News & Analysis as of

Consumer Lenders

New Pre-Action Protocol for Debt Claims in force from 1 October 2017. Are you ready?

by DLA Piper on

After a lengthy consultation period, the Pre-Action Protocol for Debt Claims (PAPDC) has now been finalised and will come into force on 1 October 2017. This protocol will apply to lenders who are seeking payment of a debt...more

FTC Provides 2016 Enforcement Report to CFPB

by Ballard Spahr LLP on

The Federal Trade Commission has provided its annual Financial Acts Enforcement Report to the CFPB covering the FTC’s enforcement activities in 2016 relating to compliance with Regulation Z (Truth in Lending Act), Regulation...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Uber made it official today, announcing that controversial CEO Travis Kalanick will be taking an indefinite leave of absence, though even the announcement and board commentary that followed seemed to highlight the “bad-boy...more

Fifth Circuit Finds Payday Lender’s Submission Of False Worthless Check Affidavits Equates To Waiver Of Arbitration

by Carlton Fields on

Plaintiffs-Appellees brought suit against short-term lender PLS Financial Services, Inc., and PLS Loan Store of Texas, Inc. (collectively “PLS”), alleging the following scheme. First, as part of the application process, PLS...more

Propoposed Bill Would Significantly Expand MLA Disclosure Requirements

by Ballard Spahr LLP on

We recently reported on a bill introduced in the House of Representatives by Congressman Dan Kildee (D-Michigan) that would amend the Military Lending Act (“MLA”) to require that creditors provide additional disclosures to...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Uber’s troubles over the past few months have been well documented (here, among many other places). Still, this weekend’s news that the ride-hailing company’s board is considering a three-month leave of absence for CEO Travis...more

CFPB Enforcement Continues to Rise in Q1 2017 as Other Federal and State Enforcement Trend Downwards

by Goodwin on

In the first quarter of 2017, Consumer Enforcement Watch tracked 46 enforcement actions taken against consumer financial service providers. This represents a slight decrease from the 50 enforcement actions taken against...more

Fifth Circuit Rejects Arguments to Expand Scope of Liability under the Equal Credit Opportunity Act

by Locke Lord LLP on

The U.S. Court of Appeals for the Fifth Circuit rejected arguments that would have expanded the scope of liability under the Equal Credit Opportunity Act for lenders, or other participants, in the secondary mortgage market....more

Proposed Bill Would Require Disclosures to Servicemembers Regarding Lower Cost Credit

by Ballard Spahr LLP on

On May 25, Congressman Dan Kildee (D-Michigan) referred a bill to the House Committee on Armed Services titled the “Transparency in Military Lending Act of 2017.” ...more

Massachusetts AG Obtains Judgment Against Online Auto Title Lender for Illegal Loans

by Goodwin on

On May 25, 2017, Massachusetts Attorney General Maura Healey (“Massachusetts AG”) announced? a final judgment and permanent injunction entered? in Suffolk Superior Court against an unlicensed ?online auto title lender,...more

Fourth Circuit Affirms Finding That Arbitration Agreement In Payday Loan Obtained Over The Internet Is Unenforceable

by Carlton Fields on

Plaintiff electronically signed a contract which contained: (1) terms governing the loan; (2) an agreement to submit disputes to arbitration; and (3) a choice of law provision which required the application of Otoe-Missouria...more

CFPB’s Office of Servicemember Affairs Issues Annual Report

by Ballard Spahr LLP on

The CFPB’s Office of Servicemember Affairs (OSA) has issued its fifth annual report to Congress addressing issues raised and complaints submitted by servicemembers, veterans, and their families....more

Perfection of security interests when assets move jurisdictions

by DLA Piper on

When a financing statement is registered to perfect a security interest in collateral, it is the responsibility of the secured party to monitor the registration to ensure that a new financing statement is filed if the goods...more

CFPB and FTC confirm scrutiny of ancillary products

by Ballard Spahr LLP on

At the Auto Finance Risk and Compliance Summit held this week, Calvin Hagins, CFPB Deputy Assistant Director for Originations, stated that the CFPB is increasingly asking lenders about ancillary product programs during...more

Lender's Edge Newsletter

by Polsinelli on

Deeds in Escrow - Deeds in escrow, or “pocket deeds,” have increased in popularity in recent years. But are they the right option in connection with a workout of your distressed loan? Please see full Publication...more

CFPB conducts small business field hearing and issues related white paper and request for information

by Ballard Spahr LLP on

Yesterday, I attended the CFPB’s field hearing in Los Angeles on small business lending. In connection with the hearing, the CFPB issued a white paper entitled “Key dimensions of the small business lending landscape,”...more

Maryland’s Highest Court Finds Small Claims Court Action Waived Right To Arbitrate

It is not uncommon for lenders to exempt small claims actions from their arbitration provisions. The question confronted by the Court of Appeals of Maryland in a recent case was: when a lender opts for small claims court,...more

CFPB Continues Expansive Approach to UDAAP Claims and Focus on Online Lending

by Baker Donelson on

On April 27, the CFPB took action against four online lenders – Golden Valley Lending, Inc., Silver Cloud Financial, Inc., Mountain Summit Financial, Inc. and Majestic Lake Financial, Inc. for deceiving consumers by...more

CFPB's Monthly Report Focuses on Student Loan Products

The CFPB’s most recent monthly report on consumer complaints spotlights student loans. The report is a high level snapshot of trends in consumer complaints. The Report provides a summary of the volume of complaints by product...more

Trying Times for Secondary Market for Consumer Debts

by Pierce Atwood LLP on

Those engaged in the business of selling consumer debt or of purchasing delinquent consumer debt for collection purposes are well-advised to take heed of the recent developments on the judicial and legislative fronts that...more

Tenth Circuit Finds That Arbitration Agreement Governs Dispute

by Carlton Fields on

The Tenth Circuit has determined that an arbitration agreement included as part of a set of agreements executed in connection with the purchase of a pickup truck applied to a dispute over a replacement set of agreements that...more

CFPB doubles down on its attacks against online tribal lenders

by Ballard Spahr LLP on

In a new lawsuit filed in an Illinois federal district court, the CFPB alleges that four online tribal lenders engaged in unfair, deceptive, and abusive acts or practices in violation of the Consumer Financial Protection Act...more

CFPB Fines Auto Lender $1.25 Million for Violations of Consent Order

by Goodwin on

?On April 26, 2017, the Consumer Finance Protection Bureau (CFPB) announced that it reached a consent order with an Ohio-based auto lender that allegedly violated a prior CFPB consent order by failing to properly return $1...more

CFPB Lawsuit Targets High-Interest Online Lenders

by Goodwin on

On April 27, 2017, the Consumer Financial Protection Bureau (CFPB) announced the filing of a suit against four online lenders alleging that the lenders illegally collected debts on invalid loans. The complaint alleged...more

CFPB weighs in on Eighth Circuit’s competent attorney standard, standing to bring FDCPA claim

by Ballard Spahr LLP on

The CFPB recently submitted an amicus brief to the Eighth Circuit, arguing that a debt collector cannot avoid liability under the FDCPA when it falsely represents the amount of a debt to a consumer’s attorney, rather than to...more

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