On May 22, an installment lender disclosed in a securities filing that the CFPB recently withdrew a 2023 order designating the company for supervision. As previously covered by InfoBytes, the CFPB claimed special oversight...more
Defaulting on a bank loan in the UAE is regulated by the Commercial Code (federal decree-law No. (50) of 2022) and the Civil Procedure Law (federal decree-law No. (42) of 2022). Further, the Central Bank of UAE issued Loan...more
In the UAE, Bank Loans Offered to Individual Customers are governed by Regulation No. 29/2011 Regarding Bank Loans & Other Services Offered to Individual Customers. Additionally, the Central Bank of the UAE issued Central...more
This week, the Office of the Comptroller of the Currency (OCC) issued guidance to banks on managing the risks associated with “buy now, pay later” (BNPL) lending. Specifically, the bulletin addresses BNPL loans that are...more
On April 24, the Colorado Supreme Court issued its highly anticipated decision in U.S. Bank National Association v. Silvernagel. The decision made Colorado the latest state to recognize that a borrower’s bankruptcy...more
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
Nevada’s Governor recently approved amendments to Nevada laws that concern the ability of employees of Installment Loan Company licensees to work from remote locations and the collection of medical debt. The amendments...more
On January 23, the Colorado attorney general announced that it sent a study examining the availability of consumer lending in the state to the Colorado General Assembly....more
In a case of first impression, (Premier Valet, LLC v. Premier Valet Services, LLC, et al.), the Missouri Court of Appeals, Eastern District, considered the viability of the “impossibility defense” in regard to the COVID-19...more
There was movement last week on two California bills that we have been tracking closely and which could substantially alter the lending and brokering landscape under the California Financing Law (“CFL”)....more