CFPB's Policy Statement on Abusiveness (Part 2) - The Consumer Finance Podcast
Military Lending Act and Servicemembers Civil Relief Act Overview - The Consumer Finance Podcast
The Servicemember Civil Relief Act limits the amount of interest that may be charged on certain financial obligations that were incurred before military service began to no more than 6% percent per year, including most fees...more
The Consumer Financial Protection Bureau (“CFPB”) is engaged in a firestorm of tricky litigation these days. Some highlights, in addition to the Third Circuit’s NCSLT ruling we reported on previously: With respect to the...more
On June 13, the DOJ announced a settlement with a property management company resolving allegations that it charged nine servicemembers early termination fees after receiving military orders to relocate, in violation of the...more
On March 3, the DOJ filed a complaint in the U.S. District Court for the Eastern District of North Carolina against a North Carolina-based towing company for allegedly auctioning off, selling, or disposing of vehicles owned...more
On September 28, 2022, the Department of Justice (”DOJ”) announced a settlement with Westlake Financial Services (“Westlake”), a Los Angeles-based indirect auto finance company specializing in subprime and near-subprime...more
On July 29, the Consumer Financial Protection Bureau (CFPB) and Department of Justice (DOJ) issued a joint letter to auto finance companies, reminding them of the protections the Servicemembers Civil Relief Act (SCRA) affords...more
The U.S. Department of Justice (“DOJ”) and the Consumer Finance Protection Bureau (“CFPB”) issued a joint letter reminding the auto finance industry to enforce certain interest rate restrictions and other consumer protection...more
Following the Consumer Financial Protection Bureau’s supervisory observations that the auto finance industry seemed to be struggling with providing adequate consumer protections to servicemembers, the CFPB has joined with the...more
On July 29, 2022, the Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) issued a notification letter (the “joint letter”) to “remind” auto lenders and leasing companies of the protections...more
Federal law and analogous state laws provide a broad array of generous, and often misunderstood, consumer and other protections to military servicemembers enforceable by federal and/or state authorities. Two recent...more
Student Loan Forgiveness Updates: New Changes Coming in 2022 for Public Service Borrowers - "Borrowers on track for Public Service Loan Forgiveness, a federal student loan forgiveness program for people devoted to careers...more
On September 30, the U.S. Department of Justice announced that it settled a lawsuit alleging that a sales finance company violated the early motor vehicle lease termination protections provided to servicemembers under the...more
The Servicemembers and Veterans Initiative at the U.S. Department of Justice continues. At the end of July, the DOJ entered into a consent order in a Texas case where a towing company sold active-duty servicemembers' cars...more
Servicemembers’ Civil Relief Act - What You Need to Know - Between the Civil War and 1940, the United States periodically had legislation that prevented lawsuits against soldiers and sailors during times of conflict. Then,...more
The Justice Department announced in a March 15 press release that it has reached an agreement with property management company PRG Real Estate Management (PRG) and several related entities to settle claims that PRG violated...more
Editor's Note - Busy Week for the Fed. The Board of Governors of the Federal Reserve System (Federal Reserve) was busy this past week, announcing that it would limit use of the “qualitative objection” in its Comprehensive...more
On March 6, 2019, a California subprime auto lender, California Auto Finance, agreed to enter into a consent order with the Justice Department related to allegations that it repossessed vehicles in violation of the...more
On March 28, the Department of Justice (DOJ) brought another lawsuit against an auto finance company alleging the company violated the Servicemembers Civil Relief Act (SCRA) by repossessing vehicles owned by servicemembers...more
Editor's Note - Judge Rules for Defendants in Mutual Fund Excessive Fee Lawsuit. On March 9, the U.S. District Court for the Southern District of Ohio entered summary judgment for defendants in an action brought under...more