News & Analysis as of

Terms and Conditions Financial Services Industry

Troutman Pepper

Arbitration Clause Rendered Illusory and Unenforceable by Unilateral Amendment Clause, Says Virginia Federal District Court

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In a recent decision, the U.S. District Court for the Eastern District of Virginia denied a retailer’s motion to compel individual arbitration of a claim brought in a putative class action lawsuit. The complaint alleges that...more

Troutman Pepper

EDVA Judge Invalidates Arbitration Clause in Online Terms and Conditions

Troutman Pepper on

In a recent decision, EDVA Judge Rossie Alston invalidated the arbitration clause in the terms and conditions for online sales through the Lowe’s Home Centers website on the grounds that the terms and conditions were illusory...more

Ballard Spahr LLP

Appeals Court Says Terms and Conditions Contained in Unsigned Auto Rental ‘Terms and Conditions’ are Part of the Consumer Contract

Ballard Spahr LLP on

Unsigned Terms and Conditions found in a preprinted car rental jacket are part of the contract between the parties under Florida, Arizona and Colorado law because they were properly incorporated by reference into the signed...more

UB Greensfelder LLP

Resolving Financial Covenant Defaults in Revolving Lines of Credit: Real-World Strategic Considerations for ABL Borrowers

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The scenario is common enough: following a slow quarter, a borrower misses a debt service coverage ratio (DSCR), fixed charge coverage ratio (FCCR), or other financial covenant test required under its revolving credit...more

Hudson Cook, LLP

CFPB Bites of the Month - 2023 Annual Review - Small Dollar Lending, Lease-to-Own, and Alternative Financial Services

Hudson Cook, LLP on

In this article, we share a timeline of our monthly "bites" for 2023 applicable to the small dollar lending, lease-to-own, and alternative financial services industries. ...more

Husch Blackwell LLP

Aggressive CFPB Rulemaking Attempts to Create Registry of Nonbank Contract Provisions

Husch Blackwell LLP on

On February 1, 2023, the Consumer Financial Protection Bureau (CFPB) published a proposed rule that, if implemented, would require most nonbanks subject to the CFPB’s supervisory authority, with limited exceptions, to submit...more

Hudson Cook, LLP

CFPB Bites of the Month - January 2023 - May Old Compliance Acquaintances be Forgot

Hudson Cook, LLP on

In this month's article, we share some of our top "bites" for the prior month covered during the January 18, 2023, webinar. Bite # 8: The CFPB Publishes Civil Penalty Inflation Adjustments Rule in Federal Register - ...more

Cozen O'Connor

CFPB Proposes Registry of Terms and Conditions in Consumer Financial Form Contracts

Cozen O'Connor on

The CFPB has proposed a rule that aims to protect consumers from fine print in non-negotiable contracts with nonbanks that provide consumer financial services. The proposed rule would require nonbanks that are subject to...more

Orrick, Herrington & Sutcliffe LLP

CFPB proposes T&C registry for nonbanks

On January 11, the CFPB announced a proposed rule to create a public registry of terms and conditions used in non-negotiable, “take it or leave it” nonbank form contracts that “claim to waive or limit consumer rights and...more

Shipkevich PLLC

CFPB Proposed New Rule to Establish Public Registry of “Take It Or Leave It” Contract Terms and Conditions

Shipkevich PLLC on

On January 11, 2023, the Consumer Financial Protection Bureau (CFPB) proposed a new rule to apparently shed light on the dark corners of the financial industry. The proposed rule would create a public registry of the fine...more

Kerr Russell

Leased Provider Networks Cause Payment Confusion

Kerr Russell on

Most physicians and dentists are familiar with contracting to be a part of a third-party payer’s network. This usually means increased patient flow (from the patients enrolled in the payer’s plan(s)) and fee discounts. ...more

Hogan Lovells

Banking sector in turmoil: The invalidity of the GTC amendment mechanism – Quo vadis?

Hogan Lovells on

In its ruling of 27 April 2021 (case ref.: XI ZR 26/20) in response to cease and desist action brought by the Federation of German Consumer Organizations, the German Federal Court of Justice (BGH) found two clauses in the...more

Hogan Lovells

Bankenwelt in Aufruhr: Die Unzulässigkeit des AGB-Änderungs-mechanismus – Quo vadis?

Hogan Lovells on

Der BGH erklärte mit Urteil vom 27.04.2021 (Az.: XI ZR 26/20) auf die Unterlassungsklage des Bundesverbandes der Verbraucherzentralen hin zwei Klauseln in AGB-Banken für unwirksam, die (entsprechend den AGB-Sparkassen) ohne...more

McDermott Will & Emery

Finance Update: Zustimmungsfiktionen in AGB

McDermott Will & Emery on

Bedürfen Änderungen von Allgemeinen Geschäftsbedingungen der aktiven Zustimmung durch den Vertragspartner? Mit dieser Frage setzte sich der XI. Zivilsenat des BGH in seinem Urteil vom 27. April 2021 auseinander (Az. XI ZR...more

UB Greensfelder LLP

FINRA Proposes To Dispense With Due Process, All Because It’s Failed To Do Its Job Of Policing The Markets

UB Greensfelder LLP on

Reading Reg Notice 19-17 makes me think of the legal arguments that I’ve recently read regarding whether a president can be found guilty of obstructing justice if the actions in question were taken out in the open, for...more

Proskauer - New Media & Technology

Notice of Terms via Buried Link within a Post-Sale Email Unenforceable

In Starke v. SquareTrade, Inc., No. 17-2474, 2019 WL 149628 (2d Cir. Jan. 10, 2019), the Second Circuit affirmed a ruling that denied a web service’s motion to compel arbitration, finding that the user did not have reasonable...more

Hogan Lovells

Addressing Implementation: Messages from the FCA Workshop on its approach to consumers

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The FCA held a workshop last week on Customers in Vulnerable Circumstances which focused on its approach to ensuring inclusive and fair treatment of vulnerable consumers in the financial services industry....more

Mintz - Real Estate, Construction &...

California Usury Law: A Search for Clarity around Compound Interest

California usury law is addressed in multiple places: the California Constitution, statutes, case law, and initiative measures. Due to the patchwork nature of this body of law, differing interpretations and ambiguity are...more

BCLP

Convenience vs. Compliance: Behavior-Driven Marketing of Credit Products

BCLP on

Bryan Cave’s Ken Achenbach joins hosts Jonathan Hightower and Rob Klingler to discuss the data-driven marketing of credit products by financial services companies....more

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