Topic
Predatory Lending
93 published works
Consumer Finance and Fintech Blog
CFPB Sues Mortgage Lender for Predatory Lending Practices in Manufacture Homes Loans
By A.J. Dhaliwal, Mehul Madia, Maxwell Earp-Thomas
On January 6, 2025, the CFPB filed a lawsuit against a non-bank manufactured home financing company for violations of the Truth in Lending Act and Regulation Z. The lawsuit alleges that…
Consumer Finance Monitor
DC Attorney General files suit against app-based lender EarnIn
By Ronald K. Vaske, Joseph J. Schuster
The Attorney General for the District of Columbia has filed suit against ActiveHours Inc., doing business as EarnIn, alleging that the app-based lender deceptively marketed and provided illegal high-interest loans…
Consumer Finance Monitor
Washington state “true lender” law signed, effective June 6, 2024
By Mindy Harris, John L. Culhane, Jr., Ronald K. Vaske
After its passage by the Washington state legislature, Substitute Senate Bill (SSB) 6025, the Washington “predatory loan prevention act”, was approved by Governor Jay Inslee on March 25, 2024, with…
Regulatory Oversight
New York AG Sues Yellowstone Capital Over Alleged “Fraudulent Loans” Targeting Small Businesses
By Troutman Pepper Locke State Attorneys General Team
New York Attorney General (AG) Letitia James filed a lawsuit on March 5 against Yellowstone Capital, its founder David Glass, and a network of 30 other affiliated companies and individuals.…
Consumer Finance and Fintech Blog
New York Attorney General Brings $1.4 Billion Lawsuit Against Merchant Cash Advance Lenders
By Moorari Shah, A.J. Dhaliwal, Mehul Madia, Beineng Zhang
On March 5, the New York Attorney General filed a lawsuit against a network of over 30 lending companies and their officers alleging their involvement in a predatory “merchant cash advance”…
Consumer Finance and Fintech Blog
Minnesota AG Bans Tribal Lender from Doing Business within the State
By Moorari Shah, A.J. Dhaliwal, Mehul Madia, Skylar Stoudt
On February 21, the Minnesota Attorney General settled an action against executives of a Montana-based tribal lender for alleged predatory lending practices. In its complaint, filed in October 2023, the AG…
Regulatory Oversight
New York AG Secures $77M Judgment With Merchant Cash Advance Companies
By Troutman Pepper Locke State Attorneys General Team
On February 8, New York attorney general (AG) Letisha James announced a $77 million judgment with three merchant cash advance (MCA) companies, Richmond Capital Group, Ram Capital Funding, and Viceroy…
California Corporate & Securities Law Blog
Is Someone Who Makes No Loans, A Lender?
The California Finance Lenders Law prohibits any "person" from engaging in the business of a "finance lender" without a license, unless otherwise exempt. Cal. Fin. Code § 22100(a). The CFL defines…
Consumer Finance Monitor
CFPB and DOJ file lawsuit against land developer alleging predatory lending
By John L. Culhane, Jr., Richard J. Andreano, Jr.
The CFPB and Justice Department filed a joint complaint last week in a Texas federal district court against Colony Ridge Development, LLC and three related entities (collectively, “Colony Ridge”) in…
Consumer Financial Services Law Monitor
CFPB and DOJ File Lawsuit Against Housing Developer/Lender Over Targeting Hispanic Borrowers with Alleged False Statements and Predatory Loans
By Brooke Conkle, Tim J. St. George, Chris Willis, Alan D. Wingfield, Lori Sommerfield
On December 20, the Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) filed a complaint in a Texas federal court against Colony Ridge Development, LLC (Colony Ridge),…