This article explains why earned wage payday loans, while growing rapidly, are unsuccessful in evading federal and state consumer lending laws, resulting in significant private remedies under TILA, the Military Lending Act, state credit laws, and state UDAP statutes. The article describes the companies involved, the nature of the loans, and five recent court decisions supporting company liability.
The CFPB has issued an October 28 interpretive rule suggesting that the Fair Credit Reporting Act (FCRA) preempts the growing number of state laws limiting medical debt credit reporting. This article explains why that interpretation has limited effect and is seriously flawed. The article also explains the limits of FCRA preemption and provides suggestions to avoid preemption risks when drafting state laws.
This article advises homeowners on steps to take after natural disasters: addressing immediate needs; FEMA aid and other sources of help and grants; avoiding insurance, home repair, and municipal code problems; floodplain requirements; handling long-term financial difficulties; and preparing for the next natural disaster.
Electronic agreements in consumer transactions are on the rise, raising enforceability issues, especially for e-signatures gathered in person and for such terms and conditions as limitations on a consumer's remedies, whether the consumer has agreed to an arbitration clause or consented to receive robocalls and texts. This article sets out six keys to challenging electronic terms and conditions.
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