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Consumer Financial Products Borrowers Interest Rates

Hogan Lovells

UK Mortgage Rule Review: FCA takes first step in introducing targeted flexibilities into the regulatory framework

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The FCA has finalised the changes that were proposed in May this year to make it easier for customers to engage with mortgage providers and make reductions to mortgage terms and remortgaging easier. This includes removing the...more

Ballard Spahr LLP

CFPB reaches settlement with FirstCash in connection with alleged MLA Violations

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The CFPB has reached a settlement in its lawsuit against FirstCash, Inc. and its 19 subsidiaries alleging violations of the Military Lending Act (MLA). The parties have jointly filed a stipulated final judgment and proposed...more

Fox Rothschild LLP

How to Capitalize on the Auto Loan Tax Deduction in the One Big Beautiful Bill

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The automotive industry has been abuzz with talk of the auto loan interest deduction included in the One Big Beautiful Bill — the sweeping federal tax and spending plan that was signed into law on July 4 by President Trump. ...more

Skadden, Arps, Slate, Meagher & Flom LLP

Servicemember Financial Protections Emerge as a Trump Enforcement Priority

Key Points - - The CFPB and DOJ have recently prioritized enforcement of federal servicemember protections. - The Servicemembers Civil Relief Act and Military Lending Act provide key protections such as interest rate caps,...more

White & Case LLP

US borrowers capitalize on repricing window

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Repricing issuance in US leveraged loan markets has surged in 2024, presenting borrowers with the opportunity to lower their financing costs - US loan repricing activity has approached near-record levels in 2024, with...more

Ballard Spahr LLP

FirstCash Files Motion for Partial Summary Judgment in Case Filed by CFPB

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FirstCash, a national pawnshop chain, is asking a federal judge to confirm that it has a statutory defense to all of the CFPB’s claims that it violated the Military Lending Act (MLA) while also asking the judge to drop three...more

Ballard Spahr LLP

Colorado appeals to Tenth Circuit from Federal District Court order granting plaintiffs’ motion for a preliminary injunction in...

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On the very last day for filing an appeal, the Colorado Attorney General and UCCC Administrator filed a Notice of Appeal to the Tenth Circuit Court of Appeals of the Colorado federal district court’s order in favor of the...more

Bennett Jones LLP

Canadian Government (Finally) Provides Certainty on Criminal Interest Rates

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As we have reported in prior blogs, the Government of Canada is moving forward with plans to lower the criminal interest rate to an annual percentage rate (APR) of 35 percent (the current criminal interest rate, being an...more

Womble Bond Dickinson

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

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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

Sheppard Mullin Richter & Hampton LLP

California Court Denies DFPI’s Motion for Preliminary Injunction Against Fintech

On October 30, the Superior Court of California County of Los Angeles denied the DFPI’s motion for a preliminary injunction to force a Chicago-based fintech company to stop facilitating loans to California borrowers from its...more

Orrick, Herrington & Sutcliffe LLP

Minnesota further regulates payday loans

On May 24, Minnesota enacted SF 2744 (the “Act”) to amend several sections of the state statutes relating to payday loans. Among other things, Section 47.603 has been added to create barriers for payday lenders charging...more

Orrick, Herrington & Sutcliffe LLP

4th Circuit affirms certification of class action in tribal lending case

On January 24, the U.S. Court of Appeals for the Fourth Circuit concluded that a district court did not abuse its discretion when certifying a class action. The lawsuit alleges an individual who orchestrated an online payday...more

Bradley Arant Boult Cummings LLP

New Mexico Governor Signs Bill to Impose 36% Rate Cap and Tough Anti-Evasion Provisions

Beginning next year, New Mexico will join a handful of other states (including, among others, California, Illinois, and Colorado) setting stringent interest rate caps on consumer loans. House Bill 132, which Gov. Michelle...more

Proskauer Rose LLP

LIBOR Transition Update

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This LIBOR transition update, directed primarily at private credit lenders, provides a recap of recent trends and reflects new developments on the eve of LIBOR transition for banks, including new SOFR issuance by private...more

Cadwalader, Wickersham & Taft LLP

‘LIBOR’ to ‘SOFR’ - September 2021 | Issue No. 144 - Managing the Client Experience for Fund Sponsors Around LIBOR Succession...

Amending Fund Finance facilities to replace LIBOR as the primary benchmark interest rate has all the makings of a potential client experience disaster for your Fund sponsor clients. ...more

Pullman & Comley, LLC

What Commercial Borrowers Need to Know About LIBOR Sunset, SOFR, BSBY and AMERIBOR

Pullman & Comley, LLC on

It probably goes without saying, but not all lending indexes are created equally.  Each may look at different risks or markets, and not all indexes are “plug and play” for commercial lending transactions.  As most have heard...more

Proskauer Rose LLP

Proskauer’s Second Annual Survey on Trends in Private Credit Markets

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We are delighted to share with you the results from our second annual Trends in Private Credit survey. This year’s survey was conducted via web from January 9th to February 9th 2018. In this report, we will share...more

Ballard Spahr LLP

Auto Finance Company Agrees to Change Dealer Compensation Policy to Settle CFPB and DOJ Fair Lending Claims

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To resolve charges by the Consumer Federal Protection Bureau (CFPB) and the Department of Justice (DOJ) that it engaged in unlawful discrimination in violation of the Equal Credit Opportunity Act (ECOA), American Honda...more

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