Eric T. Mitzenmacher

Mayer Brown


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CFPB Releases Long-Awaited Report on Buy Now Pay Later Industry

USA - September 29 2022 On September 15, 2022, the US Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued its long-anticipated report on the Buy Now Pay Later…

Christa L. Bieker, Julyana C. Dawson, Steven M. Kaplan, Christopher B. Leach, Ori Lev

Marketplace Lender’s Lawsuit Against California DFPI Challenges “True Lender” Recharacterization

USA - March 18 2022 Marketplace lender Opportunity Financial, LLC (“OppFi”) has gone on the offensive against the California Department of Financial Protection and…

Krista Cooley, Francis L. Doorley, Steven M. Kaplan, Daniel Pearson, Jeffrey P. Taft

CFPB Finds that Income Share Agreements are Credit Products

USA - September 9 2021 On September 7, 2021, the CFPB announced that it had entered into a consent order with an education finance nonprofit (“nonprofit”) in connection with…

Holly Spencer Bunting, James C.Williams, Stephanie C. Robinson, Brian J. Stief

Illinois Imposes Strict 36% Usury Cap for a Range of Consumer Finance Products and Providers

USA - April 23 2021 On March 23, 2021, Illinois Governor JB Pritzker signed into law Senate Bill 1792, enacting the Predatory Loan Prevention Act (PLPA) and capping…

David L. Beam, Steven M. Kaplan, Daniel Pearson, Jeffrey P. Taft

Congress Prepares to Invalidate OCC’s True Lender Rule

USA - March 28 2021 On Thursday (March 26, 2021), Senator Chris Van Hollen (D-MD) introduced a Congressional Review Act (CRA) resolution of disapproval to invalidate the…

Andrew Olmem, Jeffrey P. Taft