For at least the past 20 years, Maine has capped interest rates for most closed-end unsecured loans at 30% for loans of $2,000 or less, and at 18% on loans of $4,000 or more.
On June 25, the Department of Housing and Urban Development published in the Federal Register a proposal to rescind its own 2020 disparate impact rule.
The U.S. Supreme Court held on June 25 in TransUnion LLC v. Ramirez that plaintiffs lack Article III standing to pursue claims in federal court in the absence of a concrete injury-in-fact (i.e., actual economic damages or bodily injury) even where the defendant violated a federal statute granting a ...
When Michael Hsu became acting U.S. Comptroller of the Currency earlier this month, banking industry experts predicted a shift away from the aggressive innovation pushed by fintech-friendly Brian Brooks, who resigned as the Biden administration prepared to take the reins.
As proposed back in March, the Consumer Financial Protection Bureau has now formally delayed the mandatory compliance date for the new general qualified mortgage (QM) rule to October 1, 2022, effective June 30.
The Supreme Court has just made it significantly more difficult for the Federal Trade Commission (FTC) to obtain monetary relief in enforcement actions, terminating a practice the FTC has engaged in for decades to exact monetary recoveries.
Another day, another major pronouncement from the Consumer Financial Protection Bureau, which just took two important actions.
In two recent communications, the Consumer Financial Protection Bureau acting director is signaling that the Bureau will vigorously enforce against consumers harmed by short-term lenders that fail to underwrite loans based on the borrowers’ ability to repay them.
Last week, the Consumer Financial Protection Bureau just reversed course on the standard for abusive practices established under prior CFPB leadership.
On March 9, 2021, the Consumer Financial Protection Bureau issued an Interpretive Rule that the prohibitions against sex discrimination in the Equal Credit Opportunity Act and Regulation B encompass sexual orientation discrimination and gender identity discrimination.