News & Analysis as of

Lenders Annual Percentage Rate (APR)

Troutman Pepper

Class Action Alleging Usurious Fees and Tips Filed Against FinTech Provider of Earned Wage Access Services

Troutman Pepper on

A proposed class action lawsuit has been filed in the U.S. District Court for the Northern District of California against EarnIn, a FinTech provider of Earned Wage Access services, alleging that its optional fees and tips...more

Husch Blackwell LLP

CFPB Report Finds College and University Tuition Payment Plans May Pose Risks to Consumers

Husch Blackwell LLP on

Building on the Consumer Financial Protection Bureau’s (CFPB’s) September 2022 Supervisory Highlights on student loan servicing (questioning transcript withholding practices), the CFPB issued a September 2023 report on...more

Paul Hastings LLP

Finance Providers Need to Be Aware of New Commercial Finance Disclosure Laws

Paul Hastings LLP on

While consumer lenders have long been attuned to disclosure requirements under the Truth in Lending Act, many commercial financiers are or soon will be subject to similar state-level obligations. On June 23, 2023, Florida...more

Shipkevich PLLC

Money Transmission Legislative & Regulatory Update: Minnesota, Nevada, Georgia, and Texas

Shipkevich PLLC on

Minnesota - On May 24, 2023, the governor of Minnesota signed SF 2744, bringing amendments to various state statutes related to financial institutions. The amendments address the regulation and licensing of money...more

Cozen O'Connor

D.C. AG Schwalb Settles with Fintech Platform over Usurious “Tipping” Model

Cozen O'Connor on

District of Columbia AG Brian Schwalb settled with SoLo Funds, Inc. to resolve allegations that the fintech platform violated the District’s Consumer Protection Procedures Act and usury statute by deceptively charging...more

Womble Bond Dickinson

Maryland House Economic Matters Committee Considers Senate-Passed Commercial Finance Disclosure Law: Consumer Type Disclosures in...

Womble Bond Dickinson on

We recently reported that the Maryland Senate unanimously approved amended Senate Bill 496 – a broad measure proposed to curb perceived commercial lending abuses in Maryland. The bill has moved on to the House of Delegates...more

Goodwin

SEC Proposes Short Sale Disclosure Rule and Reopens Comment Period for Reporting on Securities Loans

Goodwin on

In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed a new rule to increase market transparency regarding short selling and extended the comment period for its proposed rule requiring reporting on...more

Ballard Spahr LLP

Bill to impose 36% rate cap passes New Mexico House and Senate

Ballard Spahr LLP on

The New Mexico House and Senate have both passed House Bill 132 which would create a 36% annual percentage rate (APR) cap on loans up to $10,000 made under the New Mexico Bank Installment Loan Act of 1959 (BILA) and the New...more

Husch Blackwell LLP

Thought Leadership Illinois Legislative Update: 36% Rate Cap On Consumer Loans, Effective Upon Governor's Signature

Husch Blackwell LLP on

On January 13, 2021, the Illinois General Assembly passed the Predatory Loan Prevention Act, which imposes a 36% “all in” APR cap on all consumer loans, including closed-end and open-end installment loans, payday loans, and...more

Hudson Cook, LLP

New York Passes Small Business Finance Disclosure Law

Hudson Cook, LLP on

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

Kramer Levin Naftalis & Frankel LLP

Banking, Finance and Insurance Letter — Novembre/Décembre 2019

Challenge of the guidelines of the European Banking Authority and notice of compliance by the Prudential Supervisory and Resolution Authority (ACPR) In its notice of September 8, 2017, the ACPR stated that it complies with...more

Bradley Arant Boult Cummings LLP

A Deeper Dive: The CFPB Short-Term Small- Dollar Lending Rule

Introduction - By now you’ve likely heard that the Consumer Financial Protection Bureau (CFPB) has released a final small-dollar lending rule. The hallmark of the rule is the requirement That lenders make a reasonable...more

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