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|CFPB Issues Special Edition Supervisory Highlights on Indirect Auto Lending|
Neal C. Wise; Jones Walker LLP;
September 29, 2014, previously published on September 25, 2014On September 23, 2014, the Consumer Financial Protection Bureau ("CFPB") released its Supervisory Highlights describing its fair credit supervisory actions in the indirect automobile lending market. According to the CFPB, the term "indirect automobile lenders" consists of...
|FCA MiFID II Conference Summary|
Harvey Knight, Kirsten Lapham; Withers Bergman LLP;
September 25, 2014, previously published on September 24, 2014On 18 September, the Financial Conduct Authority (FCA) held a conference which addressed the agenda for Markets in Financial Instruments Directive (MiFID) II. Among other key speakers, David Lawton, the FCAs director of markets, and Maggie Craig, acting head of savings and investments, talked about...
|UDAAP Council Weekly UDAAP Standards Report - 09/17/14|
Martin J. Bishop; Foley & Lardner LLP;
September 23, 2014, previously published on September 18, 2014Every week, courts around the United States issue decisions addressing aspects of civil UDAAP claims. In an effort to illuminate the UDAAP standards, below is a sampling of some of this week’s UDAAP decisions on the meaning of unfair, deceptive, and abusive.
|Commercial Interest Rate Basics|
David Brown; Weltman, Weinberg & Reis Co., L.P.A.;
September 23, 2014, previously published on September 18, 2014Ohio R.C. § 1343.01 caps commercial interest rates at 8% per annum with respect to bonds, bills, promissory notes, or other instruments of writing for the forbearance or payment of money at any future time. However, there are several broad exceptions which provide for interest rates above and...
|Massachusetts Division of Banks Gears Up to Implement State Law Limiting Flood Insurance Requirements on Residential Properties|
Nancy R. Wilsker; Hinckley, Allen & Snyder LLP;
September 23, 2014, previously published on September 17, 2014On Thursday, September 11, 2014 the Massachusetts Division of Banks held a public hearing regarding regulations to implement Chapter 177 of the Acts of 2014, An Act Further Regulating Flood Insurance (the "Act"). The Division will continue to accept written comments concerning the...
|CFPB Issues Guidance Regarding Mortgage Servicing Transfers|
John Honahan, Richard B. Horn, Matthew S. Yoon; Dentons Canada LLP;
September 17, 2014, previously published on September 5, 2014On August 19, 2014, the US Consumer Financial Protection Bureau ("CFPB") released Bulletin 2014-01, ("Bulletin"). The Bulletin replaces CPFB Bulletin 2013-1, which also addressed servicing transfers, and provides updated CFPB guidance and expectations with respect to mortgage...
|Overview of the Florida Consumer Collection Practice Act|
Adam Keith Butman Brandon; Rogers Towers, P.A.;
September 17, 2014, previously published on September 11, 2014As discussed in a prior post, the Florida Consumer Collection Practices Act (FCCPA) can apply to both debt collectors (like collection agencies) and lenders who seek to collect their own debts. The FCCPA is broader than the federal Fair Debt Collections Practices Act (FDCPA), which only regulates...
|Theories of Liability Against Principals of Debtor|
Joseph S. U. Bodoff; Rubin and Rudman LLP;
September 15, 2014, previously published on September 11, 2014All too often, businesses cease operating, leaving creditors with little or no ability to collect on their debts. Fortunate creditors may have collateral or personal guaranties signed by a person or entity that is not judgment-proof. For the vast majority of creditors, however, their recourse is...
|CFPB Warns Credit Card Companies About Potential UDAAP Violations When Marketing Promotional Interest Rates|
Keith J. Barnett, B. Knox Dobbins, Brian M. Murphy, Robert J. Pile, Lewis S. Wiener; Sutherland Asbill & Brennan LLP;
September 11, 2014, previously published on September 8, 2014The Consumer Financial Protection Bureau (CFPB) issued a bulletin on September 3, 2014 warning credit card companies that marketing materials for promotional annual percentage rate (APR) offers may be in violation of the unfair, deceptive, or abusive acts or practices (UDAAP) provisions of the...
|CFPB Issues Bulletin Regarding Marketing of Promotional Credit Card Offers|
Peter L. Cockrell, Brett M. Kitt, Gil Rudolph, J. Scott Sheehan; Greenberg Traurig, LLP;
September 10, 2014, previously published on September 8, 2014On September 3rd, the CFPB issued Bulletin 2014-02 warning credit card companies against deceptively marketing interest-rate promotions to consumers. The CFPB is concerned that consumers do not adequately understand certain types of credit card offers, such as balance transfers, deferred-interest...