Monthly Archives: January 2016

Iowa Supreme Court Finds NSF Charges Are Not Usurious Under Iowa Consumer Credit Code

A putative class action was filed against a state-chartered Iowa bank. The plaintiffs alleged that the bank had charged them nonsufficient fund (NSF) fees when the plaintiffs used their checking cards to create overdrafts in their checking accounts which the bank … Continue reading

Posted in Civil Usury, Iowa, Usury Cap | Comments Off on Iowa Supreme Court Finds NSF Charges Are Not Usurious Under Iowa Consumer Credit Code

Court Refuses to Apply Federal Preemption to Loan Servicer Despite Bank’s Continued Interest in Loan

In November 2014, the Pennsylvania Office of Attorney General (“OAG”) filed a complaint against a number of companies that did business with a group of payday lenders. The payday lenders were a Delaware bank and three tribal entities. The defendants provided marketing services … Continue reading

Posted in Attorney General, Civil Usury, Depository Institution Deregulation and Monetary Control Act, Federal Court, Pennsylvania | Comments Off on Court Refuses to Apply Federal Preemption to Loan Servicer Despite Bank’s Continued Interest in Loan

Court Converts State Usury Action Against National Bank Into Federal Claim, Action Still Fails

A pro se plaintiff filed a usury action against Wells Fargo in Maryland state court. Wells Fargo removed the case to federal district court and filed a motion to dismiss. It argued that the plaintiff’s state law usury claim was completely preempted … Continue reading

Posted in Federal Court, Maryland, National Bank Act | Comments Off on Court Converts State Usury Action Against National Bank Into Federal Claim, Action Still Fails

When it Comes to Usury Law, Be Careful What You Ask For

In a previous post, Creditor Fails to Navigate Usury Law “Minefield”, Ordered to Refund $1.3 Million to Debtor, I discussed a recent bankruptcy case in California. In the case, a lender had filed a claim in the borrower-debtor’s bankruptcy case. The … Continue reading

Posted in Bankruptcy, California, Choice-of-Law, Federal Court, Statute of Limitations, Usury Exceptions | Comments Off on When it Comes to Usury Law, Be Careful What You Ask For