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Automotive Loans › Predatory Lending

Hudson Cook, LLP

Fourth Circuit Takes Expansive View of MLA Auto-Loan Exemption

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In a decision highly anticipated by the auto finance industry, a federal appeals court recently held that auto loans remain exempt from the Military Lending Act even when they finance related costs or services beyond the...more

Cozen O'Connor

CFPB and AG James Sue Auto Lender for Allegedly Targeting Consumers Likely to Default

Cozen O'Connor on

New York AG Letitia James and the CFPB sued Credit Acceptance Corporation (CAC) for allegedly violating New York usury limits and consumer and investor protection laws, as well as the Consumer Financial Protection Act, by...more

Goodwin

NJ AG Files Suit Against Two Auto Lenders Over Alleged Predatory Conduct

Goodwin on

On March 7, the New Jersey Attorney General’s Office (AG) announced that it had filed a complaint? against two so-called “Buy Here-Pay Here” auto dealerships, alleging that they targeted vulnerable consumers by selling them...more

K&L Gates LLP

Fair Lending Year in Review – 2015

K&L Gates LLP on

2015 was an action-packed year for fair lending, including a long-anticipated Supreme Court decision on disparate-impact claims under the Fair Housing Act (“FHA”), record-breaking redlining settlements, a new round of...more

Baker Donelson

CFPB Shifts Focus to Auto Lending Industry

Baker Donelson on

Auto lenders and servicers be advised: the Consumer Financial Protection Bureau (CFPB) turns its lonely eyes to you. On June 17, 2015, the CFPB brought an action in the Southern District of Ohio against Security National...more

Ballard Spahr LLP

Trade groups take aim at NY Times call for CFPB action on subprime auto loans

Ballard Spahr LLP on

Two leading industry trade groups have disputed a recent New York Times editorial entitled “When a Car Loan Means Bankruptcy,” which attempted to draw parallels between subprime auto loans and subprime mortgage loans. The...more

Goodwin

CFPB Releases Fair Lending Report

Goodwin on

The CFPB released its Fair Lending Report to Congress, which provides an update on the CFPB’s efforts with respect to its fair lending mandate. Section 1013 of the Dodd-Frank Act requires the CFPB’s Office of Fair Lending and...more

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