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Ballard Spahr LLP

NCUA Board Votes to Maintain 18% Interest Rate Ceiling on Most Loans

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The NCUA board on July 18 voted to maintain its interest rate ceiling on most loans at 18% from Sept. 11, 2024 through March 10, 2026. ...more

McGlinchey Stafford

Minnesota, Nevada, and Rhode Island Propose DIDMCA Opt-Outs

McGlinchey Stafford on

Minnesota, Nevada, and Rhode Island are the most recent additions to the list of jurisdictions that have proposed legislation to opt out of the Depository Institutions Deregulation and Monetary Control Act (DIDMCA). Sections...more

DailyPay, Inc.

Earned Wage Access: The Anti-Loan

DailyPay, Inc. on

Currently, more than 60% of Americans are living paycheck-to-paycheck. And for the average American household, emergency expenses don’t always align perfectly with the typical biweekly payday. This financial strain leads...more

Goodwin

CFPB Grants No-Action Letter for Proposed Small-Dollar Credit Product

Goodwin on

In the News. The Consumer Financial Protection Bureau (CFPB) granted a no-action letter (NAL) regarding a proposed small-dollar credit product and sought comment on the CFPB’s plan to study how consumers locate, comprehend...more

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights: Issue 8, October 2020

Servicemembers’ Civil Relief Act - What You Need to Know - Between the Civil War and 1940, the United States periodically had legislation that prevented lawsuits against soldiers and sailors during times of conflict. Then,...more

Hudson Cook, LLP

New York DFS and Other Regulators Launch Investigation into Payroll Advance Industry

Hudson Cook, LLP on

On August 6, 2019, the New York Department of Financial Services Superintendent Linda A. Lacewell announced that the DFS will lead a multistate investigation into the payroll advance industry and allegations of unlawful...more

Ballard Spahr LLP

House Financial Services Committee schedules Oct. 11 mark-up of “Madden fix” bill

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Among the more than 20 bills that the House Financial Services Committee is scheduled to mark-up this Wednesday, October 11, is a bill to provide a “Madden fix” as well as several others relevant to consumer financial...more

Bradley Arant Boult Cummings LLP

Changes to Military Lending Act on the Horizon

The Department of Defense (DoD) recently published its Final Rule amending the Military Lending Act’s (MLA) implementing regulation. The MLA, passed by Congress in 2006, provides active duty service members and their...more

Locke Lord LLP

New York Limits Interest Rates on Loans to New York-based Military Personnel

Locke Lord LLP on

Since 2005, banks have continued to provide certain military service members with loans that require payment of interest far beyond the 16% New York state cap under what has become known as the “Fort Drum Loophole.” The...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

EU Commission Sends Statement of Objections to Three Banks in Cartel Investigation - On May 20, the European Commission announced that it has sent a statement of objections to Credit Agricole, HSBC and JP Morgan for...more

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