On August 25, the Consumer Financial Protection Bureau ordered First National Bank of Omaha to pay more than $32 million for alleged unlawful credit card practices related to add-on products and services. In addition to a penalty of $4.5 million, the bank must provide $27.75 million in relief to nearly 257,000 consumers.
The CFPB’s order
On September 27, LendUp, an online payday lending company based in San Francisco, entered into a Consent Order with the Consumer Financial Protection Bureau and the California Department of Business Oversight over allegations that LendUp violated the Consumer Financial Protection Act and Regulation Z of the Truth In Lending Act by
We are pleased to announce that Troutman Sanders partner Keith Barnett will be a featured speaker at the LEND360 conference taking place October 5-7 in Chicago.
Keith will participate on a panel entitled “Regulatory Initiatives and Compliance for Payment Processing” on October 6. The panelists will discuss the current regulatory environment for online lenders and
Troutman Sanders’ Regulatory and Enforcement practice published its first Regulatory Report for Payment Processors in September. The report includes the feature article “Getting Your Legal House in Order: Key Considerations for Selling Your Payment Processing Business,” written by Tyler Dempsey and Cot Eversole.
The report also features several recent regulatory and enforcement updates affecting
We are pleased to announce that Troutman Sanders partner Keith Barnett will be a featured speaker at the American Conference Institute’s 16th National Forum on Prepaid Card Compliance, taking place September 26-27 at the Intercontinental Chicago Magnificent Mile.
Keith will be a featured speaker on the panel “Legislative Activity Involving Payroll Cards; Understanding
On August 18, the Minnesota Attorney General announced that it had settled a lawsuit against online money lender CashCall, Inc. The State of Minnesota alleged that CashCall violated Minnesota’s usury, lending, and licensure laws by entering into an arrangement in which a company affiliated with a Native American tribe would loan money to Minnesota citizens
On July 25, the United States District Court for the Northern District of Mississippi signed a consent order among BancorpSouth, the United States Department of Justice, and the Consumer Financial Protection Bureau, whereby BancorpSouth agreed to pay an aggregate of $10.6 million and to adhere to non-monetary penalties arising out of the DOJ’s and CFPB’s
On June 9, South Carolina Governor Nikki Haley signed into law the South Carolina Anti-Money Laundering Act. The South Carolina AML Act, among other requirements, imposes a licensing requirement for persons and entities engaged in money transmission in the state. South Carolina is now the 49th state to implement a law regulating money
In 2015, the Consumer Financial Protection Bureau filed a lawsuit against CashCall, Inc., a marketplace lender, alleging that it violated the Consumer Financial Protection Act’s (“CFPA”) prohibition on unfair, deceptive, or abusive acts and practices (“UDAAP”) by making usury loans in violation of the state laws in which the consumers were located.
On
In a letter dated July 21, Senators Sherrod Brown (D-Ohio) and Jeffrey Merkley (D-Ore.), on behalf of the Committee on Banking, Housing, and Urban Affairs (the “Committee”), asked the heads of several federal agencies to provide the Committee with information concerning their understanding of the role of fintech in the consumer financial services