News & Analysis as of

Loan Agreements Consumer Lenders

Ballard Spahr LLP

Populus files motion to dismiss CFPB enforcement action based on fact that CFPB has been unlawfully funded by Fed when it had no...

Ballard Spahr LLP on

We have previously blogged about an enforcement action brought on July 12, 2022 by the CFPB against Populus Financial Group, Inc., d/b/a ACE Cash Express, Inc. in Federal District Court for the Northern District of Texas...more

McDermott Will & Emery

Mobility@McDermott: Monthly Update - 7/2023

1. FEDERAL COURT OF JUSTICE RULES ON ASSIGNMENT CLAUSE IN T&CS FOR CAR FINANCING - In April 2023, the German Federal Court of Justice (Bundesgerichtshof, “BGH”) ruled that an assignment clause used by a German captive bank...more

Ervin Cohen & Jessup LLP

Default Interest Rates on Principal Illegal Under California Law?

As interest rates rise, borrowers may find themselves in default, facing lenders who overreach by seeking to recover default interest in addition to regular interest on the principal of the loan. Borrowers may have a weapon...more

BCLP

CFPB guidance on pay-to-pay fees impacts consumer loan agreements

BCLP on

Consumer debt collectors may not be permitted to charge consumers “convenience fees” for card payments, which the Consumer Financial Protection Board (the “CFPB”) calls “pay-to-pay” fees, unless the underlying loan agreement...more

Miller Canfield

Commitment Fees Might Constitute Interest Under Michigan Law

Miller Canfield on

Lenders often include fees in loan transactions in addition to an interest rate. Typically such fees are not considered interest, as they compensate the lender for various services or commitments provided under the loan...more

Troutman Pepper

Remand Decision in Madden v. Midland Funding Raises Questions Regarding Choice of Law Clauses in Consumer Loan Agreements

Troutman Pepper on

A careful parsing of state laws should be done if a lender is relying on a choice of law to avoid states that have criminal usury statutes. On February 27, the U.S. District Court for the Southern District of New York...more

McGuireWoods LLP

CFPB Online Loan Suit Sent to California

McGuireWoods LLP on

In the most recent development in the CFPB’s two-year-old lawsuit alleging unfair, deceptive, and abusive practices by several online lenders, on September 23, 2015, Massachusetts U.S. District Judge George O’Toole, Jr.,...more

Brooks Pierce

Business Court Enjoins Enforcement Of High Interest Rate Loans Made By American Indian-Related Business

Brooks Pierce on

Judge Gale's opinion last week in Western Sky in State v. Western Sky Financial, LLC, 2015 NCBC 84 has a little bit of everything in it: choice of law, the U.S. Constitution, claims for usury (excessive interest rates) and...more

Pullman & Comley, LLC

Appellate Court Notes

Pullman & Comley, LLC on

SC19216 - Sikorsky Financial Credit Union, Inc. v. Butts - Finally some clarity in rules pertaining to the award of post-judgment interest. Here the (consumer) loan agreement provided that interest would accrue at 9%...more

Ballard Spahr LLP

Waiting for the CFPB’s arbitration study

Ballard Spahr LLP on

“Waiting for the CFPB’s arbitration study” isn’t the title of a new play but it does describe the study’s status as we enter the final hours of 2014. Since the CFPB sent letters to payday lenders in August 2014...more

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