North Carolina obtains $3.5 million judgment against title lender

north carolina auto title lender finedOn May 8, 2017, the North Carolina Attorney General (AG) announced that it had obtained a $3.5 million judgment against an auto title lender for making illegal loans in the state of North Carolina.

According to the AG’s press release, Liquidation, LLC offered auto title loans without license. The AG alleged that Liquidation, LLC made unlawful loans under various names including Auto Loans, LLC, Car Loan, LLC, and Sovereign Lending Solution, LLC.

CFPB holds small business lending field hearing and issues white paper, RFI

On May 10, the CFPB held a field hearing about small business lending in Los Angeles, California. In conjunction with the field hearing, the CFPB issued a Request for Information (RFI) in order to obtain feedback to help the Bureau better understand the small business lending market, along with a white paper “reviewing the available evidence concerning the small business lending landscape.”

Ask the Experts: Does Reg E apply to one-time payments?

Does Reg E apply to one-time EFTs?Question: Does Regulation E place any restrictions on lenders in connection with one-time electronic fund transfers (EFTs)? 

Answer: Regulation E establishes specific requirements for preauthorized EFTs, which are automated payments that the consumer authorizes to take place on a recurring basis. However, it does not impose authorization requirements for one-time EFTs.

Question: Should lenders obtain written authorization from the consumer for each one-time debit card payment even though Reg E doesn’t impose any requirements upon lenders for one-time EFTs? What about one-time payments by ACH?