Insights / articlesInsights

Insights / articles

Published Article

Consumer Finance Law: Understanding Consumer Financial Services Regulations

February 2021

Read Time: 1 min

Robert Savoie (Cleveland) authored two chapters in the ABA Business Law Section’s Consumer Finance Law: Understanding Consumer Financial Services Regulations.

With the ever-changing landscape of consumer protection laws, this timely resource provides expert, high-level discussion of the rules governing consumer finance law and the complex federal agencies that enforce these laws. Topics range from the FTC and the Consumer Financial Protection Bureau to Fair Credit Reporting Act, Consumer Deposit Accounts, and Electronic Funds Transfer, and more.

Robert authored “Chapter 13: The Servicemembers Civil Relief Act,” which covered the SCRA’s scope and applicability, general rights and protections, rights and protections applicable to litigation or that require court action, and penalties and enforcement.

He also authored “Chapter 14: Military Lending Act,” which covered the MLA’s authority, purpose, and coverage; safe harbor identification of covered borrowers; finance charge limitations and the military annual percentage rate calculation; mandatory disclosures; substantive limitations on loans to covered borrowers; enforcement by federal agencies and civil liability; and relation to other state and federal laws.

Insights

Alert

Court Holds Ohio’s SCRA Not Applicable to Residential Mortgages

January 31, 2022

In a case of first impression in Ohio, the Fairfield County Court of Common Pleas held that R.C. § 1343.031, Ohio’s version of the Servicemembers Civil Relief Act, does not apply to residential mortgages.

In the Media

Mitigating reputational risk amid resumed MLA examinations by the CFPB

July 8, 2021

Member Robert Savoie (Cleveland) was quoted in a July 7 article in Auto Finance News detailing the risks auto lenders may encounter now that the CFPB plans to resume Military Lending Act (MLA) related examinations, which have been suspended since 2018.

Presentation

Regulatory Compliance in the Residential Lending Cycle

May 25, 2021

Sanford Shatz (Irvine) will co-present a session on regulatory compliance in the residential lending cycle during the CMCP track of the Mortgage Bankers Association (MBA) Legal Issues and Regulatory Compliance Conference on Tuesday, May 25, 2021.

Published Article

Military Lending Act, Servicemembers Civil Relief Act, and State Military Law Updates

April 20, 2021

Robert Savoie (Cleveland) and Sarah Edwards (New Orleans) co-authored an article on the Military Lending Act, Servicemembers Civil Relief Act, and State Military Law Updates in the ABA Business Law Section’s The Business Lawyer, Volume 76, Issue 2, Spring 2021.

News Release

McGlinchey’s Savoie, practice group ranked in Chambers FinTech 2021

December 15, 2020

McGlinchey Stafford is pleased to announce national recognition of attorney Robert Savoie (Cleveland) and its FinTech practice group in the 2021 Chambers FinTech guide.

Alert

Financial Services Companies Should Review SCRA Policies and Procedures to Prepare for Possible Large Scale Activation of National Guard and Military Reserves Relating to COVID-19 Relief

March 17, 2020

As the COVID-19 virus pandemic evolves, certain more specific effects are becoming more likely. One of these may result in a significant increase in requests for relief, and the applicability of the obligations imposed, under the Servicemembers’ Civil Relief Act (SCRA). Financial services companies of all kinds must be prepared to handle these requestsand the impacts on their portfolios. read more.