News & Analysis as of

Finance Charges

Davis Wright Tremaine LLP

CFPB Takes Aim at Earned Wage Access Products as Regulated Loans

The Consumer Financial Protection Bureau (CFPB) proposed an interpretive rule that would extend Truth in Lending Act (TILA) and Regulation Z (Reg Z) compliance requirements to many existing earned wage access (EWA) products....more

Davis Wright Tremaine LLP

Where to Begin With the CFPB's "Buy Now, Pay Later" Interpretative Rule...

The Consumer Financial Protection Bureau's interpretative rule provides that traditional "Buy Now, Pay Later" (BNPL) products – closed-end loans that do not have a finance charge and are repaid in four installments – are...more

Morrison & Foerster LLP

CFPB Subjects Certain BNPL Products to Credit Card Requirements

On May 22, 2024, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule indicating that certain Buy Now, Pay Later (BNPL) products are subject to certain provisions of Regulation Z that apply to credit...more

Husch Blackwell LLP

A New Colorado Bill Seeks To Subject More Fees To Consumer Credit Rate Caps

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Colorado is in the headlines again. On January 29, a bill was introduced in the Colorado legislature to include certain additional charges in the total amount of finance charges subject to rate limits under the Colorado...more

Ballard Spahr LLP

CFPB reported to be planning to unveil overdraft regulations before year-end

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Last week, Bloomberg Law reported that “Consumer Financial Protection Bureau officials have privately told industry executives that the regulator will likely unveil its long-awaited plan to crack down [on overdraft fees] in...more

Hudson Cook, LLP

Indiana Department of Financial Institutions Publishes Advisory Letter on Characterization and Disclosure of E-Lien Fees

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On June 30, 2023, the Indiana Department of Financial Institutions published Advisory Letter 2023-01, addressing the permissibility of e-lien fees not payable to the Indiana Bureau of Motor Vehicles. The publication was...more

Orrick, Herrington & Sutcliffe LLP

Oklahoma incorporates fed funds rate into maximum loan finance charges

The Oklahoma governor recently signed SB 794, which increases the maximum loan finance charge for certain loans (i.e., supervised loans under applicable Oklahoma law) by additionally including the federal funds rate published...more

Husch Blackwell LLP

Colorado Bill Introduced to Opt Out of Federal Interest Rate Preemption

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On March 27, Colorado legislators introduced a bill (H.B. 1229) to opt out of federal banking laws that permit federally insured state chartered banks and credit unions to charge Colorado residents the “interest” permitted...more

Buchalter

NY DFS Publishes Final Regulation Implementing Article 8, New York State’s Commercial Finance Disclosure Law

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Superintendent of Financial Services Adrienne A. Harris announced on February 1, 2023 that the New York State Department of Financial Services has adopted a final regulation relating to early disclosure requirements on...more

Buchalter

CFPB Proposed Regulatory Activity Agenda Released, Focuses on Limitations on Bank and Credit Card Fees, Small Business Lending...

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The Office of Information and Regulatory Affairs in the Office of Management and Budget has released the Fall 2022 Unified Agenda of Regulatory and Deregulatory Actions (Agenda) reports on the actions administrative agencies...more

Morrison & Foerster LLP

Look Inside: California Commercial Financing Disclosure Regulations

On June 9, 2022, the California Office of Administrative Law approved the Department of Financial Protection and Innovation’s final regulations implementing California’s first-of-its-kind commercial financing disclosure law....more

Goodwin

California Finalizes Commercial Financing Disclosure Regulations

Goodwin on

On June 9, 2022, the California Office of Administrative Law (OAL) approved the California Department of Financial Protection and Innovation’s (DFPI) final regulations requiring providers of commercial financing, including...more

Bradley Arant Boult Cummings LLP

New York Enacts Small Business Truth in Lending Disclosure Requirement Affecting Small Business Loans, MCAs, and Other Forms of...

