On June 1, 2022, plaintiff Kristen Michael filed a class action lawsuit against FinTech lender Opportunity Financial, LLC (“OppFi”) on behalf of herself and a putative class alleging, inter alia, that OppFi loans money at an interest rate upwards of 130% higher than allowed by state law.  Ms. Michael alleges that OppFi offers “OppLoans”

On June 29, 2021, the CFPB and the Attorney General of the State of Georgia filed a proposed order in connection with a joint lawsuit they filed a day earlier in federal district court in Georgia against Maryland-based debt-relief and credit-repair company Burlington Financial Group (“Burlington”) and three individual owners and executives.  In the lawsuit

In its second case against a Voice over Internet Protocol (VoIP) service provider, the FTC announced that it has reached a proposed settlement with Alcazar Networks Inc. and its owner Gavin Grabias concerning the FTC’s charges that they facilitated tens of millions of illegal telemarketing phone calls.  The proposed settlement bars Alcazar and Grabias from

Come January 1, 2021, senior citizens in California will be afforded additional cancellation rights when entering into contracts negotiated or executed away from typical business establishments. AB-2471, which Governor Newsom signed into law at the end of September 2020, provides greater protections to senior citizens by extending from three to five business days the

On September 25, 2019, the CFPB filed a lawsuit in federal district court in Maryland against Maryland-based debt collector FCO Holding, Inc. (“FCO”), its various subsidiaries and Michael E. Sobota, the CEO, president, director, and owner of FCO. According to the lawsuit, FCO and Sobota operate the largest debt-collection company in the multi-unit housing industry,

Last week, Congressional representatives Maxine Waters, D-CA, Bobby Scott, D-VA, and Elijah Cummings, D-MD, as chairs of committees with oversight responsibility for the student loan servicing market, sent letters to CFPB Director Kathleen Kraninger and Department of Education Secretary Betsy DeVos about their concerns with the current state of the student loan industry. The letters

Last week, Senator Dick Durbin, D-Ill., reintroduced a bill, the “Protecting Consumers From Unreasonable Credit Rates Act of 2019,” that would create a national interest-rate cap of 36% on consumer loans. The legislation would make all open-end and closed-end consumer credit transactions, including mortgages, car loans, and payday loans, subject to a 36% APR