The CFPB has issued its annual report on TILA, EFTA, and the CARD Act which covers activity in 2016 and 2017. The report provides brief summaries of the 2016 and 2017 enforcement actions brought by the CFPB and other federal agencies with relevant enforcement authority and provides data on reimbursements required as a result of enforcement actions brought during these periods.… Continue Reading
Vermont federal district court rules CFPA does not provide private right of action for alleged usurious loans; denies motion to dismiss EFTA claim
By Ballard CFS Group on
Posted in Electronic Payments, Regulatory and Enforcement
A Vermont federal district court recently issued a decision ruling on the defendants’ motion to dismiss a class action involving allegations that an online tribal lending venture violated federal and state law because of alleged usurious interest rates and other allegedly unlawful features. The decision discusses a wide array of procedural issues, including the enforceability of the arbitration provisions in the plaintiffs’ loan agreements.… Continue Reading
CFPB brings administrative action against online lender
By Barbara S. Mishkin on
Posted in CFPB Enforcement, Regulatory and Enforcement
The CFPB announced earlier this week that it has initiated an administrative action against a Delaware-based online lender and its CEO for alleged violations of Truth in Lending Act, the Electronic Fund Transfer Act (EFTA), and the CFPA’s UDAAP prohibition. The announcement is unusual since it has not been the CFPB’s typical practice to announce an administrative action without the simultaneous announcement of a settlement. … Continue Reading