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Bipartisan Group of Attorneys General Seeks Repeal of Trump-Era True Lender Rule

A bipartisan group of 25 AGs, led by Illinois AG Kwame Raoul, sent a letter to Congress urging it to use the Congressional Review Act (“CRA”) to rescind a Trump-era True Lender Rule, which provides guidance on determining whether a national bank or federal savings association is the “true lender” on a loan in the context of a bank’s relationship with a third party.

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Lender Allegedly Used Unlawful and Misleading Tactics to Market Reverse Mortgages

The Consumer Financial Protection Bureau (“CFPB”) reached a settlement with reverse-mortgage lender Nationwide Equities Corporation (“Nationwide Equities”) to resolve allegations that it used false and misleading advertising to market its reverse mortgages in violation of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Truth in Lending Act, and the Mortgage Acts and Practices…

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Debt Collection Agency Hit with $1.3 Million Default Judgment over Unlicensed Collections

Indiana AG Todd Rokita obtained a default judgment and a permanent injunction against debt collection agency New Britain Financial, LLC (“NBF”) and its owner Nelson Macwan for allegedly acting as a collector without a license and engaging in deceptive and abusive debt collection practices in violation of the Indiana Deceptive Consumer Sales Act. As previously…

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Online Lender Accused of Offering Loans with Interest Rate of 198%

District of Columbia AG Karl Racine sued online lender Opportunity Financial, LLC (“OppFi”) over allegations that it used misleading and deceptive marketing to promote its predatory loans to consumers in violation of the District’s Consumer Protection Procedures Act. The complaint alleges, among other things, that OppFi skirted state and local usury laws by partnering with…

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Mobile Banking App Settles Allegations It Misled Consumers Regarding Access to Their Funds, Interest Rates

The Federal Trade Commission (“FTC”) reached a settlement with mobile banking app operator Beam Financial Inc. and its founder and CEO (collectively, “Beam Financial”) to resolve allegations that Beam Financial made false and misleading marketing promises in violation of the FTC Act.

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