Continuing a trend of expanding its supervisory scope, the Consumer Financial Protection Bureau (CFPB) announced on April 25, 2022 that it will examine fintechs and other nonbank financial enterprises, based on reasonably...more
5/10/2022
/ Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
FinTech ,
FOIA ,
New Rules ,
Non-Bank Lenders ,
Risk Mitigation ,
Supervision ,
Transparency
On March 23, 2021, the Predatory Loan Prevention Act (the “PLPA”) was signed into law by Illinois Governor J.B. Pritzker. The PLPA imposes a 36% military annual percentage rate (“MAPR”) cap on all loans made to Illinois...more
3/25/2021
/ Banking Sector ,
Consumer Financial Products ,
Consumer Lenders ,
Consumer Loan Companies ,
FinTech ,
Governor Pritzker ,
Military Annual Percentage Rates (MAPR) ,
Military Lending Act ,
Military Service Members ,
Partnerships ,
Predatory Lending ,
Secondary Markets ,
Valid When Made Doctrine
The sudden financial impact of the COVID-19 pandemic on consumers has led to calls for loan servicers and other interested parties to provide temporary or permanent relief for borrowers who are unable to continue making loan...more