Monthly Archives: April 2015

BofA Class Action Update – Motion to Dismiss Filed

McGee v. Bank of America, N.A. 0:15-cv-60480-JIC BofA has filed a motion to dismiss for failure to state a claim in the recent class action filed against the bank.  The bank argues that overdraft fees, including the extended overdraft fees at … Continue reading

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Newsury

In a recent story, the Connecticut Post reported on two Connecticut Indian tribes that have joined with state lawmakers in support of new legislation that would prohibit allegedly usurious payday lending. The proposed legislation takes aim at private lenders that partner with sovereign … Continue reading

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Impact of New CFPB Payday Regulations on Existing State Law Uncertain

Industry watchers are interested to know what impact the new CFPB payday regulations will have on existing state payday/usury law.  During a recent budget hearing before a Pennsylvania Senate committee, Acting Pennsylvania Secretary of Banking and Securities Robin Wiessman noted that the forthcoming … Continue reading

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Court Finds Usury Claim Sufficiently Pled Despite Non-Payment

Thompkins v. Key Health Med. Solutions, Inc., 2015 U.S. Dist. LEXIS 35470 (M.D.N.C. Mar. 23, 2015) The defendant, Key Health Medical Solutions, lends or advances funds to individuals that have sustained personal injuries and are awaiting a legal settlement.  Once the settlement is … Continue reading

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Usury Exceptions No Help to Lender

Flemmer v. Newell (In re Vill. Concepts, Inc.), 2015 U.S. Dist. LEXIS 33816 (E.D. Cal. Mar. 17, 2015) The plaintiff, a seller of manufactured homes, filed a complaint alleging that the defendant had made a usurious loan to the plaintiff.  The … Continue reading

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ITT Appeals to Seventh Circuit

CFPB v. ITT Educational Services, Inc., Court of Appeals Docket #: 15-1761 Unsatisfied with the outcome of its motion to dismiss, ITT has appealed to the Seventh Circuit Court of Appeals. ITT’s appellate brief is due May 18, 2015.

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Initial Reactions to CFPB’s Contemplated Payday Regulations Find Potential Issues with Usury Cap Prohibition

As I detailed in a previous post, the CFPB’s recently issued outline of proposed payday reforms could be read to include a usury cap.  If the upcoming regulations were interpreted to include such a cap, they would be in contravention of the … Continue reading

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Monthly Roundup – March 2015

March 2015 began with one of the blog’s more colorful posts, “Oregon Usury Statute Used as Sword Against Buddhist Loan Shark” (and I thought my English Lit degree would go to waste once I became a lawyer…).  Take away – … Continue reading

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