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Financial Regulatory Reform Borrowers Loans

Ballard Spahr LLP

CFPB files and prosecutes yet another enforcement lawsuit using funds obtained in violation of the CFPB’s enabling statute...

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The Introduction to the Complaint which was filed by the CFPB on May 17, 2024 against Solo Funding, Inc. in the United States District Court for the Central District of California – Western Division Los Angeles (Judge R. Gary...more

White & Case LLP

Governing law of loan agreements – why does it matter?

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Borrowers and lenders alike may be forgiven for running out of steam when, having negotiated ever more complex commercial grids, term sheets and loan agreements, one reaches the final line item – the governing law of the loan...more

Troutman Pepper

CFPB Files Lawsuit Against SoLo Funds for Alleged Deceptive Lending Practices

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Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) filed a complaint against SoLo Funds, Inc., a fintech company operating a small-dollar, short-term lending platform. The CFPB alleges that SoLo Funds...more

Lewis Roca

Legal Issues, Problems, and Unanswered Questions Regarding a State’s Ability and Potential Departure from the Depository...

Lewis Roca on

In 1980, Congress passed Public Law 96-221, called the Depository Institutions Deregulation and Monetary Control Act (“DIDMCA”), which, in part, allowed federally insured state banks, state credit unions, and state savings...more

White & Case LLP

Incremental debt holds steady in uneven loan market

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With incremental loan activity accounting for an outsize share of the leveraged lending market over the past year, we explore the top trends, insights and structuring considerations for lenders and borrowers - Although...more

Troutman Pepper

South Carolina Proposes Legislation to Impose Ability-to-Repay Analysis for Installment and Payday Loans

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On January 9, a group of five bi-partisan South Carolina Senators introduced Bill 910, which would, among other things, require persons (non-bank lenders) providing “consumer installment loans” or “deferred presentment loans”...more

Skadden, Arps, Slate, Meagher & Flom LLP

A Decades-Old Question Answered: Term Loans Are Not Securities

A recent appellate ruling, Kirschner v. JPMorgan Chase Bank, N.A., rejected the contention that syndicated term loans should be treated as securities, affirming the long-held view by market participants that these loans are...more

Troutman Pepper

Nebraska Enacts Loan Licensure Requirement for Marketers, Servicers and Purchasers of Interests in Certain Bank Loans

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On June 6, Nebraska Governor Jim Pillen signed into law Legislative Bill 92, which, among many other subjects, amends the Nebraska Installment Loan Act (the NILA). Previously, a license was required for a lender seeking to...more

Bennett Jones LLP

Ontario Court of Appeal Case Upholds Closing Payment Direction Against Lender

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Borrowers and lenders negotiating payment directions on the closing of loan transactions should take heed of the recent decision of the Ontario Court of Appeal in Kemeny v. Callidus Capital Corporation, 2023 ONCA 76....more

Mayer Brown

Revising the Regulatory Definition of a Qualified Mortgage

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When the federal Consumer Financial Protection Bureau (“CFPB”) last summer issued its Advance Notice of Proposed Rule Making (“ANPR”) to revise the definition of a “Qualified Mortgage” (“QM”) under the Dodd-Frank Act’s...more

Ballard Spahr LLP

Illinois enacts law to fund income share agreements; distinguishes them from loans

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Illinois’ Democratic legislature recently passed, and its progressive Democratic Governor, J.B. Pritzker, recently signed into law, the Student Investment Account Act, which establishes a Student Investment Account to be...more

Ballard Spahr LLP

CFPB, DOE, Treasury Issue Joint Statement on Student Loan Servicing

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A new Joint Statement issued by the Consumer Financial Protection Bureau, Department of Education, and Department of the Treasury presents a framework to standardize student loan servicing practices across the various federal...more

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