June 3, 2016 On June 2, 2016, the Consumer Financial Protection Bureau (“CFPB”) released a statement regarding proposed new rules aimed at the payday lending industry. The proposed rules seek to protect consumers from what the CFPB refers to as “payday debt traps” and may impose stricter requirements on such payday lenders. The CFPB is […]
CFPB Proposes New Payday Lending Rules Read More »
As we previously blogged and in light of of recent regulatory action by the Federal Deposit Insurance Corporation (FDIC) regarding short term loans (also referred to as “payday loans” and “cash advances”), New York Governor Andrew Cuomo has increased enforcement efforts against payday lenders and recently widened the net of potential defendants to include marketers of payday
New York Expands Payday Lending Industry Investigation to Focus on Marketers Read More »
On November 20, 2013, the newly formed Consumer Financial Protection Bureau (“CFPB”) announced that it had fined payday lender Cash America International (“Cash America”) $5 million and entered into a consent order that compels Cash America pay an additional $14 million in refunds for overcharging customers (including military service members) and robo-signing documents in debt-collection
Major Payday Lender Settles Lawsuit Read More »
New York State Taking Action Against Payday Lenders Following close on the heels of recent regulatory action by the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency regarding short term loans (also referred to as “payday loans” and “cash advances”), New York Governor Andrew Cuomo’s office issued cease and
New York State Shutting Down Payday Lenders Read More »
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