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Consumer Financial Products › Interest Rates › Consumer Protection Laws

Skadden, Arps, Slate, Meagher & Flom LLP

FCA Premium Finance Study: Concerns Raised but No Regulatory Changes Proposed

Skadden, Arps, Slate, Meagher & Flom LLP on

- What is new: Preliminary findings from the Financial Conduct Authority’s (FCA’s) market study of premium finance, which focuses on motor and home insurance, highlight concerns about affordability, value and transparency,...more

Skadden, Arps, Slate, Meagher & Flom LLP

Servicemember Financial Protections Emerge as a Trump Enforcement Priority

Skadden, Arps, Slate, Meagher & Flom LLP on

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

Hudson Cook, LLP

Virginia Legislature Contemplates Radically Reshaping Existing Interest Rate Authority for Many Lenders

Hudson Cook, LLP on

Virginia's Interest and Usury Chapter (the "Chapter"), found in the Financial Institutions and Services Title of the Virginia Code, sets out basic rules for what rates of interest various entities may charge in the state. ...more

Hudson Cook, LLP

CFPB Fines National Bank and Bank Holding Company for Alleged Violations of the CFPA, TISA, and Regulation DD in Connection with...

Hudson Cook, LLP on

On January 14, 2025, the CFPB filed a lawsuit against the Bank, alleging violations of the CFPA, TISA, and its implementing Regulation DD. The lawsuit alleges that the Bank deceived customers who were enrolled in the Bank's...more

Bennett Jones LLP

Lower Criminal Interest Rate Now in Effect

Bennett Jones LLP on

As detailed in our prior blog the Government of Canada proposed amendments to lower the criminal interest rate to an annual percentage rate (APR) of 35 percent (the prior criminal interest rate, being an effective rate of 60...more

Saiber LLC

SCOTUS Agrees to Hear Case Concerning State Regulation of Federal Banks

Saiber LLC on

The Supreme Court of the United States has agreed to hear Cantero v. Bank of America, N.A., a case that concerns the power of states to regulate federally-chartered banks. The Court has granted review of the case despite the...more

BCLP

FCA’s Cash Savings Market Review

BCLP on

On 31 July 2023, following roundtable discussions held with banks earlier that month, the FCA published its Cash Savings Market Review (the “Review”). In this insight we explore the content of the Review, as well as...more

Ballard Spahr LLP

Virginia House of Delegates passes bill to establish 36% rate cap for “short-term” and other loans

Ballard Spahr LLP on

On January 31, 2020, by a vote of 65 to 33, the Virginia House of Delegates passed a bill that would establish a 36% rate cap on certain consumer loans.  Since Democrats also hold a majority in the Virginia Senate, the Senate...more

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