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Lenders › Late Fees

Ballard Spahr LLP

Financial Services Committee Republicans call on CFPB to withdraw rules, guidance

Ballard Spahr LLP on

Republicans on the House Financial Services Financial Institutions Subcommittee have sent Acting CFPB Director Russell Vought a letter calling for the CFPB to withdraw a wide variety of final and proposed rules....more

Baker Donelson

Late Fees on a Balloon Payment Due at Maturity

Baker Donelson on

In 2025, an estimated $600 billion in commercial real estate loans are scheduled to mature. While the interest rate environment has stabilized somewhat over the past year, rates have not fallen as far as borrowers had hoped,...more

Troutman Pepper Locke

OCC Issues “Buy Now, Pay Later” Guidance to Banks

Troutman Pepper Locke on

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

Ballard Spahr LLP

CFPB issues Semi-Annual Report to Congress; CFPB Director Chopra to appear before House and Senate Committees this week (UPDATED)

Ballard Spahr LLP on

Last week, the CFPB issued its Semi-Annual Report to Congress covering the period beginning October 1, 2022 and ending March 31, 2023. ...more

Buchalter

Caution to Lenders – New Pitfalls to Imposing Default Interest and Late Fees on Defaulted Loans

Buchalter on

On September 29, 2022, the California Court of Appeal First Appellate District, in Honchariw v. FJM Private Mortgage Fund, LLC, held a private lender’s imposition of late charges and default interest constituted an unlawful...more

Procopio, Cory, Hargreaves & Savitch LLP

California Appellate Court Invalidates the Ability to Obtain Default Interest on Loans That Have Not Matured

Procopio, Cory, Hargreaves & Savitch LLP on

When a late fee is assessed upon the entire principal balance of the loan, is it invalid when the loan is not fully matured? This question, so important to lenders, has been addressed in California after the conclusion of...more

Hudson Cook, LLP

New York Department of Financial Services Extends Student Loan Relief to Private Student Loans

Hudson Cook, LLP on

New York has been the American epicenter for the exploding coronavirus pandemic. Informed by recent systemic challenges to the financial services sector, New York's regulators have responded. Among the responses is an...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Late Penalties on Loan Payments in Arkansas – What's the Rule?

Mitchell, Williams, Selig, Gates & Woodyard,... on

A frequently asked question in the lending community is whether there is an established amount regarding the maximum late fee that can be charged for a late payment made on a loan in Arkansas. Unfortunately, the answer to...more

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