Topic
Predatory Lending
95 published works
Consumer Finance Monitor
ASFA Responds to New CRL Report on Installment Loans
On July 28, the Center for Responsible Lender (CRL) issued a new report regarding the “persistent harms of high-cost installment loans,” claiming that such loans come with an “exploitative cost”…
Regulatory Oversight
CFPB Deputy Director Takes Aim at “Rent-a-Bank Schemes”
By Jeremy Rosenblum, James Stevens, Chris Willis, Stephen C. Piepgrass, Ashley L. Taylor, Jr., Stefanie Jackman
In a keynote address at the Consumer Federation of America's 2022 Consumer Assembly, CFPB Deputy Director Zixta Martinez squarely took aim at "rent-a-bank schemes" in some of the first (if…
Consumer Finance and Fintech Blog
DC OAG Reaches $4 Million Settlement with FinTech Over Claims of Predatory Lending
By Moorari Shah, A.J. Dhaliwal
On February 8, the District of Columbia attorney general announced a settlement with a FinTech company for alleged violations of the District of Columbia Consumer Protection Procedures Act (CPPA) by…
Regulatory Oversight
Navient Settles with State AG Coalition Over Alleged Unfair, Deceptive, and Abusive Student Loan Origination and Servicing Practices
By David N. Anthony, Virginia Bell Flynn, David M. Gettings, Ethan G. Ostroff, Stephen C. Piepgrass, Tim J. St. George, Ashley L. Taylor, Jr., Alan D. Wingfield, Chris Capurso, Chris Carlson, Namrata Kang, Rachel Miklaszewski
On January 13, a coalition of 39 state attorneys general — led by AGs from Pennsylvania, Washington, Illinois, Massachusetts, and California — reached a settlement with student loan servicer Navient…
Consumer Financial Services Law Monitor
Navient Settles with State AG Coalition Over Alleged Unfair, Deceptive, and Abusive Student Loan Origination and Servicing Practices
By Alan D. Wingfield, Ashley L. Taylor, Jr., David M. Gettings, Ethan G. Ostroff, Stephen C. Piepgrass, Tim J. St. George, Virginia Bell Flynn, Christopher Carlson, Rachel Miklaszewski, Chris Capurso, Namrata Kang, David N. Anthony
On January 13, a coalition of 39 state attorneys general — led by AGs from Pennsylvania, Washington, Illinois, Massachusetts, and California — reached a settlement with student loan servicer Navient…
Consumer Finance and Fintech Blog
DFPI Issues Consent Order to Auto Title Lender
By Moorari Shah, A.J. Dhaliwal
On December 14, the California Department of Financial Protection and Innovation (DFPI) announced that it entered into a consent order with an LA-based auto title lender to resolve allegations that…
Consumer Finance Monitor
Illinois regulator issues proposed Predatory Loan Prevention Act regulations; lawsuits filed to block implementation of Act’s database reporting requirement and for declaration Act does not apply to pawn transactions
In March 2021, Illinois Governor Pritzker signed into law SB 1792, which contains the Predatory Loan Prevention Act (the “Act”). The new law became effective immediately upon signing notwithstanding the…
Consumer Financial Services Review
Illinois Imposes 36% Rate Cap
By David L. Beam, Steven M. Kaplan, Eric T. Mitzenmacher, Jeffrey P. Taft, Daniel Pearson
On March 23, 2021, Illinois Governor JB Pritzker signed into law Senate Bill 1792, enacting the Predatory Loan Prevention Act (PLPA) and capping interest at an “all-in” 36% APR (similar…
Consumer Finance Monitor
Illinois regulator issues FAQs on Predatory Loan Prevention Act and notice on database reporting
The Illinois Department of Financial and Professional Regulation (DFPR) has issued Predatory Loan Prevention Act Frequently Asked Questions (PLPA). The PLPA became effective on March 23, 2021, the day it was signed…
Consumer Finance Monitor
Illinois Predatory Loan Prevention Act signed into law and now effective
On March 23, Illinois Governor Pritzker signed into law SB 1792, which contains the Predatory Loan Prevention Act (the “Act”). The new law became effective immediately upon signing notwithstanding the…