Alternative Finance

Alternative finance addresses financing activity that takes place outside of the traditional banking system, such as payday loans, auto title loans, check cashing services, and often through the numerous emerging fintech companies. Buckley has long-standing experience with such products, including involvement from the inception of retail payday lending — representing the first movers in that space in litigation and regulatory matters even before the enactment of specific laws addressing payday lending. Our attorneys navigate clients and investors through the challenges of payday loans, auto title installment loans, deposit advance, and similar products. We work with our clients to address and adapt to changing regulatory expectations and federal and state legislative developments.

Our firm provides legal counsel regarding supervisory and enforcement matters with the Consumer Financial Protection Bureau (CFPB) and state banking departments. We also perform transactional due diligence of alternative finance for investors and other counterparties. As needed, we are effective advocates who defend alternative finance providers and their officers and directors in class actions and governmental enforcement actions. 

Representative work includes:

• Represent payday lenders in CFPB supervisory and enforcement matters relating to a variety of business models (single-state license/choice-of-law, multiple-state license, online, tribal, and offshore)
   
• Advise payday lenders regarding state regulatory inquiries regarding possible violations of state law
   
• Perform acquisition due diligence of alternative finance companies offering payday loans, installment loans, title loans, gold buying, and check cashing services
   
• Defended a payday lender in a class action alleging unfair and deceptive trade practices and usury violations
   
• Represented a payday lender in a Federal Trade Commission (FTC) investigation regarding privacy and information security issues