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AG James v. Bond Co.: $811 Million Judgment Obtained Against Company Targeting Immigrants

New York AG Letitia James, along with the Massachusetts and Virginia AGs and the CFPB, obtained an $811 million judgment against Libre by Nexus, Inc., its parent company Nexus Services, Inc., and its principals (collectively, “Libre”), over allegations that Libre violated the Consumer Financial Protection Act and state consumer protection and debt collection laws by…

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Republican AGs Take Another Bite at the Apple in Challenging Student Loan Cancellations

11 Republican AGs filed a lawsuit against the Biden administration and the Department of Education (ED) alleging that they exceeded executive and agency authority in implementing the SAVE Plan, which provides student loan borrowers with a swifter path to loan cancellation and lower monthly payments and has already resulted in loan cancellation for over 150,000 borrowers.

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Coalition Grows to Torpedo Mariner Finance over Hidden Add-ons

Pennsylvania AG Michelle Henry announced that six additional states have joined a lawsuit against lending company Mariner Finance, LLC, which was first filed by Pennsylvania and five other AGs in 2022. The bipartisan coalition of 12 AGs alleges that Mariner charged consumers for hidden add-on products without disclosing these costs and fees in violation of…

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CFPB Tells Large Credit Card Issuers to Get in Line With TILA

The CFPB issued a final rule to address late fees charged by “larger card issuers”—credit card issuers that together with their affiliates have one million or more open credit card accounts—to ensure compliance with the Truth in Lending Act’s (TILA) reasonable fee requirements. The final rule adopts a late fee safe harbor threshold of $8,…

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Minnesota to Island Mountain: Scale Down Interest-Rates and Collections

Minnesota AG Keith Ellison reached a settlement with three online lenders operating jointly under Island Mountain Development Group to resolve allegations that the companies violated Minnesota and federal consumer-lending laws by issuing illegal loans to consumers with excessive interest rates. According to AG Ellison’s complaint, these lenders issued thousands of loans to Minnesota consumers that…

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