Refund Anticipation, Payday and Auto Title Loans
May 2006
The term "Fringe Banking" represents a number of different financial services provided by nontraditional financial institutions, such as check cashers, payday lenders, and pawnshops. Available evidence leaves no doubt that the industry is growing rapidly, is no longer limited to the "fringes" of the economy or the society, and is plainly establishing itself on Main Street, USA. This article attempts to set forth a brief history of Fringe Banking, followed by a discussion of three of the industry's more controversial products: Refund Anticipation Loans, Payday Loans, and Auto Title Loans.
A Survey of Select Fringe Lending Products
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Louisiana Court grants Jorden Burt's Motion to Dismiss statewide class action suit
January 2006 Farrokh Jhabvala and Ben Seessel obtained dismissal in the Eastern District of Louisiana of a state-wide class action that alleged "gross-vs-net" claims and attempted to hold an insurer liable for allegedly defective disclosures in related loan documents.
Changes to Truth in Lending Law Under the Bankruptcy Reform Act of 2005
August 2005 Elizabeth Bohn discusses "Changes to Truth in Lending Law Under the Bankruptcy Reform Act of 2005".
Consumer Debt Collection: FDCPA Traps for the Unwary
July 2005 Consumer protection laws regulating debt collection practices are a complex minefield of potential liability for creditors and other debt collectors (ABI World, July/August 2005).
Supreme Court Expands Federal Jurisdiction Over Class Actions
July 2005 The Supreme Court has expanded federal jurisdiction over class actions. On June 23, in Exxon Mobil Corp. v. Allapattah Services, Inc., the Court decided that ...
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
June 2005 The long-awaited Bankruptcy Abuse Protection and Consumer Protection Act ("the Act") was signed by President Bush on April 20, 2005.
Courts Shift Position On Arbitration Clauses Precluding Punitive Damages
March 2005 Federal courts appear to be changing their position as to who should decide whether the preclusion of punitive damages in an arbitration clause is for the court or...
Supreme Court Limits TILA Damages To $1,000
December 2004 The U.S. Supreme Court's recent decision in Koons Buick limits TILA damages to $1,000 for loans secured by personal property...
Three Strikes and You're Not (Yet) Out in Alabama
August 2004 Showing remarkable patience, the Alabama Supreme Court has given the Russell County Circuit Court a fourth chance to come up with a class certification order that will pass muster...
Supreme Court Rejects Claim Credit Card Over-Limit Charges Must Be Included In Finance Charge
May 2004 In a unanimous decision authored by Justice Thomas in Household Credit Services, Inc. v. Pfennig (Apr. 21, 2004), the Supreme Court has reversed the Sixth Circuit's decision...
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