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CFPB Enforcement Action Against Payday Lender Has Broad Implications for Financial Institutions



by Stephen Lillley
Mayer Brown LLP - Washington Office

Andrew J. Pincus
Mayer Brown LLP - Washington Office

Jeffrey P. Taft
Mayer Brown LLP - Washington Office

July 22, 2014

Previously published on July 17, 2014

The US Consumer Financial Protection Bureau (CFPB) has entered a consent order with a payday lender for debt collection practices that the CFPB alleged violated the Dodd-Frank Act’s prohibition on unfair, deceptive or abusive acts or practices. The $10 million settlement casts a significant shadow, not just over payday lenders, but also—and likely most significantly—over financial institutions that collect their own debts or rely on service providers to serve their customers, and that continue to struggle with the uncertainty caused by the CFPB’s regulation by enforcement.


 

The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance.
 

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