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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.

November 2017

Michigan Reverses Longstanding Ban on Loan Referral Payments

By Robert F. Gage

For many marketplace lenders, loan referrals are an important source of new customers. But Michigan has for some time banned some lenders from paying for loan referrals. Nonbank financial institutions licensed under Michigan's Regulatory Loan Act are subject to Rule 493.20 of the Michigan Administrative Code, which provides that a licensee "shall not pay any person for loan applications or recommendations." article continued

The New Arbitration Rule: The End for Now.

By Nora Udell

Have you heard the news? The Arbitration Rule is no more! The Vote. In a close vote (50 Republican Senators and Vice President Pence's tie-breaking vote), the Senate approved the House Resolution of Disapproval under the Congressional Review Act to repeal the Consumer Financial Protection Bureau's Arbitration Rule. Senator Lindsey Graham, Senator John Kennedy, the Senate Democrats and Senator Sanders voted to reject the Resolution. article continued

Exemption Thresholds for Consumer Credit and Consumer Leasing Increase for First Time Since 2015

By Katie Hawkins

On November 9, 2017, the Consumer Financial Protection Bureau (CFPB) and the Federal Reserve Board announced an increase in the dollar thresholds for the Truth in Lending Act ("TILA") and its implementing regulation, Regulation Z, and the Consumer Leasing Act ("CLA") and its implementing regulation, Regulation M, that will apply in determining exempt consumer credit and consumer leasing transactions in 2018. article continued

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