On September 13, 2024, the United States Court for the District of Massachusetts dismissed a pro se litigant’s claims against four executives of a bank for alleged violations of the Truth in Lending Act (TILA) and certain...more
On January 1, 2023, House Bill 132 went into effect enacting a 36% annual percentage rate (APR) cap on loans up to $10,000 made under the New Mexico Bank Installment Loan Act of 1959 and the New Mexico Small Loan Act (SLA)....more
On December 7, 2022, the Consumer Financial Protection Bureau (CFPB) issued a notice for public comment on its preliminary determination that the federal Truth-in-Lending Act (TILA) does not preempt the New York Commercial...more
FDIC Board Governance Dispute on Review of Bank Mergers Aired Publicly - CFPB Director Rohit Chopra on December 9 published on the CFPB’s website a blog post captioned “How Should Regulators Review Bank Mergers?” in...more
On July 23, 2020, the New York legislature passed A10118A/S5470B requiring disclosures in various commercial financing transactions, including loans, merchant cash advances ("MCA"), and factoring transactions (the "Disclosure...more
You're probably scanning this and thinking, "math, formulas, time to skip this article." I don't blame you. For anyone who has actually looked at Regulation Z's Annual Percentage Rate formulas and felt that queasy "I'm in the...more
The CFPB has released the Winter 2020 edition of its Supervisory Highlights. The report discusses the Bureau’s examinations findings in the areas of debt collection, mortgage servicing, payday lending, and student loan...more
At the meeting earlier this month of the American Bar Association’s Consumer Financial Services Committee in Carlsbad, CA, attention was given to an issue highlighted by the American Bankers Association in the comment letter...more
The CFPB announced that it has sued four Virginia-based pawnbrokers in lawsuits filed in a Virginia federal district court for alleged violations of the Truth in Lending Act and the Consumer Financial Protection Act in...more