A new year brings new compliance requirements for non-banks and fintechs conducting business in New York, including Merchant Cash Advance (MCA) companies. On December 23, 2020, New York Gov. Andrew Cuomo signed SB5470...more

Buchalter

CA DFPI One Step Closer to Finalizing CFL Commercial Loan Disclosure Regulations

Buchalter on

The California Department of Financial Protection and Innovation (fka Department of Business Oversight) is one step closer to issuing final regulations that would impose new early disclosure requirements on covered commercial...more

Ballard Spahr LLP

FDIC 2018 Consumer Compliance Supervisory Highlights focuses on overdraft, RESPA, Regulation E, deferment, and finance charge...

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Last week, the FDIC published its Consumer Compliance Supervisory Highlights that provides observations about its consumer compliance supervision activities in 2018. Importantly, the highlights include anonymized 2018 exam...more

Ballard Spahr LLP

Will the NYDFS pick up the baton on disparate impact auto dealer pricing?

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If you’ve followed the status of the CFPB’s enforcement actions under the Equal Credit Opportunity Act related to auto dealer finance charge participation, you probably would have concluded that those cases are unlikely to...more

Ballard Spahr LLP

CFPB enters into consent order with small-dollar lender to settle alleged TILA and UDAAP violations arising from finance charge...

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The CFPB announced last week that it has entered into a consent order with Triton Management Group, Inc., a small-dollar lender, to settle the CFPB’s allegations that Triton had violated the Truth in Lending Act and the...more

Ballard Spahr LLP

Fed issues consent order for bank’s alleged deceptive practices involving balance transfer credit cards

Ballard Spahr LLP on

The Federal Reserve Board announced that it had issued a Consent Order against Mid America Bank and Trust Company (Bank) for alleged deceptive marketing practices in violation of section 5 of the FTC Act related to balance...more

Ballard Spahr LLP

CFPB and Virginia AG settle claims against pawnbroker for alleged TILA/CFPA/VA law violations

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The CFPB and the Virginia Attorney General announced that they had entered into a proposed consent order with  Woodbridge Coins and Jewelry Exchange, Inc., a Virginia-based pawnbroker, to settle a lawsuit filed in a Virginia...more

Ballard Spahr LLP

CFPB files lawsuit against pawnbroker for alleged TILA and CFPA violations

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The CFPB announced that it filed a lawsuit in a Virginia federal district court against B&B Pawnbrokers, Inc., for alleged violations of the Truth in Lending Act and the Consumer Financial Protection Act in connection with...more

Ballard Spahr LLP

FTC Obtains $1.3 Billion Judgment Against Individual Who Operated Payday Lenders

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The Federal Trade Commission (FTC) has obtained a $1.3 billion judgment against the individual operator of several payday lenders and related servicing and marketing companies in a lawsuit filed in a Nevada federal district...more

Manatt, Phelps & Phillips, LLP

CFPB Orders "Buy Here, Pay Here" Auto Dealer to Pay $800,000 for "Abusive" Financing Schemes

Why it matters - Continuing to keep a close eye on the auto lending industry, the Consumer Financial Protection Bureau (CFPB) ordered a "Buy Here, Pay Here" car dealer to pay $700,000 in restitution to customers, with a...more

Morrison & Foerster LLP

Department of Defense Adopts Significant Changes to Its Military Lending Act Regulations

On July 22, 2015, the Department of Defense (DOD) published sweeping changes to its rules that implement the Military Lending Act (MLA). The amended rules significantly expand the scope of the MLA provisions by covering both...more

McAfee & Taft

Payment is due at the time services are rendered

McAfee & Taft on

Typically, physicians collect co-payments from patients when services are provided, submit claims for reimbursement to government and commercial payers, and then send bills to patients for the balance owing. The payment and...more

Ballard Spahr LLP

CFPB files enforcement action against for-profit education company over alleged predatory lending tactics

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After hinting for months that it intends to use its enforcement powers to police lending in the higher education arena, the CFPB dropped the hammer on ITT Educational Services, filing suit against the for-profit college over...more

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