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Interest Rates Truth in Lending Act (TILA) Consumer Financial Products

Ballard Spahr LLP

Senators Sanders, Hawley introduce legislation to cap credit card interest rates at 10%

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Sens. Bernie Sanders, I-Vt. and Josh Hawley, R-Mo. have introduced bipartisan legislation that could cap credit card interest rates at 10%....more

Ballard Spahr LLP

Colorado provides some (but not enough) guidance on new general-purpose credit card carve-out

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In the same 2023 bill (House Bill 23-1229) that included Colorado’s DIDMCA opt-out**, Colorado adopted a statute excepting certain “general-purpose credit cards”, as defined, from the state’s limitations on finance charges...more

Bradley Arant Boult Cummings LLP

New Legislation in House, Senate Would Cap Consumer Loans at 36%, Crippling the Industry

New federal legislation introduced in the House and Senate would place a 36% annual percentage rate cap on nearly all consumer loans, potentially killing the small dollar consumer lending industry. Last month, Congressmen...more

Ballard Spahr LLP

New Federal Student Loan Interest Rates for 2019-2020 Announced

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The Department of Education has announced the new federal student loan interest rates for 2019-2020.  For the first time in three years, interest rates on federal student loans will decrease.  Rates for Direct Subsidized and...more

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Virginia Attorney General obtains default judgment in lawsuit against pension advance company

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Virginia’s Attorney General has announced that “he has secured more than $50 million in debt relief and ordered civil penalties” as a result of his lawsuit filed in state court in March 2018 against Future Income Payments...more

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CFPB announces enforcement actions against auto title lenders

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The CFPB announced that it has filed administrative enforcement actions against five Arizona auto title lenders for alleged violations of Truth in Lending Act advertising requirements. According to the CFPB, the lenders...more

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