On February 14, 2017, the Florida Attorney General’s Office (Florida AG) announced that it had entered into three consent judgments and one settlement with four affiliated loan service companies and their operators, resolving complaints filed against the companies by the Florida AG in state court in 2015. According to the Florida AG, the…
On January 20, 2017, the Ninth Circuit affirmed a trial court ruling that ordered three tribal lending entities to comply with the Consumer Financial Protection Bureau’s (CFPB) civil investigative demands. The CFPB’s investigation concerns whether small-dollar online lenders or similar persons had engaged in illegal advertising, marketing, or collection practices in…
On January 18, 2017, the U.S. Attorney’s Office for the Southern District of New York (USAO) filed a lawsuit against a national bank, alleging that the bank had engaged in a years-long practice of racial discrimination in providing mortgage services. The parties reportedly have agreed to terms of a settlement to resolve the action. The…
On October 6, 2016, the Illinois Attorney General’s Office (“Illinois AG”) announced that it had reached a settlement with a small-dollar consumer lender for approximately $3.5 million, resolving allegations that the lender violated the Illinois Financial Services Development Act’s 36% interest rate cap. The Illinois AG accused the lender of…
On April 21, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it filed two lawsuits in federal court in the Central District for California against the founders of an online lead aggregator website, which allegedly sold loan applications to lenders and other companies without properly vetting the sources of the data…
On November 18, 2015, the CFPB announced that it had initiated an enforcement action against an online finance company. The company offered personal loans in amounts ranging from $100 to $1,000, which consumers applied for using an online application on the company’s website. When consumers applied for the loans, the…
On October 29, the Massachusetts Attorney General’s office announced that it had reached a consent order with installment loan lenders, their affiliated companies, and owners, over allegations that the lenders engaged in unfair or deceptive practices in connection with the making, purchasing, servicing, or collecting of high-interest consumer installment loans. The complaint…