The Consumer Financial Protection Bureau (CFPB) issued an advisory opinion last month to affirm that the Fair Debt Collection Practices Act (FDCPA) and its implementing Regulation F prohibit a debt collector, as that term is...more
California limits the amount of interest that may be charged on loans and forbearances. While that is the general rule, there are numerous statutory exemptions. One of those exemptions can be found in California...more
Massachusetts AG Maura Healey reached a settlement with automobile title lender NH Title Group, Inc. to resolve allegations that it engaged in illegal auto lending practices in violation of Massachusetts consumer protection...more
The Consumer Financial Protection Bureau (“CFPB”) reached a settlement with financial company Driver Loan, LLC and its Chief Operating Officer (collectively “Driver Loan”) to resolve allegations that it misled consumers with...more
The CFPB filed a complaint in a South Carolina federal district court against Upstate Law Group LLC. and two of its individual owners and managers that alleges the defendants violated the Consumer Financial Protection Act’s...more
On January 31, 2020, by a vote of 65 to 33, the Virginia House of Delegates passed a bill that would establish a 36% rate cap on certain consumer loans. Since Democrats also hold a majority in the Virginia Senate, the Senate...more
The CFPB and the South Carolina Department of Consumer Affairs have filed a lawsuit in federal district court in South Carolina against two companies and their individual owner that alleges the defendants violated the...more
California nonbank consumer lenders are moving away from small-dollar short-term payday loans and are, instead, embracing longer-term installment loans with amounts over $2,500 to avoid interest rate caps, according to the...more
The California Supreme Court ruled on Monday, August 18, that an interest rate on a consumer loan in California could be deemed illegally high even if the loan is not subject to the state’s usury law. Consumer loans of...more
On August 13, 2018, the California Supreme Court answered a question certified to it by the Ninth Circuit, holding that a loan with a high interest rate can be unconscionable, even if the legislature specifically declined to...more
On August 13, 2018, the California Supreme Court in Eduardo De La Torre, et al. v. CashCall, Inc., held that interest rates on consumer loans of $2,500 or more could be found unconscionable under section 22302 of the...more
Resolving an ambiguity in the California Finance Lender’s Law (CFLL), the California Supreme Court unanimously held that borrowers may use the unconscionability doctrine to challenge the interest rate on consumer loans of...more
Resolving an ambiguity in the California Finance Lender's Law (CFLL), the California Supreme Court unanimously held that borrowers may use the unconscionability doctrine to challenge the interest rate on consumer loans of...more