CFPB Settles Lawsuit Against Online Payday Lenders
Unlawful online payday lending schemes was at the heart of this lawsuit.
The CFPB sued three individuals, and a group of interrelated companies, of which some were unequivocally entangled in making payday loans and others were supplying loan servicing and processing those same loans. The lawsuit alleged deceptive and unfair acts or practices in violation of the Consumer Financial Protection Act as well as violations of the Truth in Lending Act and the Electronic Fund Transfer Act by the defendants. This white paper reviews this case and its outcome.
Barbara S. Mishkin is a partner at the Philadelphia office of Reed Smith LLP. Ms. Mishkin concentrates her practice on banking law and consumer compliance. She advises lenders on federal, Pennsylvania and New Jersey laws affecting residential mortgage transactions, second mortgage loan transactions, home equity loan programs, credit card and revolving loan programs, retail and personal installment lending, and motor vehicle, manufactured home and other retail installment credit sale transactions. Her clients include banks, thrifts, credit unions, mortgage lenders, finance companies and insurance companies. Ms. Mishkin received her J.D. degree, cum laude, from University of Pennsylvania Law School.
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