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Presentation
Member Kelly Lipinski (Cleveland) will moderate a panel on the legal implications of the “all-in” 36% APR cap trend, including the true lender rule, on Wednesday, September 22, 2021, during the ABA Business Law Section Annual Meeting. The panel will also examine the implementation of the Illinois Predatory Prevention Act.
June 25, 2021
The U.S. House of Representatives on June 24th voted 218 to 208 to repeal the OCC “True Lender” rule under the CRA. As discussed in earlier alerts, the OCC published the rule last year to eliminate challenges regarding when a loan is actually made by a federally-chartered bank, instead of a non-bank partner that takes assignment of the loan shortly after origination.
June 17, 2021
Anyone who has attended a conference that looked at information from regulators within the past few months could not help but notice that a key area of focus is fair lending and equal access to credit.
May 4, 2021
On April 21, 2021, the Eleventh Circuit Court of Appeals held that: i) a violation of the FDCPA prohibition against communicating with a third-party in connection with the collection of a debt gives rise to a concrete injury to establish Article III standing and ii) a debt collector’s transmittal of a consumer’s personal information to its vendor is a communication in connection with the collection of a debt for purpose of the same FDCPA prohibition.
May 4, 2021
The Federal Deposit Insurance Corporation (FDIC) recently published a notice seeking public comments on how to modernize its sign and advertising requirements. The FDIC requires banks to display the FDIC sign where deposits are normally received and to use an official statement when advertising deposit products.