For at least the past 20 years, Maine has capped interest rates for most closed-end unsecured loans at 30% for loans of $2,000 or less, and at 18% on loans of $4,000 or more. See, e.g., 9-A M.R.S.A. Sec. 2-401....more
In recent Consumer Financial Protection Bureau (CFPB) news, the CFPB notched a $59 million victory in Wisconsin federal court, settled an enforcement action on employment background screening and published an interpretive...more
In another busy stretch for the Consumer Financial Protection Bureau (CFPB or Bureau), lawmakers reached out to the Bureau and the Department of Education (DOE) regarding protections for student borrowers, while the CFPB and...more
Continuing to fill in gaps at the federal level, state attorneys general are keeping busy with enforcement actions, and on issues that might have received more CFPB attention under the old Cordray regime....more
Lenders that make loans to service members should pay careful attention to the latest developments in this area....more
After making headlines with its controversial arbitration rule, the embattled Consumer Financial Protection Bureau (CFPB or Bureau) released its rulemaking agenda for the rest of the year, putting financial services companies...more
In a disappointing move, the Supreme Court today denied the petition by Midland Funding to hear the case Madden v. Midland Funding.
But could the inaction by the Supreme Court be much ado about nothing?...more
6/28/2016
/ Banking Sector ,
Choice-of-Law ,
Debt Buyers ,
Debt Collection ,
Interest Rates ,
Loans ,
Madden v Midland Funding ,
National Bank Act ,
Personal Liability ,
Petition for Writ of Certiorari ,
Preemption ,
SCOTUS ,
Usury