Truth in Lending Act

Haeggquist & Eck, LLP Investigates Claims on Behalf of Investors of Discover Financial Services (NYSE: DFS)

Retrieved on: 
Friday, December 8, 2023
Class Action Lawsuit, Professional Services, Legal, Servicemembers Civil Relief Act, NYSE, LLP, Manager, 8-K, Commerce, Truth in Lending Act, Discover, DFS, FDIC, Discover Financial, Signature, Security (finance)

Haeggquist & Eck, LLP , a shareholder and consumer rights litigation firm, is investigating claims on behalf of investors of Discover Financial Services (“Discover” or the “Company”) (NYSE: DFS).

Key Points: 
  • Haeggquist & Eck, LLP , a shareholder and consumer rights litigation firm, is investigating claims on behalf of investors of Discover Financial Services (“Discover” or the “Company”) (NYSE: DFS).
  • Such investors are advised to contact Amber Eck at [email protected] or (619) 342-8000.
  • The investigation concerns whether Discover and certain of its officers and/or directors have violated the securities laws and/or breached their fiduciary duties.
  • If you are a Discover shareholder, you may have legal claims against its directors and officers.

Will Potential New Late Fee Rules Help or Hurt Consumers?

Retrieved on: 
Tuesday, November 7, 2023
Research, Consumer Financial Protection Bureau, Truth in Lending Act, Consumer, Congress, TILA, APR, Acquisition, Credit, Senior, CFPB, Geno Auriemma, Cryptocurrency, Bank

NEW YORK, Nov. 7, 2023 /PRNewswire-PRWeb/ -- Credit card late fees have been a hot topic since February when the Consumer Financial Protection Bureau (CFPB) proposed rules aimed at reducing them. The proposal would reduce the cap for late fees to $8 per month (from $41 today), prohibit annual inflation increases on late fee amounts, and ensure that late fees must not exceed 25% of the required payment. Auriemma Group's latest issue of Cardbeat US uncovered how consumers feel about late fees, the proposed rule changes, and if they would be willing to accept changes to their card products that may occur as a result of the new $8 maximum.

Key Points: 
  • The proposal would reduce the cap for late fees to $8 per month (from $41 today), prohibit annual inflation increases on late fee amounts, and ensure that late fees must not exceed 25% of the required payment.
  • Auriemma's research found that ongoing interest rates (67%) and late fee amounts (62%) are at least somewhat influential when considering how to prioritize paying off credit card balances.
  • 45% of credit cardholders are unwilling to change their current credit cards' offerings for an $8 late fee.
  • "An $8 late fee cap can help consumers and issuers alike, if rolled out thoughtfully," says O'Connor.

ABCoA Celebrates 40 Continuous Years of Excellence Providing Subprime Finance Software Solutions

Retrieved on: 
Friday, November 3, 2023
Online, Delinquent, IRS, Truth in Lending Act, Research, Floor, Software, Trust, Longevity, Online shopping

JACKSONVILLE, Fla., Nov. 3, 2023 /PRNewswire/ -- Advanced Business Computers of America, Inc. (ABCoA), a leading software development company specializing in end-to-end solutions for the subprime finance industry, is proud to celebrate its 40th anniversary.

Key Points: 
  • JACKSONVILLE, Fla., Nov. 3, 2023 /PRNewswire/ -- Advanced Business Computers of America, Inc. (ABCoA), a leading software development company specializing in end-to-end solutions for the subprime finance industry, is proud to celebrate its 40th anniversary.
  • Since 1983, ABCoA has been helping automotive dealerships and finance companies eliminate costs, remain compliant, and achieve great success with dependable software and support.
  • When ABCoA was founded in 1983, the Related Finance Company was yet to be conceived and using software to run your used car dealership was unheard of.
  • We are grateful for their trust and loyalty over the past 40 years," said Jonathan Hedy, President of ABCoA.

Galileo Expands Buy Now, Pay Later Lender Offering to Help Lenders Reach Small Businesses, Leveraging the Mastercard Network

Retrieved on: 
Thursday, October 5, 2023
Software, Banking, Accounting, Internet, Professional Services, Fintech, Data Management, Payments, Technology, Asset Management, Small Business, Finance, Partnership, Truth in Lending Act, Luigi, Small business, Galileo Galilei, Research, B2B, BNPL, Mastercard, Lead, Financial Technologies Group, Financial services, Online shopping

Available financing options for SMBs are complicated, application processes are slow and funding levels are inadequate.

Key Points: 
  • Available financing options for SMBs are complicated, application processes are slow and funding levels are inadequate.
  • With Galileo Buy Now, Pay Later for B2B, the lending partner likely considers the small business’ financial health and ability for repayment and can customize the total number of installment payments for purchase-based financing.
  • These transactions are all backed by the security and transparency of the Mastercard network, including dispute resolution and Zero Liability protection.
  • “Our goal is to provide small business owners with solutions and resources to help their businesses grow and thrive,” said Ginger Siegel, North America Small Business Lead at Mastercard.

STATEMENT: California Lawmakers Continue to Stand with Small Business Owners by Unanimously Extending Commonsense Financing Disclosures

Retrieved on: 
Tuesday, September 19, 2023
Commercial finance, Disclosure, Small business, California State Legislature, APR, LendingClub, Public policy, Truth in Lending Act, Property management

WASHINGTON, Sept. 19, 2023 /PRNewswire/ -- Statement on the passage of SB 33, "Commercial Financing: Disclosures" by the California State Legislature, made by Armen Meyer, Head of Public Policy, LendingClub:

Key Points: 
  • WASHINGTON, Sept. 19, 2023 /PRNewswire/ -- Statement on the passage of SB 33, "Commercial Financing: Disclosures" by the California State Legislature, made by Armen Meyer, Head of Public Policy, LendingClub:
    We applaud California lawmakers for continuing to act in the best interests of the state's 4.2 million small business owners by passing SB 33: Commercial Financing Disclosures.
  • Continued disclosure of APR for California's small business owners will support a healthy business financing market that rewards finance providers for offering the most innovative and affordable products, rather than devising the most misleading pricing information.
  • This will empower business owners to comparison shop and lower prices for small business capital, supporting a thriving economy for main streets across California.
  • We thank the California State Legislature for its unanimous support for the state's hard-working small business owners.

