Daily Digest – April 26. Mich. Appeals Court Upholds Ruling on Post-Judgment Interest Case; CFPB to Regulate ‘Risky’ Nonbanks

MICH. APPEALS COURT UPHOLDS RULING ON POST-JUDGMENT INTEREST CASE

  • The Michigan Court of Appeals has upheld the dismissal of a post-judgment interest class-action on the grounds that state law in Michigan that precludes “actions” based on claimed violations of statutes that permitted recovery of statutory damages in lieu of actual damages means the plaintiff lacks standing to sue.

CFPB REVIVES ‘DORMANT’ RULE TO REGULATE ‘RISKY’ NONBANKS

  • The Consumer Financial Protection Bureau has issued a procedural rule to expand its supervision over nonbank entities that the regulator “has reasonable cause to determine pose risks to consumers” and is seeking comment on reviving the rule, which has been “dormant” and unused for a number of years.

REP. MCHENRY TO SEEK CHAIR OF FINANCIAL SERVICES COMMITTEE IF REPUBLICANS TAKE BACK HOUSE

  • With the midterm elections little more than six months away, the jockeying for positions has already begun among Republicans, who are expecting to regain control of the House of Representatives. One important Republican to companies in the accounts receivable management industry — Rep. Patrick McHenry [R-N.C.] — yesterday said he plans to seek to be the chair of the House Financial Services Committee if Republicans are successful, saying the committee is the best possible spot for him in a “divided” Congress, according to a published report.

WORTH NOTING: The world’s oldest person just died at 119 … Chick-fil-A has launched a new drink nationwide … Be careful what you do with your thumbs during your next Zoom meeting … The qualities of people who are highly respected … Inside the “turbulent” personal life of Elon Musk … Questions to ask to help you decide to rent or buy … How a barn in a small town in Michigan became a “factory of fraud” … Why fewer people are getting nose jobs.

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