Comptroller of the Currency Publishes Guidance on Debt Sales Arrangements and...
The Office of the Comptroller of the Currency’s (OCC’s) new Bulletin 2014-37 on Consumer Debt Sales represents the agency’s latest guidance on this topic since providing a written statement a year ago...
View ArticleOCC consumer protection standards in new Bulletin may influence CFPB Debt...
As noted in our recent Alert, the Office of the Comptroller of the Currency (OCC) has issued Bulletin 2014-37 on Consumer Debt Sales (the “Bulletin”). The Bulletin addresses the application of consumer...
View ArticleIs a Uniform Debt Buying Code on Its Way?
The Uniform Law Commission (ULC), a non-partisan organization committed to drafting uniform state laws, has authorized the formation of a committee to study the need for and feasibility of state...
View ArticleCFPB Proposes Sweeping Changes for Prepaid Cards
The Consumer Financial Protection Bureau has issued an 870-page proposal for prepaid cards (including 156 pages of actual proposed rules) that mandates new disclosures, error resolution procedures,...
View ArticleCFPB holds field hearing on proposed rules for prepaid accounts
Yesterday I attended the Consumer Financial Protection Bureau’s (CFPB) field hearing in Wilmington, Delaware, at which the CFPB unveiled and accepted public comment on its long-awaited proposed rule...
View ArticleOCC Updated Examiner Guidance Includes New Overdraft Protection Program...
In updated examiner guidance and examination procedures issued last week, the Office of the Comptroller of the Currency (OCC) directs its examiners to assess whether the overdraft protection and other...
View ArticleOCC Report Identifies Risks to Banks, Sets Supervisory Priorities
A new report issued by the federal Office of the Comptroller of the Currency (OCC) identifies top safety and soundness risks to national banks and federal savings associations, as well as OCC...
View ArticleTreasury Department Seeks Information on Online Marketplace Lending
The U.S. Department of the Treasury has issued a request for information (RFI) regarding online marketplace lending. The RFI reflects the Treasury Department’s recognition that online marketplace...
View ArticleTreasury Department Extends Comment Period for Online Marketplace Lending...
The U.S. Department of the Treasury has extended the deadline for submitting comments in response to its request for information (RFI) regarding online marketplace lending. Initially set to close on...
View ArticleFederal Reserve Bank of Cleveland Reports on Online Small Business Lending...
The Federal Reserve Bank of Cleveland recently issued a special report on the results of online focus groups it conducted with the Federal Reserve Board “to better understand small businesses’...
View ArticleU.S. Supreme Court Asked to Decide Whether National Bank Act Preemption of...
The defendants in Madden v. Midland Funding, LLC have filed a petition for certiorari with the U.S. Supreme Court, asking the Court to decide whether the preemption of state usury laws under Section 85...
View ArticleCalifornia Launches Marketplace Lending, Merchant Cash Advance Inquiry
The recent announcement by the California Department of Business Oversight (DBO) that it has launched an inquiry into the marketplace lending industry represents an important development that could...
View ArticleMaryland Licensing Threat to Bank Partner Model to be Reviewed by Court of...
The Maryland Court of Appeals, the state’s highest appellate court, last week agreed to review an October 2015 Maryland Court of Special Appeals (MCSA) decision that illustrated how the bank partner...
View ArticlePA Federal Court Ruling Illustrates Need for Lenders to Properly Structure...
A recent federal court decision refusing to dismiss Pennsylvania racketeering claims against companies alleged to have partnered with a state bank to market Internet loans illustrates the risks...
View ArticleFDIC Highlights Marketplace Lending Risks for Bank Partners
The Federal Deposit Insurance Corporation's (FDIC) publication of an article highlighting the risks for banks that partner with marketplace lenders further underscores the focus of federal regulators...
View ArticleFDIC Developing Guidance on Risks For Banks Lending Through Third Parties
New guidance being developed by the Federal Deposit Insurance Corporation (FDIC) to address risks associated with banks making loans through third parties could significantly impact marketplace...
View ArticleCalifornia Releases Marketplace Lending Data
The California Department of Business Oversight (DBO) has issued a summary report of aggregate data provided by the companies that responded to the DBO's online survey sent to 14 marketplace lenders...
View ArticleBest Practices Issued for Small Business Alternative Finance Industry
The Small Business Finance Association (SBFA) has issued "Small Business Finance Principles" that represent best practices for providers of merchant cash advances (MCA) and other companies in the...
View ArticleTreasury Releases White Paper on Online Marketplace Lending
The U.S. Treasury Department has released a white paper addressing the online marketplace lending industry. Based in part on the responses to Treasury's July 2015 Request for Information (RFI), the...
View ArticleSolicitor General/OCC Opine Madden Was Incorrectly Decided, But Recommend...
In a widely anticipated brief requested by the U.S. Supreme Court, the Solicitor General and the Office of the Comptroller of the Currency (OCC) have expressed the view of the United States that the...
