CFPB's Policy Statement on Abusiveness (Part 2) - The Consumer Finance Podcast
Military Lending Act and Servicemembers Civil Relief Act Overview - The Consumer Finance Podcast
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
The Servicemember Civil Relief Act limits the amount of interest that may be charged on certain financial obligations that were incurred before military service began to no more than 6% percent per year, including most fees...more
The Consumer Financial Protection Bureau (“CFPB”) is engaged in a firestorm of tricky litigation these days. Some highlights, in addition to the Third Circuit’s NCSLT ruling we reported on previously: With respect to the...more
On March 3, the DOJ filed a complaint in the U.S. District Court for the Eastern District of North Carolina against a North Carolina-based towing company for allegedly auctioning off, selling, or disposing of vehicles owned...more
The U.S. Department of Justice (“DOJ”) and the Consumer Finance Protection Bureau (“CFPB”) issued a joint letter reminding the auto finance industry to enforce certain interest rate restrictions and other consumer protection...more
Following the Consumer Financial Protection Bureau’s supervisory observations that the auto finance industry seemed to be struggling with providing adequate consumer protections to servicemembers, the CFPB has joined with the...more
Student Loan Forgiveness Updates: New Changes Coming in 2022 for Public Service Borrowers - "Borrowers on track for Public Service Loan Forgiveness, a federal student loan forgiveness program for people devoted to careers...more
The Justice Department announced in a March 15 press release that it has reached an agreement with property management company PRG Real Estate Management (PRG) and several related entities to settle claims that PRG violated...more
On March 6, 2019, a California subprime auto lender, California Auto Finance, agreed to enter into a consent order with the Justice Department related to allegations that it repossessed vehicles in violation of the...more
On March 28, the Department of Justice (DOJ) brought another lawsuit against an auto finance company alleging the company violated the Servicemembers Civil Relief Act (SCRA) by repossessing vehicles owned by servicemembers...more
The United States Department of Justice announced last week that Westlake Services LLC and its subsidiary, Wilshire Consumer Capital LLC, have agreed to pay $760,788 to resolve allegations the companies violated the...more