Supreme Court of Georgia Rules Against Payday Lenders

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 29, 2016, the Eleventh Circuit upheld a Northern District of Georgia decision invalidating an arbitration clause in Jessica Parm v. National Bank of California, N.A. (Docket No. 15-12509) august. 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 customer Financial Protection Bureau (CFPB) circulated its Monthly Complaint Report for August 2016, this thirty days centering on complaints concerning bank reports and associated services. The report, which compiles data through the CFPB’s problem 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 buyer Financial Protection Bureau (CFPB) issued a written report consumer that is analyzing and standard habits for particular single-payment vehicle payday loans CA title loans (the “Report”). Car name loans are loans given to borrowers by non-depository loan providers in exchange for a safety desire for their automobiles. an aspect that is unique of…

Treasury Department Weighs in on Online Marketplace Lending

May 10, 2016, the U.S. Treasury Department circulated a white paper entitled, “Opportunities and Challenges in on line market Lending.” The paper that is white caused by a request information that elicited significantly more than 100 industry reactions, also it product reviews the advantages and dangers of online market financing prior to making…

CFPB Claims Jurisdiction Over Foreign Payday Lender as well as its Subsidiaries is acceptable

The CFPB’s attack on payday loan providers is absolutely absolutely nothing new (see our coverage of this Bureau’s proposed Payday financing guidelines right here and Enforcement Watch’s protection of a payday-lending-based permission order right right here), nevertheless the Bureau has gone worldwide. CFPB v. NDG Financial Capital (Case No. 15-cv-05211), presently pending into the Southern District of…

Arbitration Clauses can’t be utilized 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. The fourth Circuit reversed an Eastern District of Virginia’s decision upholding an arbitration clause on the ground that the clause was, in actuality, in that decision…

DOJ Targets Payday Lender Utilizing RICO

On June 22, 2015, the usa Attorney’s workplace for the Eastern District of Pennsylvania filed an information charging Adrian Rubin of Jenkintown, PA, with: (1) one count of conspiracy to violate RICO, 18 U.S.C. § 1962(d); (2) one count of conspiracy to commit mail fraudulence and cable fraudulence, 18 U.S.C. §…

CFPB Receiving a lot of information on Proposed Regulation of Payday Lending

State and federal legislation of payday lenders is not even close to a phenomenon that is new. Recently, litigation against entities utilizing the lending that is“tribal model, and government tries to suppress particular online financing programs via process Chokepoint have place the limelight straight straight right back on industry. In previous articles, we have noted that the Consumer Financial…

Customer Financial Solutions Industry COVID-19 Hub

Monitoring the most recent notices from Federal and State Governments, banking institutions and Trade Associations

For extra monetary industry updates, please check out Goodwin’s Consumer Financial Services Lender Law Watch weblog, that may further address the prospective problems they raise and just what concerns must be top of mind due to the fact industry considers just how to react. Please additionally check out Goodwin’s Coronavirus Knowledge Center, where firm solicitors from around the world are issuing new guidance and insights to aid customers grasp and assess the effects of COVID-19 and navigate the possibility outcomes of the outbreak on the organizations

2019 Customer Finance 12 Months in Review

A study synthesizing Goodwin’s customer finance protection from 2019 and will be offering predictions and insights on which the industry can get in 2020.