained a hot-button issue and Sen. Sherrod Brown (D-Ohio) called for the CFPB to move forward ...

  • 08.28.19

    California Regulator: Lenders Moving Away From Small-Dollar Loans to High-Interest Installment Loans

    California non-bank consumer lenders are moving away from small-dollar short term payday loans and are, instead, embracing longer-term installment loans with amounts over $2,500 to avoid interest rate caps, according to the state’s banking regulator.

  • 08.14.19

    CFPB News: MOUs, Automated Underwriting, Settlements, Payday Rule Delay

    In another busy stretch for the Consumer Financial Protection Bureau (CFPB or Bureau), lawmakers reached out to the Bureau and the Department of Education (ED) regarding protections for student borrowers, while the CFPB and the New York attorney general reached a $60 million deal with a group of ...

  • 07.03.19

    CFPB News: Kraninger Steers an Independent Path

    CFPB Director Kathy Kraninger continues to chart her own course. CFPB developments include its settlement with a student loan management company, a public hearing on “abusive acts or practices, ” and updated guidance on payday lending. Meanwhile, court developments (on ...

  • 06.19.19

    CFPB News: Kraninger Affirms CIDs, Payday Rule Delayed

    Director Kathy Kraninger is in the news, taking a hard line on civil investigative demands (CIDs), backing two new settlements and issuing a further delay of the payday loan rule.

  • 06.06.19

    New Trend in Legislation: Interest Rate Caps

    From California to Congress, new legislative proposals are attempting to crack down on interest rates.

  • 06.06.19

    Operation Choke Point Lawsuit Comes to an End

    Putting an end to a 2014 lawsuit filed by payday lenders challenging the actions of federal regulators in Operation Choke Point, the Federal Deposit Insurance Corporation (FDIC) announced a resolution to the action.

  • 05.08.19

    Second Circuit: Tribal Officials Must Face Suit

    The U.S. Court of Appeals, Second Circuit has ruled that an online tribal lender must comply with state interest rate and licensing laws, allowing a pair of borrowers to move forward with their suit against tribal officials.

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