In a decision that will likely have ramifications for lenders and borrowers in the state, the Michigan Supreme Court recently issued a decision clarifying that lenders cannot rely on a “usury savings clause” to circumvent Michigan’s usury statute. But it also held that a lender’s effort to enforce a usurious loan, by itself, is not enough to trigger criminal liability.Continue Reading Michigan Supreme Court Refuses to Enforce “Usury Savings Clause”
Valerie Hletko
An accomplished and commercially-minded litigator, Valerie Hletko’s practice has a particular emphasis on financial services regulation and enforcement. She counsels a wide range of financial services industry participants as they navigate dynamic and increasingly interrelated state, federal, and global legal and regulatory challenges.
Valerie represents clients in complex civil litigation, as well as in investigations and administrative enforcement actions initiated by the U.S. DOJ, FDIC, FRB, CFPB, HUD, and state bank regulatory agencies and state Attorneys General. She has assisted clients with pre-enforcement matters relating to a variety of consumer financial products and services, including responding to PARR letters, NORA letters, and managing issues relating to self-disclosure.
Valerie also counsels clients in connection with regulatory examinations and governance and risk management matters implicated by consumer financial laws, including the Fair Credit Reporting Act, the Equal Credit Opportunity Act, the Fair Housing Act, the Fair Debt Collections Practices Act, the Truth in Lending Act, the federal Servicemembers Civil Relief Act and related state laws, the Military Lending Act, and prohibitions on UDAP in Section 5 of the Federal Trade Commission Act: UDAP and Section 1036 of the Consumer Financial Protection Act: UDAAP.
Chambers USA says that she is a “whip-smart lawyer and is seen as a really thoughtful problem solver,” that she has “deep expertise in consumer financial services enforcement regimes,” that her “ability to concisely articulate and argue complex issues is particularly impressive,” and that “she's a pleasure to work with and well thought of by her opponents." Valerie is ranked Band 1 in Financial Services Regulation: Consumer Finance (Litigation). She frequently speaks and publishes on a range of subjects of interest to financial institutions, including fintech, fair and responsible banking practices, specialty finance, and regulatory enforcement trends.