Welcome to Hudson Cook Insights (formerly Basis Points) - a collection of articles written each month by the attorneys of Hudson Cook, LLP, in an effort to keep their clients and other compliance professionals informed about current trends and developments in consumer credit finance that will affect the way they do business.
The United States Court of Appeals for the Second Circuit recently certified three questions to the New York Court of Appeals for guidance on who may be held liable under N.Y. Exec. Law § 296(15) of the New York State Human Rights Law ("NYSHRL"). See Griffin v. Sirva, 835 F.3d 283 (2d Cir. 2016).[more»]
Earlier this month an anonymous company sued the CFPB, questioning whether the agency has the authority to conduct investigations following the D.C. Circuit's PHH Corp. v. CFPB decision (recall that the PHH Corp. decision famously deems the CFPB's single-Director structure to be unconstitutional). "John Doe Company," which offers pension advances to consumers, claims that a civil investigative demand ("CID") issued by the CFPB unlawfully seeks "essentially every business and financial record ever generated" by the company, as well as disclosure of "every person or entity [the company] has done business with."[more»]
California maintains a licensing scheme entitled the California Finance Lenders Law ("CFLL"), which applies to "finance lenders" and "brokers." Under the CFLL, a finance lender "includes any person who is engaged in the business of making consumer loans or making commercial loans."[more»]
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