On May 26th, 2022, the Consumer Financial Protection Bureau (“CFPB”) published a Consumer Financial Protection Circular (the “Circular”), confirming that creditors must provide specific reasons for taking adverse action...more
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