Meredith Cipriano

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In an April 8, 2016 letter to Richard Cordray, Director of the Consumer Financial Protection Bureau (“CFPB,” or “Bureau”), Representatives Randy Neugebauer (R-TX) and Mick Mulvaney (R-SC) requested that the Bureau convene a forum of state and tribal officials to discuss their perspectives and experiences with regulating short-term, small-dollar credit products, prior to issuance of any Bureau-proposed rule on the subject. Read our client alert.…
On February 23, 2016, CFPB Director Richard Cordray signaled that the Bureau’s anticipated rulemaking on short-term lending is likely to closely resemble its March 2015 “Outline of Proposals Under Consideration and Alternatives Considered” for regulating the payday, or short-term lending market and may provide a safe harbor approach. Read our client alert.…
On December 23, 2015, the Federal Reserve Board (“Federal Reserve”) and the Federal Deposit Insurance Corp. (“FDIC” and, collectively with the Federal Reserve, the “Agencies”) announced settlements with Higher One, Inc. (“Higher One”) for alleged violations of the prohibition against deceptive acts and practices under Section 5 of the Federal Trade Commission Act. In conjunction with its Higher One settlement, the FDIC also announced a settlement with WEX Bank, an insured depository institution that partnered…