California’s highest court ruled that lenders affiliated with Native American tribes are not entitled to sovereign immunity and must comply with state interest rate caps.
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Another judge rejects Trump’s attempt to halt CFPB funding
A federal judge ruled that the Trump administration's attempt last year to halt funding for the Consumer Financial Protection Bureau was unlawful and unconstitutional. Two other judges have issued similar decisions.
CFPB, New York AG sue auto lender Credit Acceptance for deceiving borrowers
The Consumer Financial Protection Bureau and the state attorney general claim Credit Acceptance Corp., an indirect auto lender, deceived thousands of borrowers by failing to disclose and include finance charges in calculating the cost of a car loan.
California lawmakers ask FDIC to cut off high-cost consumer lenders
A 2019 state law limits annual interest rates on many loans to 36%, but some high-cost lenders have found a way to continue operating in California by partnering with banks. Now Democratic legislators want the Federal Deposit Insurance Corp. to take action.
Unfair lending with AI? Don’t point just at us, fintechs and online lenders say
Banks and companies that use artificial intelligence to make loans agree with regulators that it should be tested for fairness. But they also say traditional loans could be just as biased.
Online lenders reach landmark settlement with Colorado
Under the agreement, fintechs and their bank partners will have a safe legal harbor to offer loans, as long as their interest rates do not exceed 36% and they meet various other standards.
