A California state court has overruled the demurrer filed by Opportunity Financial, LLC (OppFi) to the cross-complaint filed by the California Department of Financial Protection and Innovation (DFPI) in which OppFi asked the court to reject the DFPI’s “true lender”
Consumer Finance Monitor
CFPB, Federal Agencies, State Agencies, and Attorneys General
CFPB files complaint against online lender alleging MLA violations
On September 29, 2002, the Consumer Financial Protection Bureau (“CFPB”) filed a complaint against online lender MoneyLion Technologies, Inc, and several dozen of its subsidiaries (collectively, “MoneyLion”), alleging violations of the Military Lending Act (“MLA). The complaint alleges that MoneyLion…
CFPB rescinds no-action letter and compliance assistance sandbox policies
The CFPB, in a notice published in the Federal Register on September 27, 2022, announced that it was rescinding its No-Action Letter and Compliance Assistance Sandbox policies (Policies). The rescission was effective on September 30, 2022.
In the notice, the…
CFPB Enters into another Remittance Transfer Consent Order
On October 4, 2022, the Consumer Financial Protection Bureau (CFPB) entered into a consent order with Choice Money, a New York nonbank remittance transfer provider involving violations of the Remittance Transfer Rule (“Remittance Rule”), Subpart B of Regulation E, 12…
This week’s podcast episode: A look at the Metaverse’s legal implications, with special guest Samantha Green, Director of Content Marketing, Epiq
After discussing what the Metaverse is and its possible uses by providers of legal and other services, we look at an array of legal issues that should be considered by lawyers and their clients operating in the Metaverse or contemplating…
Regulation II Expanded to Require Two Unaffiliated Networks on Card Not Present Transactions
On October 3, 2022, the Federal Reserve finalized a rule expanding Regulation II (Debit Card Interchange Fees and Routing), the implementing regulation for the Durbin Amendment. The final RULE is substantially similar to the proposed rule issued in 2021 and…
CFPB issues Student Loan Servicing Special Edition of Supervisory Highlights
Last week, the CFPB issued a “Student Loan Servicing Special Edition” of Supervisory Highlights. In this blog post, we highlight a stealth expansion of supervisory jurisdiction and focus on the CFPB’s findings in two key areas:
- Transcript withholding
…
DOJ Settles SCRA Interest Rate Action Against Auto Finance Company
On September 28, 2022, the Department of Justice (”DOJ”) announced a settlement with Westlake Financial Services (“Westlake”), a Los Angeles-based indirect auto finance company specializing in subprime and near-subprime loans, resolving allegations that Westlake failed to fully provide interest rate…
DOJ announces settlement of redlining lawsuit
The Justice Department announced that it has entered into an agreement with Lakeland Bank to settle the DOJ’s claims that Lakeland engaged in unlawful redlining in the Newark, New Jersey metropolitan area. The DOJ’s lawsuit against Lakeland, filed in a…
Federal DC Court Overturns Closed-End Loan HMDA Reporting Threshold
In April 2020, the CFPB issued a final HMDA rule increasing the Home Mortgage Disclosure Act (HMDA) reporting threshold for closed-end mortgage loans from 25 covered loans originated in each of the prior two years to 100 covered loans originated…