Supreme Court of Georgia Rules Against Payday Lenders

On October 31, 2016, the Supreme Court of Georgia issued an extended opinion governing against payday loan providers in 2 situations consolidated on appeal. The 2 situations (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) payday loans South Carolina 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 bank that is concerning and associated services. The report, which compiles information 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 analyzing customer use and standard habits for specific single-payment vehicle title loans (the “Report”). Car name loans are loans given 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 white paper entitled, “Opportunities and Challenges in on line Marketplace Lending.” The paper that is white the consequence of an obtain information that elicited significantly more than 100 industry reactions, plus it product reviews the advantages and dangers of online marketplace financing prior to making…

CFPB Claims Jurisdiction Over Foreign Payday Lender and its particular Subsidiaries is acceptable

The CFPB’s attack on payday loan providers is absolutely absolutely nothing brand new (see our coverage for the Bureau’s proposed Payday financing guidelines right here and Enforcement Watch’s protection of the payday-lending-based consent purchase right right here), however the Bureau has gone international. CFPB v. NDG Financial Capital (Case No. 15-cv-05211), currently pending in the Southern District of…

Arbitration Clauses can 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 solutions organization (docket no. 15-1170). For the reason that decision, the Fourth Circuit reversed an Eastern District of Virginia’s decision upholding an arbitration clause on a lawn that the clause ended up being, in actuality,…

DOJ Targets Payday Lender Making Use Of 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 violate RICO, 18 U.S.C. § 1962(d); (2) one count of conspiracy to commit mail fraudulence and wire 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 phenomenon that is new. Recently, litigation against entities making use of the lending that is“tribal model, and government tries to suppress particular online financing programs via process Chokepoint have place the limelight straight right right back on industry. In previous articles, we now have noted that the Consumer Financial…

Customer Financial Solutions Industry COVID-19 Hub

Tracking the newest notices from Federal and State Governments, finance institutions and Trade Associations

For extra economic industry updates, please go to Goodwin’s customer Financial Services Lender Law Watch weblog, that may further deal with the possibility dilemmas they raise and exactly what concerns ought to be top of head whilst the industry considers just how to react. Please also go to Goodwin’s Coronavirus Knowledge Center, where firm solicitors from throughout the world are issuing brand new guidance and insights to aid customers grasp and assess the aftereffects of COVID-19 and navigate the possibility aftereffects of the outbreak on the companies

2019 Customer Finance 12 Months in Review

A written report synthesizing Goodwin’s customer finance protection from 2019 and will be offering predictions and insights about what the industry can get in 2020.