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Shipkevich PLLC

CFPB Continues to Target Consumer Lending Activity, Imposes $20 Million Penalty

Shipkevich PLLC on

On May 31, 2023, the Consumer Financial Protection Bureau (CFPB) took decisive action against installment lender OneMain Financial, demanding the payment of $20 million in penalties and redress. In the consent order, the...more

Cozen O'Connor

Online Lender Settles Allegations of Charging Usury Interest and Operating Without a License

Cozen O'Connor on

District of Columbia AG Karl Racine reached a settlement with online lender Elevate Credit, Inc. to resolve allegations it used misleading tactics to market loans with unlawfully high interest rates to consumers in violation...more

BCLP

11th Circuit Holds Consumer Lenders Can’t Include Estimated Expenses In Pre Closing Reinstatement or Payoff Letters; What You...

BCLP on

Consumer borrowed money from Lender. Consumer defaulted, and Lender began to foreclose, including all the usual steps: arranging for property inspection, hiring counsel, etc. After about a year, Consumer sought to reinstate...more

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