The Illinois Department of Financial and Professional Regulation (IDFPR) has adopted a series of regulations pursuant to the Illinois Predatory Loan Prevention Act (PLPA). The new regulations will require certain Illinois...more
4/29/2022
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Consumer Financial Products ,
Consumer Lenders ,
Consumer Loan Companies ,
Financial Regulatory Reform ,
Financial Services Industry ,
Illinois ,
Interest Rates ,
Loans ,
New Regulations ,
Predatory Lending ,
Regulatory Requirements
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
Improper overdraft fees and prohibited kickbacks were just two of many concerns identified by the Federal Deposit Insurance Corporation (FDIC) in its first-ever publication of “Consumer Compliance Supervisory...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