On November 17, 2025, the California Department of Financial Protection and Innovation (DFPI) announced that it had entered into consent order with a California-based lender to resolve allegations that the lender charged excessive interest and fees to its customers. According to the DFPI, after a regulatory examination, the DFPI found that the lender made multiple…
New York State recently enacted a law requiring companies doing business in New York to disclose when they use an algorithm based on an individual consumer’s personal data to set pricing for a good or service advertised or sold to that consumer. That practice, also known as “surveillance pricing,” enables…
This year has seen a lot of activity in the cryptocurrency regulatory space, with several states amending existing statutes regulating money transmitters or instituting new regulatory mechanisms to address digital assets. For example, on June 27 Pennsylvania became the 27th state to regulate virtual currency and a few months later,…
On September 8, 2025, the Attorney General of the District of Columbia sued one of the country’s largest operators of Bitcoin Automated Teller Machines (BTMs) alleging that the company’s BTMs charged undisclosed fees and relied heavily on scams and fraud. The Attorney General accused the company of failing to implement adequate…
Over the past month, the Consumer Financial Protection Bureau (CFPB) took a slew of actions with the apparent aim to decrease the CFPB’s regulatory authority. On May 14, 2025, the CFPB proposed rescinding the “NBR Rule” which requires nonbanks to register certain agency enforcement and court orders with the CFPB related to…
The Consumer Financial Protection Bureau voluntarily dismissed its lawsuit with prejudice against a major retailer and a fintech company in the District of Minnesota. One of the last actions filed during the Biden administration, the Bureau originally brought claims on December 23, 2024 under the Consumer Financial Protection Act (“CFPA”),…
On April 14, New York Attorney General Letitia James filed lawsuits against two earned-wage access service companies. Attorney General James accused the companies, which allow consumers to obtain small-dollar advances on upcoming paychecks for a fee, of offering illegal payday loans that violate New York’s usury laws. These lawsuits come…
On March 27, 2025, the FTC announced that an online cash advance company had agreed to pay $17 million to resolve allegations that it deceived consumers regarding the amount of money they could receive and the speed at which they would receive it. The complaint alleges the company, despite advertising that consumers could receive access…
As we recently reported, there have been rollbacks of consumer protections on the federal level, including the curtailing of enforcement activity at the CFPB. In response to this activity, on March 13, 2025, the New York Office of the Attorney General (OAG) announced its support of new legislation to enable…
On March 5, 2025, the Washington Attorney General announced that he had filed a complaint in the King County Superior Court against a licensed debt collection agency based in King County, Washington. In his complaint, the Attorney General alleges that the collection agency violated the Washington Collection Agency Act and the state Consumer Protection Act through its…
The Consumer Financial Protection Bureau (CFPB) has experienced a flurry of activity over the past few weeks beginning with President Trump’s dismissal of Rohit Chopra as the Director of the Bureau on January 31. That same day, President Trump designated Scott Bessent, who had recently been sworn in as Secretary…
The New York Attorney General entered into two related Consent Order and Judgments on January 16, 2025, the first with a financial company offering short-term loans to small businesses and the second with several of the company’s officers. The Consent Orders combine for an aggregate settlement amount in excess of $1 billion,…
On January 23, 2025, the New York Department of Financial Services announced that it had entered into a Consent Order with a Peer-to-Peer Payment Processor for alleged violations of New York’s Cybersecurity Regulation. This regulation requires all financial and banking entities operating in New York to establish and maintain adequate cybersecurity controls and protections…
On January 13, 2025, the Consumer Financial Protection Bureau (CFPB) announced that it proposed a rule (the Proposed Rule) seeking to ban certain terms and conditions in agreements for consumer financial products or services that purport to waive or limit consumer rights and protections. Under the Proposed Rule, covered institutions would…
In late 2024, the Massachusetts Division of Banks (the “Division”) announced consent orders with four auto finance companies resolving allegations of improper repossession of motor vehicles. On November 4, 2024, the Division announced that it had entered into a consent order with a motor vehicle sales finance company that also operates as…
On December 23, 2024, The California Department of Financial Protection and Innovation (DFPI) announced a consent order with a crypto lending platform (the Company) that provides financial services to retail and institutional customers to resolve the Department’s investigation into the Company’s lending program. The DFPI alleged that the Company breached the California…
In December 2024, the Consumer Financial Protection Bureau (Bureau) rolled out a series of important measures aimed at addressing potential misconduct in the credit card industry, improving consumer protections, and promoting transparency and competition in the market. The Bureau’s initiatives come at a time when credit card usage is peaking…
On December 6, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it had filed suit against a bank subsidiary of a financial services company for allegedly disconnecting customer service calls, charging illegal ATM fees, misleading fraud victims, imposing illegal terms of service on consumers seeking to stop payments, failing to investigate account…
On Tuesday, November 26, the Minnesota Attorney General’s office (AG) announced it filed a consent order to resolve allegations that online lenders were charging interest on loans in excess of the amounts prescribed under Minnesota usury laws. Under the consent order, over $1 million in allegedly illegal loans were discharged….
On November 19, 2024, the District of Columbia’s Attorney General (DC AG) announced that it had filed a complaint in the Superior Court of the District of Columbia against an online lender for alleged violations of the District of Columbia Consumer Protection Procedures Act (CPPA). According to the DC AG’s complaint, the company, which operates both a website and…