AS EARNED WAGE ACCESS (EWA) CONTINUES RAPID GROWTH MORE TRANSPARENCY, OVERSIGHT NEEDED

Retrieved on: 
Wednesday, June 28, 2023
Uncertainty, CFPB, APRS, Harvard Kennedy School, Lux, B2B, Truth in Lending Act, EWA, Business, B2C, Harvard University, Government, Literature, Risk, Fellow, Growth, Regulation, Credit, Insurance

NEW YORK, June 28, 2023 /PRNewswire/ -- The rapid adoption of Earned Wage Access (EWA) programs holds both potential risks and benefits for the financial well-being of tens of millions of lower wage workers, with higher levels of transparency and greater regulatory oversight the key to supporting further growth, according to a new study out today from Marshall Lux and Cherie Chung of the Mossavar-Rahmani Center for Business and Government at the Harvard Kennedy School of Government.

Key Points: 
  • EWA is generally defined as the ability for an employee to access already earned wages outside the usual pay cycle, either directly from the employer or from a third party provider.
  • The new report is Earned Wage Access: An Innovation in Financial Inclusion?
  • For employees, EWA can provide early access to salary with no debt collection, no credit reporting, and no rollovers.
  • B2C apps that have access to user's bank accounts have been known to cause overdraft fees, which providers do not typically reimburse.

Greenberg Traurig's David G. Thomas Named a 'Massachusetts Go To Lawyer: Business Litigation 2022'

Retrieved on: 
Wednesday, December 28, 2022
LLP, Federal Trade Commission Act of 1914, FTC, Massachusetts Consumers' Coalition, Employment, Boston (magazine), Intellectual property, Center for Resource Solutions, Telephone Consumer Protection Act of 1991, Knowledge, Lawyer, Justice, Real Estate Settlement Procedures Act, MA, Truth in Lending Act, Private sector, Government, Bankruptcy, AM, United States Department of Justice, Lawsuit, NLJ, Practice of law

BOSTON, Dec. 28, 2022 /PRNewswire-PRWeb/ -- David G. Thomas, co-chair of the Boston Litigation Group of global law firm Greenberg Traurig, LLP, was named a 2022 "Go To Business Litigation Lawyer" by Massachusetts Lawyers Weekly. He was selected for his work defending companies against unfair or deceptive business practices claims in individual and putative class action settings, as well as his skill in handling class action and MA Chapter 93A—the Massachusetts Consumer Protection Act—matters. Thomas and his fellow honorees are featured in the publication's Dec. 26 issue.

Key Points: 
  • David G. Thomas, co-chair of the Boston Litigation Group of global law firm Greenberg Traurig, LLP, was named a 2022 "Go To Business Litigation Lawyer" by Massachusetts Lawyers Weekly.
  • BOSTON, Dec. 28, 2022 /PRNewswire-PRWeb/ -- David G. Thomas , co-chair of the Boston Litigation Group of global law firm Greenberg Traurig, LLP , was named a 2022 "Go To Business Litigation Lawyer" by Massachusetts Lawyers Weekly .
  • Thomas has received numerous accolades for his work, and most recently was named to the 2022 "Top Lawyers" list by Boston Magazine.
  • About Greenberg Traurig's Litigation Practice: Greenberg Traurig's Litigation Practice includes a team of more than 600 attorneys.

Deal or no deal? FTC challenges yo-yo financing tactics

Retrieved on: 
Sunday, November 6, 2022
Consumer, Versa, Los, Maintenance, Sale, VIN, Comment, Federal Trade Commission Act of 1914, Chevrolet, Internet, Fraud, Industry, Complaint, Nissan, Mercedes-Benz, Kia Joorabchian, GAP, Truth in Lending Act, Social media, Nissan Versa, Record, Kia, Federal Trade Commission, West Covina, California, Blog, Altima, FTC, Policy, Privacy, Toy, Insurance, Retail, Public relations, Online shopping

Although the dealer may be the creditor, it doesnt usually service the financing contract and instead looks to assign it to a bank, credit union, or finance company.

Key Points: 
  • Although the dealer may be the creditor, it doesnt usually service the financing contract and instead looks to assign it to a bank, credit union, or finance company.
  • Rather than handling the financing themselves or returning the consumers down payment and trade-in, some unscrupulous dealers use deceptive or unfair tactics to pressure consumers into a different deal so the dealer doesnt lose the sale.
  • According to the FTC complaint against Sage Auto Group and affiliates, thats what happened to some people doing business with the defendants.
  • The dealer would sign a contract with a consumer that included financing terms and then let the person drive off the lot.
  • But if the dealer couldnt (or didnt) assign the financing contract, in some instances it wouldnt just cancel the transaction.
  • Youll want to read the complaint for the details of the defendants alleged yo-yo financing practices and why the FTC is challenging them as deceptive and unfair.
  • The FTC says dealers falsely told some consumers that the add-ons were required or would improve their chances of getting financing.
  • Additional counts challenge what the headline giveth, the footnote taketh away tactics the FTC has alleged as deceptive in numerous other cases.
  • And only in the fine print did the ad disclose that the deal was for a lease, not a purchase.