Predatory Lending
Military Lending Act Amendment Proposed
The Department of Defense is proposing to expand the reach of the Military Lending Act’s interest rate cap. The Act caps the interest rate on some kinds of loans to servicemembers at 36%. At present the Act’s cap applies to relatively few loans. Read More »Military Lending Act Amendment Proposed
CPFB Proposes to Regulate Non-Bank Auto Finance Lenders
September 23, 2014
The Consumer Financial Protection Bureau has proposed new rules to regulate non-bank auto finance lenders, including the lending divisions of large car manufacturers. The proposed rules are here. CFPB estimates that the new rule would cover 38 auto finance companies, which make 90% of all consumer auto loans in the country. These companies have never been regulated before.Read More »CPFB Proposes to Regulate Non-Bank Auto Finance Lenders