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Complaint for Violations of the Consumer Protection Procedures Act, District of Columbia v. Elevate Credit, Inc., No. [unavailable] (D.C. Sup. Ct. filed June 5, 2020)
- Elevate is on online lender that operates through several websites, including www.risecredit.com, www.elastic.com, and www.elevate.com, to provide predatory, high-interest, short-term loans to consumers that it describes as individuals “with little to no savings, urgent credit needs and limited options.”
The LIBOR Is Ending: What Consumer Advocates Should Know
The LIBOR is a benchmark index, also known as a reference rate, that is commonly used in millions of adjustable rate mortgages, home equity lines of credit (HELOCs), and student loans. Although it is still widely used, the index will no longer be available in its current form after June 30, 2023 and will cease to exist entirely on September 30, 2024. That means creditors and servicers will need to find and implement a replacement index for every contract still using the LIBOR at that time. This change should not require consumers to take any action.
Com. v. MV Realty PBC, L.L.C., No. 2284CF02823-BLS2 (Mass. Super. Ct. Feb. 21, 2023)
Com. v. MV Realty PBC, L.L.C., No. 2284CF02823-BLS2
Insight Capital, L.L.C. v. Williams, Case No. 2020 CVF 22447 (Ohio Mun. Ct. Franklin Cty. Aug. 23, 2022)
Insight Capital, L.L.C. v. Williams, Case No. 2020 CVF 22447 (Ohio Mun. Ct. Franklin Cty. Aug. 23, 2022)
88 Fed. Reg. 30598 (May 11, 2023)
The Consumer Financial Protection Bureau (CFPB or Bureau) is issuing an interim final rule amending Regulation Z, which implements the Truth in Lending Act (TILA), to reflect the enactment of the Adjustable Interest Rate (LIBOR) Act (the LIBOR Act or Act) and its implementing regulation promulgated by the Board of Governors of the Federal Reserve System (Board). This interim final rule further addresses the planned cessation of most U.S. Dollar (USD) LIBOR tenors after June 30, 2023, by incorporating the Board- selected benchmark replacement for consumer loans into Regulation Z.
Income-Driven Repayment Plans: Questions and Answers
The following questions and answers (Q&A) provide information about the income-driven repayment plans that are available to most federal student loan borrowers.
Picket v. City of Cleveland (N.D. Ohio Sept. 29, 2020) (order)
FHA and Ohio disparate impact and due process claims can go forward concerning abuses regarding water billing leading to tax liens and takings.
Picket v. City of Cleveland (N.D. Ohio Dec. 18, 2019 ) (class action complaint)
This is a class action against the City of Cleveland for various discriminatory and abusive practices concerning water pricing, termination of service, and turning water delinquencies into tax liens and tax takings, including claims under the FHA, due process, and state law.
Guidance for Department Attorneys Regarding Student Loan Bankruptcy Litigation (Nov. 17, 2022)
This memorandum provides guidance (Guidance) to Department of Justice (Department) attorneys regarding requests to discharge student loans in bankruptcy cases. Developed in coordination with the Department of Education (Education), this Guidance will enhance consistency and equity in the handling of these cases.