On October 10, 2018 the Marion County Superior Court ruled in Webb Ford, Inc. v. Indiana Dep’t of Fin. Insts., Cause No. 49D03-1801-PL-002762 (Marion Cnty. Sup. Ct. Jan. 22, 2018), denying the auto dealer’s petition for judicial review and affirming…
On March 21, 2018, Governor Holcomb signed a bill legalizing the sale and use of CBD oil in Indiana.[1] CBD oil is derived from industrial hemp, which like marijuana, is banned by federal law. This leaves Indiana’s financial institutions asking: can…
The Indiana Department of Financial Institutions (the “IDFI” or the “Department”) recently issued Consumer Credit Advisory Letter 2018-02 (the “Advisory”) providing further guidance to financial institutions and auto dealers who assess an electronic…
President Trump signed Senate Bill 2155, the “Economic Growth, Regulatory Relief, and Consumer Protection Act,” (the “Reform Act” or the “Act”) into law on May 24, 2018. The Act represents the first meaningful rollback of certain provisions of the…
A recent enforcement action by the Indiana Department of Financial Institutions (the “IDFI” or the “Department”) against an auto dealership is a reminder to all dealers engaged in “consumer credit sale” activities in Indiana of the importance of…
While financial institutions are typically aware of their responsibilities under the Americans with Disability Act (the “ADA” or the “Act”) as they relate to the maintenance of their physical office spaces and overall general corporate policies,…
Financial institutions offering purchase money auto and personal property loans received an unwanted holiday surprise from the Department of Defense (the "DoD" or the "Department"), with the December 14, 2017 "Interpretative Rule" (the "2017…
The Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) released their Payday, Vehicle Title and Certain High Cost Installment Loans Rule (the “Final Rule”) on October 5, 2017. While the Final Rule is primarily aimed at the payday and…
Richard Cordray officially resigned as the first Director of the Consumer Financial Protection Bureau (the "CFPB" or the "Bureau"), on Friday, November 24, 2017. While Mr. Cordray's resignation was previously announced, the industry did not…
As seen in the September/October 2017 issue of the Indiana Banker Association's Hoosier Banker.
Question: Our chief lending officer wants to run a new promotion waiving all closing costs on home equity lines of credit, but is concerned that…
While federally regulated lenders are typically aware of the requirement under the Flood Disaster Protection Act of 19731 (the “Act”) to obtain flood certifications upon making a loan, lenders failing to update flood certifications when they…
The Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) recently issued Compliance Bulletin 2017-01: Phone Pay Fees (the “Bulletin”),[1] and an accompanying Press Release,[2] warning covered persons and service providers that charging…
