Insights

Today's Trends in Credit Regulation

Welcome to Hudson Cook Insights - a collection of articles written each month by the attorneys of Hudson Cook, LLP, in an effort to keep their clients and other compliance professionals informed about current trends and developments in consumer credit finance that will affect the way they do business.

April 2020

New York Department of Financial Services Extends Student Loan Relief to Private Student Loans

By Thomas P. Quinn, Jr.

New York has been the American epicenter for the exploding coronavirus pandemic. Informed by recent systemic challenges to the financial services sector, New York's regulators have responded. Among the responses is an Industry Guidance Letter issued on April 7, 2020, (the "Industry Letter") by the Department of Financial Services ("DFS") to its regulated student loan servicers. article continued

Georgia AG Warns Against Deceptive Advertising Related to COVID-19 Stimulus Payments

By Patricia E.M. Covington and Christopher J. Capurso

The COVID-19 situation has turned everything on its head. Most retail commerce is shut down, many are working from home, and it has become commonplace to plausibly forget whether today is a Monday or a Friday. Despite all the change we have seen over the past several weeks in our daily lives, we can still count on one constant: state regulators will always be looking for those who seek to take advantage of the situation. article continued

Growth of Litigation Funding in the Wake of COVID-19

By Latif Zaman

Litigation funding - a transaction in which a funder purchases a portion of the future potential proceeds of a litigation claim from a consumer for an immediate cash advance - has proven to be an attractive alternative to a loan for consumers engaged in a lawsuit, evidenced by the rapid growth of the litigation funding industry over the past decade. article continued

New Federal Tool for Calculating APRs

By Justin B. Hosie

You're probably scanning this and thinking, "math, formulas, time to skip this article." I don't blame you. For anyone who has actually looked at Regulation Z's Annual Percentage Rate formulas and felt that queasy "I'm in the wrong math class" sort of feeling, you're not alone. Back in 2005, when I was a second-year law firm associate, my mentor tossed me a copy of the formulas to see if I could help a client. article continued

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Small Business Loans to Offer Relief from COVID-19 Economic Crisis   March 2020
CFPB Proposes Time-Barred Debt Disclosures   March 2020
CFPB Taskforce on National Consumer Financial Law Issues RFI   March 2020
COVID-19 Payment Accommodations from the Perspective of Voluntary Protection Product Providers   March 2020
Income Share Agreements - Operating Under Current Regulations and Preparing for the Future   February 2020
Vendor Service Contracts - Not Just Arm's Length Transactions Any More   February 2020
Thinking of Force-Placing CPI on All Buyers? Think Again.   February 2020
En Garde! Do You Have Dueling Arbitration Agreements?   February 2020
California Court Finds Business Could Not Verify Consumer's Electronic Signature Despite DocuSign Markers   January 2020
California Data Broker List Comes Online   January 2020
Bankruptcy Court Grants Relief from Stay When Debtors Fail to Redeem Pledged Collateral in Title Pawn Transactions   January 2020
Agreeing to Arbitration   January 2020

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