Monday, October 29, 2018

Marriot Employees FCU Sued for Violating TILA

A lawsuit, seeking class action status, is accusing Marriott Employees Federal Credit Union (Bethesda, MD) of violating the Truth in Lending Act (TILA).

The lawsuit was filed in United States District Court for the Eastern District of Pennsylvania.

This lawsuit comes several weeks after an article in the New York Times scrutinized Marriott Employees FCU's fee practices.

At issue in the lawsuit is the credit union's pattern and practice associated with mini-loans made to its members. These mini-loans are not Payday Alternative Loans authorized by the National Credit Union Administration.

The class members allege that loan charges were not fully disclosed.

By not providing a full picture of the costs associated with taking out the loan, the workers claim in the lawsuit that the credit union is violating the Truth in Lending Act.

Read the complaint.
Posted by at
Labels:

6 comments:

  1. Grandmaster BOctober 29, 2018 at 6:23 PM

    If you're looking for any additional stories to publish, here's a recommendation:

    https://gonzobanker.com/2018/10/why-do-fellow-bankers-give-wells-fargo-a-free-pass/

    I'd be curious to hear your take on Cornerstone's piece.

    ReplyDelete
    Replies
    1. AnonymousOctober 30, 2018 at 7:52 AM

      Grandmaster B -- I'd be interested on your take of the (literally) hundreds of articles written here:

      https://www.cutimes.com/fraud-enforcement/

      Delete
    2. Keith LeggettNovember 1, 2018 at 4:41 PM

      Employ fraud is a problem. That is why financial institutions need strong internal controls.

      Delete
    3. Keith LeggettNovember 1, 2018 at 4:45 PM

      With regard to the gonzobanker piece, trade associations are unlikely to comment on the behavior of their members. This is true for both bank and credit union trade associations.

      Delete
  2. Grandmaster BNovember 2, 2018 at 9:59 AM

    Wow, quite an impressive haul for these “former” bank employees!

    https://www.reuters.com/article/us-goldman-sachs-charges-1mdb/u-s-charges-financier-former-goldman-bankers-for-1mdb-idUSKCN1N6537

    ReplyDelete
  3. Jassica DawsonJuly 29, 2019 at 6:59 AM

    This comment has been removed by a blog administrator.

    ReplyDelete

Subscribe to: Post Comments (Atom)
 

The content is provided for educational purposes only, with the understanding that neither the authors, contributors, nor the publishers of this site are engaged in rendering legal, accounting or other expert or professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.

Comments appearing in response to articles appearing on this site do not necessarily reflect the views of the ABA. ABA makes no representations regarding the truth or accuracy of commentary or opinions that may be posted in response to the articles that appear on this website.

The inclusion herein of any link to a website, either in the text of an article or in a comment, does not denote any approval, sponsorship, or endorsement by the ABA, and ABA is not responsible for the content or opinions expressed on those linked websites or related commentary. This content is not licensed to third parties sites and is not affiliated with any third party site. Any reference to the author or this content on any third party site on the Internet is not authorized by the ABA.

It is the policy of the American Bankers Association to comply fully with all antitrust laws. Certain discussions should be considered off-limits, including those that contain competitively sensitive data such as price and cost information, or statements that could be construed as reflecting an attempt or desire to control or influence a particular market or markets. Future pricing or other prospective competitive information should never be shared.