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|CFPB Takes Enforcement Action against Consumer Goods Retailer|
Peter L. Cockrell; Greenberg Traurig, LLP;
August 26, 2014, previously published on August 20, 2014On August 14th, the CFPB entered a consent order with a company that operates a chain of consumer retail stores located mainly near military bases. The company also finances the sale of the goods. The CFPB alleges that the company engaged in unfair and deceptive practices by selling servicemembers,...
|CFPB Issues Proposed Rule Implementing Dodd-Frank Amendments to HMDA|
Peter L. Cockrell, Brett M. Kitt, Gil Rudolph, J. Scott Sheehan; Greenberg Traurig, LLP;
August 26, 2014, previously published on August 20, 2014On July 24th, the CFPB issued a proposed rule that would amend Regulation C to implement amendments to the Home Mortgage Disclosure Act (HMDA) made by the Dodd-Frank Act. HMDA generally requires mortgage lenders to report information about loan applications they receive and about loans they...
|CFPB Proposes Changes to Reg C|
R. Scott Adams; Spilman Thomas & Battle, PLLC;
August 19, 2014, previously published on August 7, 2014The Home Mortgage Disclosure Act (“HMDA”), implemented through Regulation C, is the next target for changes by the Consumer Financial Protection Bureau (“CFPB”). The CFPB’s proposed rule claims to simplify the reporting process for financial institutions while also...
|Businesses Around the United States Being Targeted for Alleged Inaccessible Websites|
Duane Morris LLP;
August 18, 2014, previously published on August 14, 2014While plaintiff's lawyers have been busy the past two years filing lawsuits around the United States alleging violations of the Americans with Disabilities Act (ADA) related to physical barriers—including a wave of class action lawsuits against banks for inaccessible ATMs and against...
|CFPB Releases Overdraft Study|
Robert L. Carothers; Jones Walker LLP;
August 18, 2014, previously published on August 14, 2014On July 31, 2014, the Consumer Financial Protection Bureau ("CFPB") released the results of a study prepared by its Office of Research on the topic of checking account overdrafts. The study was based on a sampling of data from several large banks supervised by the CFPB. It contains a...
|Law No. 20,715: On Protection to Debtors of Money Loans|
Felipe Moro, Diego Peralta, Francisco Ugarte; Carey;
August 15, 2014On December 13, Law No. 20,715 was published in the Official Gazette, after an intense debate in the financial industry and over 2 years of discussion in Parliament. The new law modifies Law No. 18,010 on regulations on money loan transactions, Law No. 19,496 on protection of consumer rights and...
|Usury in Florida: Are Late Fees Usurious?|
Scott Jonathan Kennelly, Janet C. (Jacy) Owens; Rogers Towers, P.A.;
August 15, 2014, previously published on August 14, 2014When borrowers default under the terms of their loans, lenders often, in accordance with the loan documents, can assess late fees against the borrower. When lenders assess late fees around the time of or after a loan matures or is accelerated, however, the imposition of late fees has the potential...
|EU Regulatory Reform: The Past Six Months|
Dentons Canada LLP;
August 14, 2014, previously published on July 30, 2014It seems a long time since the global agreement on the need for radical reform of financial services regulation in the wake of the financial crisis. We always knew measures would take months and years in the negotiation and implementation stages. Suddenly, since the beginning of 2014, several...
|Lender Discretions: Understanding the Limits|
Dentons Canada LLP;
August 14, 2014, previously published on July 30, 2014Most facility agreements give the lender certain discretions. Sometimes the agreement will say the lender must exercise a discretion reasonably. But what if it doesn't? Adam Pierce explains the extent to which implied terms may limit a lender's discretions, with particular focus on some recent...
|Accounting Is Not Only Important - It's Mandatory|
Dana B. Perry; Chambliss, Bahner & Stophel, P.C.;
August 14, 2014, previously published on August 2014Imagine how you would feel if you walked into your bank, asked for a summary of your account activity and the bank told you that it had no idea how much money was in your account or how it had been spent. Of course, this doesn't normally happen because the bank has a fiduciary duty to account for...