predatory lending News

Cuomo Criticizes Predatory Lending Approach Involving New York Courts

New York Governor Andrew Cuomo is seeking to end his state’s role as the nation’s collections department for predatory loans to small businesses. Cuomo plans to submit legislation to curtail the use of confessions of judgment, he said Tuesday in …

New York Lawmakers Pledge to Change Laws That Enable Predatory Lending

New York legislators are pledging to change laws that have allowed predatory lenders to use the state court system to seize the assets of thousands of small businesses across the country. Brad Hoylman, incoming chairman of the Senate Judiciary Committee, …

Judge Allows Philadelphia’s Suit Claiming Unfair Lending by Wells Fargo

A federal judge in Philadelphia on Tuesday rejected Wells Fargo & Co.’s bid to dismiss that city’s lawsuit accusing the largest U.S. mortgage lender of predatory lending targeting black and Hispanic borrowers. U.S. District Judge Anita Brody said Philadelphia may …

City of Philadelphia Sues Wells Fargo, Alleges Predatory Lending

The City of Philadelphia sued Wells Fargo & Co. on Monday, accusing the largest U.S. mortgage lender of predatory lending, which violates the federal Fair Housing Act. The lawsuit came two weeks after the U.S. Supreme Court, in a case …

Supreme Court Issues Mixed Rulings on Municipal Suits Over Predatory Lending

The U.S. Supreme Court on Monday ruled that cities may sue banks over predatory mortgage lending to minorities that harms municipal finances, but cast doubt on whether such cases can succeed by throwing out a lower court decision that had …

Business Lobbies Seek Probe of Medical Funding Industry

Two business lobbying groups this week called on the Consumer Financial Protection Board to investigate the medical funding industry after a Reuters investigation revealed that private investors are funding operations for women who have sued makers of surgical implants. The …