On October 31, 2016, the Supreme Court of Georgia issued an opinion that is lengthy against payday loan providers in 2 instances 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 (National 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 easy payday loans Massachusetts online Complaint Report for August 2016, this thirty days centering on complaints bank that is concerning and related services. The report, which compiles information through the CFPB’s issue database to compare customer complaints by topic, geography, and company on a…
CFPB Releases Report on Single-Payment Car Title Loans
Early in the day 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 title loans (the “Report”). Car title loans are loans granted to borrowers by non-depository loan providers in return 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 paper that is white, “Opportunities and Challenges in on the web Marketplace Lending.” The white paper is the consequence of a obtain information that elicited significantly more than 100 industry reactions, also it product reviews the huge benefits and dangers of online market financing prior to making…
CFPB Claims Jurisdiction Over Foreign Payday Lender as well as its Subsidiaries is suitable
The CFPB’s assault on payday lenders is absolutely nothing brand brand new (see our coverage for the Bureau’s proposed lending that is payday right here and Enforcement Watch’s protection of a payday-lending-based permission order right right here), however the Bureau has gone worldwide. CFPB v. NDG Financial Capital (Case No. 15-cv-05211), presently pending when you look at the Southern District of…
Arbitration Clauses may not 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 organization (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 Making Use Of RICO
On June 22, 2015, the usa Attorney’s office when it comes to Eastern District of Pennsylvania filed an information charging Adrian Rubin of Jenkintown, PA, with: (1) one count of conspiracy to break RICO, 18 U.S.C. § 1962(d); (2) one count of conspiracy to commit mail fraudulence and cable fraud, 18 U.S.C. §…
CFPB Plenty that is receiving of on Proposed Regulation of Payday Lending
State and federal legislation of payday lenders is not even close to a new sensation. Recently, litigation against entities utilising the lending that is“tribal model, and government tries to suppress particular online financing programs via process Chokepoint have place the limelight right back on industry. In previous articles, we’ve noted that the Consumer Financial…
Customer Financial Solutions Industry COVID-19 Hub
Monitoring the most recent notices from Federal and State Governments, finance institutions and Trade Associations
For extra industry that is financial, please check out Goodwin’s customer Financial Services Lender Law Watch web log, that may further deal with the possibility dilemmas they raise and just just what concerns should really be top of head once the industry considers just how to react. Please additionally go to Goodwin’s Coronavirus Knowledge Center, where firm lawyers from around the world are issuing brand new guidance and insights to aid consumers grasp and assess the aftereffects of COVID-19 and navigate the possibility ramifications of the outbreak on the companies
2019 Customer Finance 12 Months in Review
A study synthesizing Goodwin’s customer finance protection from 2019 while offering predictions and insights on which the industry can get in 2020.
