On Tuesday September 5, 2017, NAFSA successfully filed with the United States Supreme Court an Amicus Brief in support of the petition for certiorari in case no. 17-184, Great Plains Lending, LLC, and Plain Green, LLC v. Consumer Finance Protection Bureau. Below is...
The Federal Reserve Bank of Philadelphia recently found that consumers in underserved credit markets (like areas that have experienced bank closures) benefit from the additional credit supply provided by online lenders. In particular, study data showed that the online...
The Bureau of Labor Statistics reported late last week that consumer spending was up 2.4% in 2016 to $57,311, but fell short of the 4.6% increase in 2015. Expenditures rose sharply for rental housing last year, as rental spending once again outpaced mortgage expenses....
A New York federal district court is preparing to hear the trial of payday-lender-turned-race-car-driver Scott Tucker beginning September 11th. Last year, federal district attorneys brought a $2 billion action against Tucker and his business associate, Timothy Muir,...
While the biggest banks continue to ignore credit demands from small businesses, FinTech companies are finding ways to help the nearly 28 million small businesses in America. Public-private partnerships are moving payment processing to the next level, and FinTech...
A recent study by Harris Poll on behalf of CareerBuilder, a talent acquisition company, found that 78% of Americans are living paycheck to paycheck, including nearly 1 in 10 who make more than $100,000 per year. Twenty percent of American workers have missed a payment...
A California class action against PHH Corp. and Realogy alleging an elaborate kickback scheme to funnel referrals to subsidiaries in violation of the Real Estate Settlement Procedures Act has settled for $17 million. The settlement does not include an admission of...
A federal magistrate judge in the Eastern District of Virginia dismissed a lawsuit this month against Plain Green, LLC, a tribal lending entity (TLE) wholly owned and operated by the Chippewa Cree Tribe of Rocky Boy Reservation, on the grounds that the tribe’s...
States license more than 1,100 occupations in America, including professions as diverse as boxing in Nevada, hearing aid sales in Michigan, and talent agents in Connecticut. For small dollar lending, some states, like Washington, require a consumer loan license to...
On August 24th the Consumer Financial Protection Bureau (CFPB) published its semiannual regulatory agenda. The agenda covers a period from May 1, 2017 to April 30, 2018. The purpose of the agenda is to provide notification to the public of the various regulatory...
