predatory

Maine amends Consumer Credit Code to target loans made using bank partnership model

By Ballard CFS Group on August 5, 2021

Posted in Fintech, Regulatory and Enforcement, State regulation, Usury

Maine has amended its Consumer Credit Code to target loans made using a bank partnership model. The amendments include an anti-evasion provision under which a purported agent or service provider is deemed a “lender” subject to Title 9-A, Article 2 of Maine Revised Statutes. Article 2 contains a licensing requirement and rate and fee limits for consumer loans.… Continue Reading

CFPB, AG’s, secure $92M in debt relief for servicemembers victimized by predatory lending

By Keith R. Fisher on August 28, 2014

Posted in CFPB Enforcement, CFPB General, Military Issues, Regulatory and Enforcement

NOTE: We intended to post this blog entry on the Monitor on July 30 but it was inadvertently omitted.

The CFPB, after an investigation in cooperation with 13 state attorneys general, has entered into a consent order with Colfax Capital Corporation, a California consumer lending company (Colfax), and its wholly-owned subsidiary, Culver Capital, LLC, a Georgia consumer lender (Culver) (formerly known as Rome Finance Co.… Continue Reading