The New York State Attorney General sued earned wage access providers DailyPay and MoneyLion on Monday (April 14), accusing them of illegal and deceptive conduct and abusive lending practices.
The lawsuits allege that the companies’ services are payday loans and that the fees the companies charge on these short-term loans can amount to annual interest rates of as much as 750%, according to a Monday press release.
Last month, the Texas legislature introduced two companion bills, S.B. No. 2677 and H.B. No. 700, to regulate sales-based commercial financing. For purposes of the proposed legislation, sales-based financing is a transaction that is repaid as a percentage of sales or revenue, or according to a fixed payment mechanism that provides for a reconciliation process to adjust payments to an amount that is a percentage of sales or revenue.
Republicans on the House Financial Services Financial Institutions Subcommittee have sent Acting CFPB Director Russell Vought a letter calling for the CFPB to withdraw a wide variety of final and proposed rules.
Today, the Federal Trade Commission launched a public inquiry into the impact of federal regulations on competition, with the goal of identifying and reducing anticompetitive regulatory barriers. The FTC launched this inquiry in response to President Trump’s Executive Order on Reducing Anticompetitive Regulatory Barriers.
If consumer spending forms the foundation of the American economy, tariffs could represent an earthquake.
That’s according to a report Saturday (April 12) by the Financial Times (FT), which said Americans are signaling financial stress as they prepare themselves for tariff-related price hikes.
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