In an announcement to its subscribers sent electronically on May 23, 2022, the California Department of Financial Protection and Innovation (“DFPI”) notified applicants – and prospective applicants – for a license under California’s Debt Collection Licensing Act (the “Act”) that
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CFPB scraps no action letter and compliance assistance sandbox programs and creates new Office of Competition and Innovation
The CFPB announced earlier this week that as part of a new approach to innovation in consumer finance, it is replacing its Office of Innovation and Operation Catalyst with a new office, the Office of Competition and Innovation, and eliminating…
Oklahoma Governor signs bill limiting use of automated dialing systems
On May 20, Oklahoma Governor Kevin Stitt signed into law House Bill No. 3168 which imposes new limits on the use of automated dialing systems. The new law, titled the “Telephone Solicitation Act of 2022” (Act), takes effect on November…
U.S. Supreme Court rejects prejudice requirement for waiver of arbitration
The U.S. Supreme Court today held that waiver of the right to arbitrate does not require a showing that the other party was prejudiced. The unanimous opinion by Justice Kagan in Morgan v. Sundance reversed the Eighth Circuit, which had…
New CFPB interpretive rule outlines broad state CFPA enforcement authority
The CFPB has issued a new interpretive rule regarding the authority of state attorneys general and state regulators (State Officials) to enforce the Consumer Financial Protection Act (CFPA).
CFPA Section 1042(a) (12 U.S.C. Section 5552) authorizes “the attorney general (or…
CFPB arbitration study would not support a new regulation
Recently, Professor Jeff Sovern and I exchanged views on whether the CFPB could (or should) add arbitration rulemaking to its regulatory agenda. Professor Sovern has now suggested that the CFPB’s 2015 Study of consumer arbitration would support a new regulation. …
CFPB announces launch of new system for providing guidance and issues first Circular; FDIC issues final rule on misuse of FDIC name or logo or making misrepresentations about deposit insurance
Just one day after announcing that it was launching a new system to provide guidance to other agencies with consumer financial protection responsibilities on how the CFPB intends to enforce federal consumer financial laws, the CFPB released its first Consumer…
OppFi asks court to reject California Department of Financial Protection and Innovation’s “true lender” challenge to loans made through bank partnership
Opportunity Financial, LLC (OppFi) has filed a Demurrer to the cross-complaint filed by the California Department of Financial Protection and Innovation (DFPI) in which it asks the California trial court to reject the DFPI’s attempt to apply California usury law…
Connecticut Banking Dept. issues cease and desist order to stop fintech loan finder from operating without small loan license
The Connecticut Department of Banking (“Department”) has issued a temporary cease and desist order (“Order”) that directs SoLo Funds, Inc., (“SoLo”) a fintech company that uses peer-to-peer technology to assist consumers in obtaining small dollar loans from third-party lenders, to…
Depository institutions beware: California appellate court holds bank liable for registered agent’s mistake in rejecting notice of levy
A California Court of Appeal recently found a bank liable to a judgment creditor under California’s Enforcement of Judgments Law for the bank’s registered agent’s mistake in misreading, and subsequently rejecting, a notice of levy. Although the bank itself did…