Consumer Financial Services Law Blog
Dykema Gossett PLLC
Dykema Gossett PLLC

Consumer Financial Services Law Blog

Consumer Financial Services Law Blog

News and analysis regarding Consumer Financial Services litigation and regulation, and activities of the Consumer Financial Protection Bureau


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Photo of Consumer Financial Services Law Blog Cliff P. Riley
Associate
criley@dykema.com
214-462-6462
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Showing 1 post by Cliff P. Riley.

Pension Advance Loans Come Under Federal and State Scrutiny

A booming sector within the consumer financial service industry has encountered a formidable challenge at the hands of both federal and state agencies. Pension advances—also referred to variously as pension loans, sales, or buyouts—have sprouted a cottage industry of independent lenders eager to assist individuals in leveraging their pensions for immediate access to cash. Typically, a lender will offer the consumer a lump sum payment in return for an assignment of all or some of the consumer’s monthly pension checks over a given period of time, often ranging from 5 to 10 years. As the lending niche has grown, however, so has the impetus for government oversight. Read More ›