Tagged as: Enforcement Trends

Georgia AG Follows Familiar Pattern; Settles Suit Against California Payday Lender for Alleged Rent-A-Tribe Scheme

On February 9, the Attorney General’s Office for the State of Georgia (Georgia AG) announced that it reached a settlement and entered into a consent order with a California-based online lender relating to an alleged “rent-a-tribe” scheme.  The consent order, filed in Georgia state court, bars the lender from doing…

Read More

Federal Court Certifies to the Ninth Circuit the CFPB’s Challenge to Alleged “Rent-a-Tribe” Scheme

CFPB sign

On January 3, 2017, the U.S. District Court for the Central District of California certified for appellate review its August 31, 2016 Order finding that a California-based payday lending company used a “rent-a-tribe” scheme to avoid state usury laws, in violation of the Consumer Financial Protection Act (CFPA).  Enforcement Watch covered the August 31,…

Read More

Georgia AG Secures Agreement from Online Payday Lender to Suspend $6.5 Million in Collections

On November 3, 2016, the Georgia Attorney General’s Office (Georgia AG) announced that affiliated online payday lenders will suspend collections on approximately $6.5 million in loans following a Georgia Supreme Court ruling that state law applied to the online payday lenders.  As a result of that ruling, the Georgia AG’s case currently…

Read More

CFPB Announces Settlement with Debt Collection Law Firm and Debt Buyer Over Alleged Abusive Debt Collection Practices

CFPB sign

On April 25, 2016, the Consumer Financial Protection Bureau (CFPB) announced​ it entered into two settlements, available here​ and here, with a law firm and a financial services company over allegations the entities filed debt collection lawsuits without properly verifying the underlying debt obligations, in violation of the Consumer Financial Protection Act…

Read More

Massachusetts AG Announces Settlement With Auto Lender Over Alleged Usurious Interest Rates

​On March 16, 2016, the Massachusetts Attorney General’s Office announced that two financial services companies specializing in auto loans agreed to pay a total of $7.4 million in restitution to Massachusetts consumers over allegations the companies charged excessive interest rates on auto loans. According to the Massachusetts AG, the companies purchased loans from primary creditors…

Read More

CFPB Publishes Rulemaking Agenda Including Proposed Rule Prohibiting Class Action Waivers

CFPB sign

On November 20, 2015, the CFPB published​ its current rulemaking agenda. Under the Dodd-Frank Wall Street Reform Act, the CFPB drafts and implements new regulations governing certain consumer finance products and services. The CFPB publishes its regulatory agenda twice a year, which summarizes the proposed regulations (or “rules”) the Bureau is…

Read More

Massachusetts AG Announces Auto Loan Company will Pay $5.4 Million to Settle Allegations it Charged Usurious Interest Rates

​On November 5, 2015 the Massachusetts Attorney General’s Office announced that a national auto loan company agreed to pay $5.4 million in restitution to Massachusetts consumers to settle allegations it charged excessive interest rates on automobile loans. According to the Massachusetts AG, the company purchased loans from primary creditors that contained…

Read More