Lower Payday Loans May Still Be Usurious, California Justices Say
Interest rates on consumer loans of $2,500 or more can be deemed unconscionable under California’s lending laws, the state’s high court ruled Monday.
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Appellate Panel Tosses Challenge to CFTC Action After Settlement with Private Regulator
(CN) – The 11th Circuit ruled that an action brought by a self-regulatory commission does not preclude subsequent action by a government regulatory agency after an appeal by Southern Trust Metals Inc., which was found guilty of fraud for misleading customers about metal commodities purchases and charging interest on fraudulent loans.
Read moreCity’s Lawsuit Accusing Wells Fargo of Racist Lending Advances
A lawsuit accusing Wells Fargo of violating the Fair Housing Act by offering predatory loans to minority homebuyers will advance, a federal judge ruled Friday.
Read moreCalifornia Bows to Payday Lenders on Interest Rate Caps
Targeting minorities and veterans lacking access to fair credit, lenders pushing small loans with interest rates above 100 percent are flourishing in California.
Read moreBelgium Court Told to Resolve Student’s Loan Default
The European Court of Justice gave a Flemish court the go-ahead Thursday to rule on the fairness of an interest-free loan that a student got from her college for a school trip.
Read moreEU Magistrate Urges New Look at Hungary Consumer Laws
A couple saddled with burdensome loan payments because of currency fluctuations curried favor Thursday with a magistrate for Europe’s top court.
Read moreChase Bank Sued Over ‘Sky High’ Cryptocurrency Fees
Customers riding the cryptocurrency wave through Chase Bank claim in a class action that “new fees and sky-high interest rates” that accompanied the transactions violated truth-in-lending laws.
Read moreLenders Target Payday Loan Regulations
The federal consumer watchdog agency was sued Monday over a regulation that the payday loan industry says would wipe out the lending practice.
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Six Months Later, Class Claims Chinese Lender’s IPO a Bust
China-based lending company Qudian Inc. allegedly duped investors into buying into the company’s initial public offering last year through false statements filed with the Securities Exchange Commission.
Read moreMarket Disruption
The San Francisco Federal Credit Union accused the San Francisco Municipal Transportation Agency of negligent misrepresentation, breach of contract and bad faith by encouraging it to finance formerly free transferable taxi medallions at $250,000 apiece to thousands of cabbies beginning in 2010, as ride-hail services were about to disrupt the market, in S.F. Superior Court.
Read moreDC Circuit Strikes Down Dodd-Frank Measure for CLO Managers
Collateralized loan obligation managers are not “securitizers” as defined by the Dodd-Frank Act, and therefore cannot be required to maintain at least a 5 percent interest in the assets underlying the CLOs they create, the D.C. Circuit ruled.
Read moreUK Steps Up Charges Against Barclays Over Qatar Financing
British prosecutors have brought another charge against Barclays over its 2008 deal to give Qatar a loan that was then used to invest in the bank and save it from a government bailout.
Read moreWells Fargo Fights Oakland’s Lending Lawsuit
Wells Fargo on Thursday asked a federal judge to reject Oakland’s lawsuit claiming the bank’s racist lending practices cost the city millions in lost tax revenue.
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Forecasting Weinstein Bankruptcy, Lender Cries Default
Demanding repayment of $44 million by the Weinstein Co., a lender claims in court that the Hollywood powerhouse defaulted on the loan the second that it fired scandal-plagued Harvey Weinstein.
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New $220M Deal Compounds Deutsche Bank’s Libor Woes
Deutsche Bank reached a $220 million settlement Wednesday with 45 states over its role in the manipulation of Libor, the rate that international banks charge each other for short-term loans.
Read moreEU Court Shines Light on Foreign-Currency Loans
In a blow to banks, the European Court of Justice ruled Wednesday that lenders must be frank with borrowers about the economic consequences of foreign-currency loans.
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