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On September 3, 2020, the California Department of Business Oversight (DBO) announced that it has launched a formal investigation into whether Wheels Financial Group, LLC d/b/a LoanMart, formerly one of California’s largest state-licensed auto title lenders, “is evading California’s newly-enacted interest rate caps through its recent partnership with an out-of-state bank. [read post]
21 Jun 2021, 8:27 am by Adam Levitin
  The repeal of the Fake Lender has been endorsed by a group of nearly 140 scholars from across the country, including yours truly and many Slipsters. [read post]
3 May 2021, 7:10 am by Mindy Harris
Haynes, III cited opposition to payday lending and predatory lending by the faith-based groups he represents, mentioned concerns that the True Lender rule would “enable predatory lenders to ignore state interest rate caps by paying a bank willing to masquerade as the ‘true lender’ ”, and called on Congress to pass a 36% rate cap in addition to supporting a resolution to overturn the True Lender rule. [read post]
5 Dec 2011, 9:56 am by Nathalie Martin
The major banks funding payday lending include Wells Fargo, Bank of America, US Bank, JP Morgan Bank, and National City (PNC Financial Services Group). 6.  [read post]
9 Sep 2021, 11:26 am by Barbara S. Mishkin
The OCC’s true lender rule was intended to create a bright line test for when a national bank or federal savings association should be considered the “true lender” in the context of third party partnerships but Congress overturned the rule. [read post]
17 May 2015, 2:05 pm by Richard G. Grant
Chapter 11 Bankruptcy Lender Representation Our attorney’s experience representing banks, indenture trustees, asset-based lenders, equipment financiers, and other non-debtor constituencies in bankruptcy is significant. [read post]
24 Jun 2014, 7:49 pm by Mary O.
In the complaint, the group of short term lenders stated that the operation has forced more than 80 banking institutions to terminate business relationships with members of CFSA and many other legal payday lenders. [read post]
10 Aug 2018, 1:00 pm by Dan Ernst
As a lender-of-last-resort, the Federal Reserve famously supports commercial banks facing distressed liquidity conditions, thereby mitigating destabilizing bank runs. [read post]
20 Feb 2014, 2:31 am
Banks must put the well-being of customers at the heart of how they run their businesses.After years of licking their mostly self-inflicted wounds, banks are now starting to compete for borrowers with ‘free legals’ reemerging as the preferred incentive to lure borrowers.How to square the TCF outcomes the FSA wants to see mortgage lenders deliver with the use of free legals? [read post]
13 Oct 2020, 6:50 am by Jeremy T. Rosenblum and Mindy Harris
Many comments opposing the Proposed Rule were filed by banks, state authorities, special interest groups, academics and others. [read post]
In our view, the rule established a clear and logical bright line confirming and clarifying that a bank or savings association is properly regarded as the “true lender” when, as of the date of origination, the bank is named as the lender in a loan agreement or funds the loan. [read post]
11 Dec 2017, 6:12 am by Scott M. Pearson
A bipartisan group of five House members introduced a bill (H.R. 4439) last month that is intended to address the so-called “true lender” issue, which creates risk with respect to some loans made by banks with substantial marketing and servicing assistance from nonbank third parties, and then sold shortly after origination. [read post]
14 Apr 2011, 11:27 am by doug
The list also includes lenders active in the Lawrence, Haverhill, and southern New Hampshire markets such as Sovereign Bank and Ally Financial. [read post]
28 Jun 2021, 8:33 am by Jason M. Cover
  The rule addresses when a national bank or federal savings association should be considered the “true lender” in the context of a partnership with a third party. [read post]
11 May 2014, 9:05 pm by Walter Olson
Furor grows over Obama administration’s Operation Chokepoint program chilling bank access for legal but disfavored groups [Iain Murray, Elizabeth Nolan Brown, FDIC list (not just payday lenders but also lawful purveyors of pills, guns, ammunition, and much more.] [read post]
19 Jan 2016, 6:05 am
Recent media reports have expressed alarm at the use of “designated lender counsel” in private equity-sponsored leveraged loan transactions. [1] The phrase refers to the practice of a private equity firm instructing the investment bank arranging its syndicated loan as to which law firm the private equity firm would like the investment bank to use as the bank’s counsel. [read post]
30 Oct 2013, 9:32 am by Alan S. Kaplinsky
   Most recently, regulators have focused on the role of banks in processing ACH debits on behalf of online payday lenders. [read post]
30 Jul 2020, 1:21 pm by Jacki
Bank On Behalf of Identity Theft Victims appeared first on Schlanger Law Group, LLP.. [read post]
  While consumer groups have already threatened to challenge the OCC rules, the U.S Supreme Court’s decision in Smiley v. [read post]