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Online payday lenders have been tying up with Native American tribes in a bid to exert sovereignty claims as a way around interest rate caps. This week's move by New York's Benjamin Lawsky reflects regulators' increased focus on shutting down this fast-growing piece of the payday loan market.
August 9 -
With Richard Cordray here to stay, the Consumer Financial Protection on its second anniversary is poised to expand rules, accelerate enforcement actions and resolve looming staff uncertainties.
July 22 -
Benjamin Lawsky, who runs the New York Department of Financial Services, has become a top industry cop, taking on money launderers, payday lenders and even Bitcoin. In an interview, he discusses the need to break new ground while playing nice with federal regulators.
August 14
Law firm Ballard Spahr is preparing for an increase in consumer lawsuits in New York prompted by new state and federal regulations.
The firm, which already has a large consumer financial services practice, said Tuesday that is has
"We expect to handle a high volume of consumer financial services litigation in New York as a result of the avalanche of rulemaking by the Consumer Financial Protection Bureau and the aggressive posture of the New York State Department of Financial Services and attorney general," Alan Kaplinsky, head of Ballard's consumer financial services practice, said in a press release.
Ballard Spahr's consumer financial services group currently has more than 90 attorneys in its 14 U.S. offices. It opened its New York office on July 1 after acquiring boutique litigation firm Stillman & Friedman.
