Supreme Court of Georgia Rules Against Payday Lenders

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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 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 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 targeting complaints concerning bank reports and related services. The report, which compiles data 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 month, the customer 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 name loans are loans granted to borrowers by non-depository loan providers in return for a safety curiosity about 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 market Lending.” The white paper is the consequence of a request information that elicited significantly more than 100 industry responses, plus it ratings the huge benefits and dangers of online marketplace 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 associated with the Bureau’s proposed lending that is payday right right here and Enforcement Watch’s protection of the payday-lending-based permission purchase right right here), however 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 february 2, 2016, choice in hayes v. delbert solutions organization (docket no. 15-1170). For the reason that choice, the Fourth Circuit reversed an Eastern District of Virginia’s decision upholding an arbitration clause on a lawn that the clause had been, in actuality,…

DOJ Targets Payday Lender Utilizing RICO

On June 22, 2015, the usa Attorney’s workplace 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. § d that is payday loans with bad credit Oklahoma 1962(; (2) one count of conspiracy to commit mail fraud and cable fraudulence, 18 U.S.C. §…

CFPB Plenty that is receiving of on Proposed Regulation of Payday Lending

State and federal legislation of payday lenders is definately not a brand new sensation. Recently, litigation against entities utilising the lending that is“tribal model, and government tries to suppress specific online financing programs via process Chokepoint have place the limelight right right straight back on industry. In past articles, we now have noted that the Consumer Financial…

Consumer Financial Solutions Industry COVID-19 Hub

Tracking the newest Announcements from Federal and State Governments, banking 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 exactly what concerns is top of head whilst the industry considers how exactly to react. Please also go to Goodwin’s Coronavirus Knowledge Center, where firm solicitors from around the world are issuing guidance that is new insights to aid consumers grasp and assess the effects of COVID-19 and navigate the possibility aftereffects of the outbreak on the organizations

2019 Customer Finance 12 Months in Review

A study synthesizing Goodwin’s customer finance protection from 2019 while offering predictions and insights about what the industry can get in 2020.