On April 29, 2022, the U.S. Court of Appeals for the Third Circuit granted a petition for permission to appeal in Consumer Financial Protection Bureau v. The National Collegiate Master Student Loan Trusts filed by defendants...more
5/5/2022
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Enforcement Actions ,
Enforcement Authority ,
Financial Services Industry ,
Interlocutory Appeals ,
Securitization Vehicles ,
Statute of Limitations ,
Statutory Interpretation ,
Statutory Violations ,
Student Loans ,
Unfair or Deceptive Trade Practices
On February 11, 2022, the U.S. District Court for the District of Delaware granted a motion for interlocutory appeal in Consumer Financial Protection Bureau v. The National Collegiate Master Student Loan Trusts filed by...more
2/16/2022
/ Appellate Review ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Covered Person ,
Debt Collection ,
Enforcement Actions ,
Enforcement Authority ,
Financial Services Industry ,
Interlocutory Appeals ,
Statutory Interpretation ,
Statutory Violations ,
Student Loans ,
Unfair or Deceptive Trade Practices
On June 30, 2021, President Biden signed a joint resolution of Congress under the Congressional Review Act (“CRA”) to disapprove the OCC’s True Lender Rule. As a result, the True Lender Rule is now repealed....more
On May 11, the Senate voted 52-47 (with three Republicans joining 49 Democrats) to pass a joint resolution under the Congressional Review Act (“CRA”) to disapprove of (i.e., rescind) the Office of Comptroller of the...more
On November 30, 2018, the Administrator of the Colorado Uniform Consumer Credit Code (the “Administrator”) took Colorado’s longstanding litigation against marketplace lenders Avant and Marlette to a new level, adding as...more
In our prior Clients & Friends Memo “Who’s My Lender?” published on March 14, 2018, we analyzed two actions brought against marketplace lenders, one against Kabbage Inc. (“Kabbage”) in federal court in Massachusetts and the...more
Over the last several weeks, two notable cases in federal court challenging certain aspects of the business model of marketplace lending companies headed down separate paths. ...more
3/16/2018
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Choice-of-Law ,
Consumer Financial Products ,
Consumer Protection Laws ,
Financial Institutions ,
Financial Services Industry ,
Loan Agreements ,
Motion To Stay ,
Online Marketplace Lending ,
Regulatory Oversight ,
True Lender ,
Usury