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The suit is likely to be watched closely by the broader industry because its outcome may help to define the roles licensed loan officers must play in consumer-direct operations to be compliant.
The new complaint filed by the lender in the state’s Superior Court is aimed at compelling a January decision on the 2018 allegations.
New guidance from the Consumer Financial Protection Bureau shows how companies that offer workers early access to their wages can avoid being regulated as lenders. But the incoming Biden administration could add new complications.
In the waning days of the Trump administration, the agency issued a new legal theory of its power to let national banks evade state consumer protection laws. But some state attorneys general and consumer groups charge the federal regulator is attempting to sidestep restrictions imposed by Dodd-Frank.
NPA details active year 23-Dec-2020 - Last updated on This year, we have been on the front lines ensuring that our products remain accessible to millions of health-conscious Americans and fighting to keep our essential businesses open. In the face of mass layoffs and business closures, we took decisive action to prevent policymakers from shutting us down. We wanted to take a moment to reflect on NPA’s victories this year: NPA Protected Consumers from Bogus Products: NPA was first to call on the Food and Drug Administration (FDA) and...