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In January 2023, the CFPB filed a lawsuit in a New York federal district court jointly with the New York Attorney General (NYAG) against an auto finance company alleging violations of the Consumer Financial Protection Act (CFPA) and New York law.  The CFPB and NYAG both allege that the defendant violated the CFPA by engaging in deceptive and abusive acts or practices and substantial assisting CFPA violations by the defendant’s affiliated auto dealers. … Continue Reading

We discuss recent and ongoing enforcement activity of the PA AG involving consumer financial services.  Our conversation focuses on activity directed at: auto title lenders for alleged violations of PA usury law; national banks for alleged CARD Act violations; furniture retailers for alleged “hang tag” law violations; home sellers for alleged violations of mortgage laws arising from the use of contracts for deed; and phone scams.… Continue Reading

Pennsylvania has one of the most active Attorney General offices when it comes to bringing cases against financial companies. This is due to the office’s Consumer Financial Protection Unit, which was formed by Attorney General Josh Shapiro in 2017 because of the expectation that the CFPB would become less potent in protecting consumers.… Continue Reading

The “Blue Wave” hit Nevada last November as well, resulting in the election of Democrats to serve as Governor and Attorney General.  More aggressive enforcement and increased legislative activity are expected.  In this week’s podcast, we discuss the new AG’s likely enforcement priorities, the federal and state law enforcement tools available to him, and state legislation of interest to financial institutions that is likely to be considered in the next session.… Continue Reading

On September 5, 2018 a group of 14 state Attorneys General and the AG for the District of Columbia sent a comment letter to CFPB Acting Director Mick Mulvaney, urging him to refrain from “reexamining the requirements” of the Equal Credit Opportunity Act (“ECOA”). The AGs seek to preserve the interpretation that the ECOA provides for disparate impact liability.… Continue Reading

We have blogged twice (here and here) about the conclusion in RD Legal Funding that Title X of Dodd-Frank is unconstitutional because it provides that the sole director of the CFPB can be removed only for cause.  This post addresses the issue that took up 95 pages of the 101-page opinion—whether RD Legal Funding violated UDAAP and usury laws because purported asset purchases were in fact disguised loans. … Continue Reading

The New Jersey Attorney General recently announced that the state’s governor will nominate Paul R. Rodriguez to serve as the Director of the New Jersey Division of Consumer Affairs, the state’s lead agency charged with protecting consumers’ rights, regulating the securities industry, and overseeing 47 professional boards.

According to the AG’s press release, Mr.… Continue Reading

Pennsylvania’s Attorney General, Josh Shapiro, announced last Friday that his office is creating a Consumer Financial Protection Unit “to better protect Pennsylvania consumers from financial scams.”

The announcement indicated that the new Unit “will focus on lenders that prey on seniors, families with students, and military service members, including for-profit colleges and mortgage and student loan servicers.” … Continue Reading

On Monday, we blogged about the highlights of the panel I moderated, “The CFPB Speaks,” that was part of the Practicing Law Institute’s 22nd annual Consumer Financial Services Institute in Manhattan. The next panel,  “Federal Regulators Speak: Priorities & Coordination,” focused on priorities and developments at the Department of Justice (DOJ), the OCC, and the FTC.… Continue Reading

Below is an update on the lawsuits we have been following that state attorneys general and a state regulator have brought using their Dodd-Frank enforcement authority.  Under Dodd-Frank Section 1042, a state AG or regulator is authorized to bring a civil action to enforce provisions of Dodd-Frank Title 10 or regulations issued under Title 10, including the Dodd-Frank prohibition of unfair, deceptive or abusive acts or practices (UDAAP).… Continue Reading