The CFPB announced that it has entered into a proposed consent order with Think Finance and six subsidiaries (collectively, the “Think Entities’) to settle the Bureau’s lawsuit filed in November 2017 that alleged the Think Entities engaged in unfair, deceptive, and abusive acts or practices in connection with their collection of loans that were void under state law because the loans’ interest rates exceeded state law limits or the lenders who made the loans had not obtained required state licenses. … Continue Reading
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CFPB opposes petition for certiorari filed by tribal lenders in Ninth Circuit case
By Barbara S. Mishkin on
Posted in CFPB Enforcement, Regulatory and Enforcement
The CFPB has filed a brief opposing the petition for certiorari filed by two tribally-affiliated lenders seeking U.S. Supreme Court review of the Ninth Circuit’s decision in CFPB v. Great Plains Lending, LLC, et al. In that decision, the Ninth Circuit rejected the lenders’ challenge to the CFPB’s authority to issue civil investigative demands (CID) to companies that are “arms” of Native American tribes.… Continue Reading
Tribal challenge made to Cordray appointment
By Barbara S. Mishkin on
Posted in CFPB Enforcement, Regulatory and Enforcement
According to a Bloomberg report, the Chippewa-Cree tribe in Montana, as grounds for objecting to a Civil Investigative Demand (CID) issued by the CFPB, has challenged the validity of Director Richard Cordray’s recess appointment.
The tribe reportedly has asserted that because the CFPB does not have a validly-appointed director, it cannot exercise its supervisory or enforcement authority over non-banks. … Continue Reading