In December, the State of Iowa and the Iowa Division of Banking entered into an Assurance of Discontinuance (“AOD”) with Transportation Alliance Bank, Inc. (the “Bank”) settling claims that the Bank charged usurious rates of...more
1/13/2023
/ Assurance of Discontinuation (AOD) ,
Banks ,
Consumer Financial Products ,
Consumer Lenders ,
DIDMCA ,
Financial Services Industry ,
Interest Rates ,
Internet Lenders ,
Opt-Outs ,
Settlement Agreements ,
True Lender ,
Usury
On March 23, 2021, Illinois Governor JB Pritzker signed into law Senate Bill 1792, enacting the Predatory Loan Prevention Act (PLPA) and capping interest at an “all-in” 36% APR (similar to the Military Lending Act’s MAPR) for...more
On Friday, the United States Office of the Comptroller of the Currency (“OCC”) finalized a regulation regarding the “Permissible Interest on Loans that are Sold, Assigned, or Otherwise Transferred” by national banks and...more