Consumer Lenders

News & Analysis as of

Banks reflect on guarantees, rejoice on fees

National Australia Bank Ltd v Rose - On 21 July 2016, the Victorian Court of Appeal confirmed that a guarantee and indemnity provided by an individual was invalid on the basis that NAB had not complied with relevant...more

CFPB Issues Sweeping and Unprecedented Rulemaking Proposals Seeking to “Drastically Overhaul Debt Collection Market”; Proposals...

Early in the morning on July 28, 2016, in coordination with the Consumer Financial Protection Bureau’s (the “Bureau”) field hearing on debt collection being held the same day in Sacramento, California, the Bureau released a...more

CFPB Outlines Long-Awaited Debt Collection Reforms

The Consumer Financial Protection Bureau (CFPB) released on July 28 new proposals designed to "overhaul" the practices of the debt collection industry. The proposals include sweeping changes to existing regulations, including...more

CFPB July 2016 complaint report highlights credit card complaints, complaints from Washington consumers

CFPB has issued its July 2016 complaint report which highlights complaints about credit cards and complaints from consumers in Washington and the Seattle metro area. The CFPB began taking credit card complaints on July 21,...more

CFPB Proposals Would Restrict Use of Arbitration Clauses in Consumer Financial Services Contracts

In May 2016, the federal Consumer Financial Protection Bureau (CFPB) proposed, and requested public comments on, a new rule intended to limit the use of mandatory pre-dispute arbitration clauses in agreements governing a wide...more

CFPB corrects (and extends) comment deadline for payday loan RFI

The CFPB is publishing a notice in tomorrow’s Federal Register to correct the comment deadline for its payday loan Request for Information (RFI). The corrected deadline will be November 7, 2016. The RFI seeks feedback...more

Chapter 13 Plans are Just About Written in Stone

Recently, a bankruptcy judge in the United States Bankruptcy Court for the Eastern District of North Carolina issued a ruling that should help lenders dealing with borrowers in Chapter 13. In a case entitled In re Royal, the...more

Real Property & Title Insurance Update: Week Ending July 22, 2016

Lis Pendens: a party seeking to maintain a lis pendens must establish a “fair nexus” between the party’s claim and the subject property by making “a minimal showing that there is at least some basis for the underlying claim...more

CFPB to Hold Second Research Conference

The Consumer Financial Protection Bureau (CFPB) has announced that it plans to host its second research conference on consumer finance on December 15-16, 2016. (The first such conference was held in May 2015.)...more

CFPB extends comment deadline for payday loan proposal

The CFPB’s proposed payday loan rule and related Request for Information (RFI) were published in this past Friday’s Federal Register.  The RFI seeks feedback regarding consumer protection concerns pertaining to (1) loan...more

Democratic Senators want stronger payday loan rule

A group of 27 Democratic Senators joined by Independent Senator Bernie Sanders have sent a letter to Director Cordray urging the CFPB to “strengthen” its proposed payday loan rule. The Senators take aim at the proposal’s...more

FTC Consent Order Creates Uncertainty for Advertising of Credit, Lease Offers

A recent Federal Trade Commission (FTC) consent order with two Ohio auto dealers creates uncertainty not only for auto dealers, but also for all other businesses advertising credit or lease offers. The order settled...more

Massachusetts Court Holds Do Not Even Attempt to Call Massachusetts Consumers More Than Twice in a 7-Day Period to Collect Their...

Seyfarth Synopsis: Court holds placing more than two debt collection calls to a Massachusetts consumer debtor In a seven-day period can violate the Massachusetts debt collection regulations even if the debtor does not answer...more

CFPB Continues Scrutiny of Payday Loans in Recent Report and Proposed Rule

Online payday loans can result in an array of "steep, hidden costs" for borrowers, according to the latest payday loan report from the Consumer Financial Protection Bureau. The report precedes potential new regulatory...more

CFPB to hold second research conference

The CFPB has announced that it plans to host its second research conference on consumer finance on December 15-16, 2016. (The first such conference was held in May 2015.) The announcement contains a call for complete...more

CFPB’s Supervisory Highlights Regarding Auto Lending

The Consumer Financial Protection Bureau (“CFPB”) recently issued its Supervisory Highlights – Issue 12, Summer 2016 report, addressing, among other industries, automobile origination. The report reflects supervisory...more

Installment Lender Using Bank Partner Model Needs Maryland License, Court of Appeals Rules

The Maryland Court of Appeals, the state's highest court, in CashCall, Inc. et al. v. Maryland Commissioner of Financial Regulation, recently affirmed the judgment of the Court of Special Appeals (MCSA) directing CashCall to...more

Banking Disputes Quarterly Q2 2016

Welcome to the latest edition of our Banking Disputes Quarterly, designed to keep you up to date with the latest news and legal developments and to inform you about future developments that may affect your practice....more

House Financial Services Committee to hold hearing on marketplace lending

Today, July 11, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit will hold a hearing titled: “Examining the Opportunities and Challenges with Financial Technology...more

Supreme Court's Rejection Is Not the End of the Road for Madden v. Midland Funding

Regardless of whether or not Midland’s case is successful at the district court, there are a number of reasons why the Second Circuit’s Madden decision is not as disastrous as some have portrayed it to be. On June 27,...more

Banks and Marketplace Lenders Absorb a Blow

In a blow to banks and the marketplace lending industry, on June 27, 2016, the U.S. Supreme Court denied the petition by Midland Funding to hear the case Midland Funding, LLC v. Madden (No. 15-610). That case involves a...more

CFPB June 2016 complaint report highlights consumer loan complaints, complaints from Arkansas consumers

The CFPB has issued its June 2016 complaint report which highlights complaints about consumer loans and complaints from consumers in Arkansas and the Little Rock metro area. The CFPB began taking consumer loan complaints in...more

Community bank and credit union trade groups raise concerns about CFPB’s payday lending proposal

The Independent Community Bankers of America and the Credit Union National Association have sent a letter to Director Cordray “to express serious concerns” about the CFPB’s proposed rule covering single-payment payday and...more

Does “Valid When Made” Apply To Evidences Of Indebtedness Qualified Under The CSL?

Many have expressed disappointment that the U.S. Supreme Court denied certiorari in Midland Funding, LLC v. Madden. The question presented by the petitioners in the case was as follows...more

Regulating the Unknown: The FTC Seeks to Understand the Past, Present and Future of Financial Technology

Over the past 10 years, advances in technology have changed the way people live their lives. No longer must a person leave her home to purchase clothing, groceries or even a car. The marketplace for retail goods has migrated...more

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