CFPB, Federal Agencies, State Agencies, and Attorneys General
The California Department of Business Oversight (DBO) has filed an administrative enforcement action against a title lender for alleged violations of California law and launched an investigation into whether the interest rates charged by the lender are unconscionable.
According to the DBO’s Accusation, the lender is licensed under the California Financing Law (CFL). The…
The New York Department of Financial Services has filed a memorandum of law opposing the OCC’s motion to dismiss the NYDFS’s second lawsuit seeking to block the OCC’s issuance of special purpose national bank (SPNB) charters to fintech companies.
In its motion to dismiss, the OCC argued that the court lacks subject matter jurisdiction…
The CFPB and New York Attorney General have filed their opening briefs in their appeals to the Second Circuit in RD Legal Funding. The CFPB filed an appeal from Judge Preska’s June 21, 2018 decision, as amended by her September 12 order, in which she ruled that the CFPB’s single-director-removable-only-for-cause structure is unconstitutional, struck…
Earlier this week, the U.S. Supreme Court ruled in Timbs v. Indiana that the prohibition on excessive fines in the Eighth Amendment of the U.S. Constitution is incorporated against the States by the Fourteenth Amendment. Although it involved a civil asset forfeiture of a vehicle arising from the petitioner’s criminal conviction, the decision could provide…
With the creation of a Consumer Financial Protection Unit as one of his early actions, Pennsylvania Attorney General Josh Shapiro made clear his intention to pursue an aggressive pro-consumer agenda. Mr. Shapiro named Nicholas Smyth, a former CFPB enforcement attorney, to serve as Assistant Director of the Attorney General’s Bureau of Consumer Protection.
In what…
On January 23, Delaware Governor John Carney signed the “Delaware Federal Employees Civil Relief Act” into law. The Act states that its purpose “is to provide for the temporary suspension of judicial and administrative proceedings in Delaware that may adversely affect the civil rights of Federal workers during a shutdown.” The Act provides…
According to an American Banker report, Chris D’Angelo, the CFPB’s Associate Director of Supervision, Enforcement and Fair Lending, has announced that he is leaving the Bureau to serve in the Office of the New York Attorney General as Chief Deputy Attorney General for Economic Justice.
The current New York Attorney General is Letitia James,…
The CFPB announced that it has entered a settlement with Mark Corbett to resolve the Bureau’s allegations that Mr. Corbett violated the Consumer Financial Protection Act in connection with his brokering of contracts providing for the assignment of veterans’ pension payments to investors in exchange for lump sum amounts. In its press release announcing the …
The CFPB and New York Attorney General have agreed to a settlement with Sterling Jewelers Inc. of a lawsuit they filed jointly in a New York federal district court alleging federal and state law violations in connection with credit cards issued by Sterling that could only be used to finance purchases made in the company’s…
In a January 4 posting, Colorado’s outgoing Attorney General, Cynthia Coffman, issued an administrator’s opinion as to whether Section 5-2-214 of the Uniform Consumer Credit Code prohibits supervised lenders from utilizing post-dated checks, debit authorizations, and other forms of up-front payment authorization, as security for payment of “alternate charge” consumer installment loans. Alternate charge…
