On October 31, 2016, the Supreme Court of Georgia issued a lengthy opinion governing against payday loan providers in 2 situations consolidated on appeal. The 2 instances (Western Sky Financial, LLC v. State of Georgia, No. S16A1011 and State of Georgia v. Western Sky Financial, LLC, No. S16X1012) included state regulation…
Eleventh Circuit Invalidates Another Western Sky Arbitration Clause
On August 29, 2016, the Eleventh Circuit upheld a Northern District of Georgia choice invalidating an arbitration clause in Jessica Parm v. National Bank of California, N.A. (Docket No. 15-12509). Defendant nationwide Bank of California (nationwide Bank) argued that plaintiff Jessica Parm’s (Parm) cash advance agreement compelled her to arbitrate…
CFPB Monthly Complaint Snapshot Brings Bank Accounts into Focus
On August 31, 2016, the buyer Financial Protection Bureau (CFPB) circulated its Monthly Complaint Report for August 2016, this thirty days targeting complaints concerning bank reports and associated services. The report, which compiles information through the CFPB’s grievance database to compare customer complaints by topic, geography, and company on a…
CFPB Releases Report on Single-Payment Car Title Loans
Previously this thirty days, the customer Financial Protection Bureau (CFPB) issued a written report analyzing customer use and standard habits for particular single-payment vehicle title loans (the “Report”). Car name loans are loans given to borrowers by non-depository loan providers in return for a protection curiosity about their cars. an unique element of car…
Treasury Department Weighs in on Online Marketplace Lending
May 10, 2016, the U.S. Treasury Department released a white paper entitled, “Opportunities and Challenges in on the web market Lending.” The paper that is white the consequence of a request information that elicited significantly more than 100 industry reactions, also it product reviews the advantages and dangers of online market financing before making…
CFPB Claims Jurisdiction Over Foreign Payday Lender and its particular Subsidiaries is suitable
The CFPB’s attack on payday loan providers is absolutely absolutely absolutely nothing brand brand new (see our coverage for the Bureau’s proposed Payday financing guidelines here and Enforcement Watch’s protection of the payday-lending-based permission purchase here), however the Bureau has now gone worldwide. CFPB v. NDG Financial Capital (Case No. 15-cv-05211), presently pending into the Southern District of…
Arbitration Clauses can’t be Used as an automobile to Evade Liability Under Federal customer Protection Statutes
On March 1, 2016, the Fourth Circuit refused to re-hear a 2, 2016, decision in hayes v. delbert solutions company (docket no. 15-1170) february. For the reason that decision, the Fourth Circuit reversed an Eastern District of Virginia’s choice upholding an arbitration clause on the floor that the clause had been, in actuality,…
DOJ Targets Payday Lender Making Use Of RICO
On June 22, 2015, the US Attorney’s office for the Eastern District of Pennsylvania filed an information charging Adrian Rubin of Jenkintown, PA, with: (1) payday loans Texas one count of conspiracy to violate RICO, 18 U.S.C. § d that is 1962(; (2) one count of conspiracy to commit mail fraudulence and wire fraudulence, 18 U.S.C. §…
CFPB Receiving a good amount of information on Proposed Regulation of Payday Lending
State and federal legislation of payday lenders is not even close to a brand new sensation. Recently, litigation against entities making use of the lending that is“tribal model, and government tries to suppress particular online financing programs via process Chokepoint have place the limelight straight back on industry. In previous articles, we now have noted that the Consumer Financial…
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