On July 1, Virginia Governor Northam signed Senate Bill 1410 which amended several Virginia anti-discrimination statutes to prohibit discrimination based on “military status.” For purposes of the various amendments, the term...more
The Department of Defense (DoD) has issued a report to the House Committee on Armed Services regarding the impact of a Military Annual Percentage Rate (MAPR) cap lower than 30% on military readiness and servicemember...more
The Department of Defense announced in its Fall 2019 rulemaking agenda that it is engaged in proposed rulemaking to amend its Military Lending Act (MLA) regulations, apparently in order to allow non-bank creditors to provide...more
12/5/2019
/ Amended Regulation ,
Automotive Industry ,
Automotive Loans ,
Borrowers ,
Consumer Lenders ,
Creditors ,
Department of Defense (DOD) ,
Fair Access to Credit ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financing ,
Lenders ,
Military Lending Act ,
Military Service Members ,
Motor Vehicles ,
Non-Bank Lenders ,
Regulatory Agenda ,
Regulatory Burden ,
Rulemaking Process
The Department of Defense (DoD) dramatically expanded the scope of the Military Lending Act (MLA) on July 22, 2015, publishing its Final Rule amending the MLA’s implementing regulation. MLA coverage was previously limited to...more
7/28/2015
/ Automotive Loans ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Unions ,
Department of Defense (DOD) ,
Financial Services Authority ,
Higher Education Act ,
Lenders ,
Military Lending Act ,
Military Service Members ,
Payday Loans ,
Regulation Z ,
Title IV
The U.S. Court of Appeals for the Eighth Circuit recently upheld summary judgment in favor of a lender, dismissing an action by the borrowers’ spouses alleging that the lender’s requirement that the spouses sign guaranties...more
For public policy reasons, the Rhode Island Supreme Court recently held that usury savings clauses are void and unenforceable. In NV One, LLC v. Potomac Home Capital, LLC, borrowers who had defaulted on their note filed a...more
The South Carolina Supreme Court recently ruled that lender loan modifications do not constitute the unauthorized practice of law....more
In a decision that likely will have a dampening effect on the home equity lending market in Texas, the Texas Supreme Court ruled on June 21, 2013, that lenders are prohibited from treating discount points and lender fees as...more