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California Agency Enters into MOUs with Five Earned Wage Access Companies

On January 28, 2021, the California Department of Financial Protection & Innovation (DFPI) announced that it entered into five Memorandums of Understanding (MOUs) with five different earned wage access companies.  Earned wage access companies provide consumers with advances or “on-demand pay” before their pay day for wages that they have earned but not yet received.  According to…

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Financial Aid Services Company Ordered to Pay $14.7 Million in Deceptive Practices Lawsuit

On January 26, 2021, a California federal judge granted the Consumer Financial Protection Bureau’s (CFPB) motion for default judgment against a now-defunct financial aid services company.  The court also granted in part the CFPB’s motion for summary judgment against the company’s founder. The ruling resolves a complaint filed by the CFPB in 2015, previously covered ​by…

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Virginia AG Reaches Settlement with Internet Lender Concerning Short-Term Loans

​On September 29, 2020, the Attorney General for the Commonwealth of Virginia (Virginia AG) announced a settlement with a Nashville-based open-end credit plan​ internet lender, resolving allegations that the lender violated Virginia laws in offering short-term loans.  This settlement results from the Virginia AG’s allegations that the lender’s contracts with its consumers violated the Virginia Consumer Protection Act…

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Vermont AG Settles with Auto Financing Company Regarding Unfair or Deceptive Practices

​On August 12, 2020, the Vermont Attorney General (Vermont AG) announced a settlement with an auto financing company related to alleged unfair or deceptive practices concerning the company’s subprime auto loans​. According to the Vermont AG’s complaint, filed on August 7, 2020, the company engaged in unfair and deceptive practices in violation of the Vermont Consumer Protection Act, 9…

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