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Dec 3, 2024 | 
jdsupra.com | John Culhane Jr. |John Kimble |John D. Socknat
In the wake of the Office of Administrative Law’s approval of its registration and reporting requirements for providers of income-based advances, private postsecondary education financing, debt settlement services, and student debt relief services, California’s Department of Financial Protection and Innovation (“DFPI”) has issued an invitation for comment on “what other industries…the DFPI should establish registration and reporting requirements for under the [California Consumer Financial...
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Nov 19, 2024 | 
jdsupra.com | Reid Herlihy |John Kimble
California Gov. Gavin Newsom has signed legislation covering a range of consumer protection issues.
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Nov 1, 2024 | 
jdsupra.com | John Culhane Jr. |John Kimble |John D. Socknat
On October 11, California’s Office of Administrative Law (“OAL”) approved the Department of Financial Protection and Innovation’s (“DFPI’s”) registration rulemaking for providers of the following products: Income-Based Advances (more commonly known as earned wage access (“EWA”) products); Private Postsecondary Education Financing (including income share agreements (“ISAs”); Debt Settlement Services; and Student Debt Relief Services.
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Aug 15, 2024 | 
jdsupra.com | John Culhane Jr. |Alan Kaplinsky |John Kimble
On July 30, 2024, Heights Finance Holding Co. f/k/a Southern Management Corporation and a group of its wholly-owned, state-licensed subsidiaries (collectively, “Southern”) filed a motion for judgment on the pleadings (the “JOP Motion”) in the lawsuit filed by the CFPB against Southern in South Carolina federal district court.
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Jul 24, 2024 | 
creditandcollectionnews.com | John Kimble |Michael Guerrero |John Culhane |Alan Kaplinsky
Source: site On August 13th, 2024, from 1:30 p.m. to 3:00 p.m. ET, we will hold a webinar covering the CFPB’s BNPL interpretive rule and its proposed earned wage access (“EWA”) interpretive rule. For more information and to register, click here.
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Jul 17, 2024 | 
jdsupra.com | John Kimble
After the Supreme Court’s long-awaited 7-2 decision in CFSA v.
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Jul 11, 2024 | 
jdsupra.com | Richard Andreano Jr. |John Culhane Jr. |John Kimble
On June 26, 2024, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) released its annual Fair Lending Report (the “Report”) for the calendar year 2023. The reporting period ran through December 31, 2023, so any subsequent fair lending developments are not included. The first section of the Report covers the CFPB’s fair lending enforcement and supervision activities in 2023.
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May 31, 2024 | 
jdsupra.com | Michael Guerrero |John Kimble
On April 25, 2024, California’s Department of Financial Protection and Innovation (“DFPI”) released its Annual Report of Activity Under the California Consumer Financial Protection Law for 2023 (“Annual Report”). The Annual Report provides an overview of rulemaking, enforcement, oversight, consumer complaints, and education and outreach for the calendar year 2023 and confirms that 2023 was the most active year yet for the DFPI.
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May 31, 2024 | 
jdsupra.com | Michael Guerrero |John Kimble
On May 21, 2024, South Carolina Governor Henry McMaster signed into law the Earned Wage Access Services Act (the “Act”), which will require earned wage access (“EWA”) providers to register annually with the state’s Department of Consumer Affairs and meet certain requirements. The Act also provides exemptions from state lending and other requirements for providers.
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Apr 8, 2024 | 
jdsupra.com | Richard Andreano Jr. |John Culhane Jr. |John Kimble
On March 28, 2024, four former Walden University students (“Plaintiffs”) filed a proposed settlement both individually and on behalf of a putative class of current and former Walden University (“Walden”) students with the Federal District Court for the District of Maryland to resolve allegations first raised against Walden in a complaint more than two years ago.
