Supreme Court of Georgia Rules Against Payday Lenders

On October 31, 2016, the Supreme Court of Georgia issued an opinion that is lengthy 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. nationwide 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 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 information through the CFPB’s problem database to compare customer complaints by subject, geography, and company on a…

CFPB Releases Report on Single-Payment Car Title Loans

Earlier in the day this thirty days, the buyer Financial Protection Bureau (CFPB) issued a written report consumer that is analyzing and standard habits for specific single-payment vehicle title loans (the “Report”). Vehicle name loans are loans released to borrowers by non-depository loan providers in return for a protection desire for their cars. an unique facet of car…

Treasury Department Weighs in on Online Marketplace Lending

May 10, 2016, the U.S. Treasury Department released a paper that is white, “Opportunities and Challenges in on line Marketplace Lending.” The white paper is caused by an ask for 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 and its particular Subsidiaries is suitable

The CFPB’s attack on payday loan providers is nothing brand brand new (see our coverage associated with Bureau’s proposed lending that is payday right here and Enforcement Watch’s protection of a payday-lending-based permission purchase here) payday loans in Illinois, however the Bureau has gone international. CFPB v. NDG Financial Capital (Case No. 15-cv-05211), presently pending into the Southern District of…

Arbitration Clauses may not be utilized as a car to Evade Liability Under Federal customer Protection Statutes

On March 1, 2016, the Fourth Circuit refused to re-hear A february 2, 2016, choice in hayes v. delbert services organization (docket no. 15-1170). 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 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 break RICO, 18 U.S.C. § d that is 1962(; (2) one count of conspiracy to commit mail fraud and wire fraudulence, 18 U.S.C. §…

CFPB Receiving lots of Advice 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 “tribal lending” model, and government attempts to suppress particular online financing programs via process Chokepoint have place the limelight straight straight back on industry. In previous articles, we now have noted that the Consumer Financial…

Customer Financial Solutions Industry COVID-19 Hub

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

For extra monetary industry updates, please go to Goodwin’s customer Financial Services Lender Law Watch web log, that will further deal with the prospective dilemmas they raise and just exactly just what concerns should really be top of head since the industry considers just how to react. Please also see Goodwin’s Coronavirus Knowledge Center, where firm solicitors from throughout the world are issuing guidance that is new insights to assist consumers grasp and assess the aftereffects of COVID-19 and navigate the possible outcomes of the outbreak to their organizations

2019 Customer Finance 12 Months in Review

A written report synthesizing Goodwin's customer finance protection from 2019 while offering predictions and insights on which the industry can get in 2020.