View ArticleRegulators Raise Marketplace Lending Concerns at FTC FinTech Forum
The Federal Trade Commission (FTC) recently held a FinTech forum addressing marketplace lending. The forum was promoted by the FTC as the first in a series it plans to hold exploring emerging financial...
View ArticleSupreme Court Denies Certiorari To Review Second Circuit’s Decision in Madden...
The U.S. Supreme Court has denied certiorari to review the decision of the U.S. Court of Appeals for the Second Circuit in Madden v. Midland Funding, LLC. As previously reported, Madden involved a...
View ArticleInstallment Lender Using Bank Partner Model Needs Maryland License, Court of...
The Maryland Court of Appeals, the state's highest court, in CashCall, Inc. et al. v. Maryland Commissioner of Financial Regulation, recently affirmed the judgment of the Court of Special Appeals...
View ArticleOCC Proposes to Grant National Bank Charters to Financial Technology Companies
For the first time, the Office of Comptroller of Currency (OCC) will allow financial technology (fintech) companies to apply for national bank charters. The OCC has invited public comment on the...
View ArticleNY Licensing Proposal Threatens New Burdens on Financial Services Providers,...
Proposed legislation to implement New York Governor Andrew Cuomo's 2018 Fiscal Year Executive Budget would amend the New York Licensed Lender Law to significantly extend its licensing requirements. The...
View ArticleSixth Circuit Denies Arbitration in TCPA Class Action for Calls to Past...
Phone calls made by a lawn care company after the termination of a customer's contract were beyond the scope of the parties' agreement to arbitrate any claim "arising from or relating to" their...
View ArticleLawmaker Seeks CFPB Fair Lending Investigation of Fintech Small Business Lenders
A Democratic congressman has raised concerns about potentially discriminatory lending practices used by financial technology (fintech) companies that extend credit to small businesses, calling on the...
View ArticleOCC Issues Draft Licensing Supplement for Fintech Companies Seeking National...
The Office of the Comptroller of the Currency (OCC) has taken another step toward implementing its proposal to allow financial technology (fintech) companies to apply for a special purpose national...
View ArticleTwo Banks Fight Back Against Colorado Regulator in Bank-Model Dispute
Two state-chartered banks, WebBank and Cross River Bank, recently filed complaints for declaratory judgment and injunctive relief against the Administrator of the Uniform Consumer Credit Code for the...
View ArticleDelaware enacts law providing financial relief to federal employees impacted...
On January 23, Delaware Governor John Carney signed the “Delaware Federal Employees Civil Relief Act” into law. The Act states that its purpose “is to provide for the temporary suspension of judicial...
View ArticleFDIC Issues Guidance on Service Technology Service Provider Contracts
On April 2, 2019, the FDIC issued Financial Institution Letter FIL-19-2019 (the “Letter”) to remind financial institutions about certain contractual provisions and other requirements pertaining to...
View ArticleFederal Reserve issues interim final rule allowing depository institutions to...
Effective April 24, 2020, the Federal Reserve amended Regulation D to remove the six-per-month limit on transfers or withdrawals from the definition of a “savings deposit.” The amendment is set forth...
View ArticleFDIC Issues “Madden fix” Rule Addressing State Bank Loan Interest Rates After...
The FDIC has issued its widely anticipated final rule resolving the uncertainty caused by the Second Circuit’s Madden v. Midland Funding decision. Madden held that a non-bank entity that purchased...
View ArticleOCC issues proposed “true lender” rule
Less than two months after issuing its final “Madden fix” rule, the OCC has now issued a proposed rule to address when a national bank or federal savings association should be considered the “true...
View ArticleCFPB and Colorado Attorney General announce joint virtual office hours as...
The CFPB and the Colorado AG’s Office have announced they will hold joint virtual office hours as part of the American Consumer Financial Innovation Network (ACFIN). The joint virtual office hours...
View Article11th Cir. rules FDCPA restriction on third-party communications applies to...
In a very troubling decision of first impression, a unanimous panel of the U.S. Court of Appeals for the Eleventh Circuit has ruled that a debt collector’s transmittal of the plaintiff’s personal...
View ArticleSenate passes CRA resolution to override OCC true lender rule
Yesterday, by a vote of 52-47, the Senate passed the resolution introduced by Democratic Senators under the Congressional Review Act (CRA) to overturn the OCC’s “true lender” final rule. The rule...
View ArticleFederal banking agencies issued proposed guidance on risk management for...
The Federal Reserve, FDIC, and OCC have released proposed guidance for banking organizations on managing risks associated with third-party relationships, including relationships with financial...
View ArticleFederal Banking Agencies Issue Proposed Guidance on Risk Management for...
The Federal Reserve, FDIC, and OCC released on July 13, 2021 proposed guidance for banking organizations on managing risks associated with third-party relationships, including relationships with...
View ArticleFederal banking agencies issue guide for community banks on conducting due...
The OCC, FDIC, and Federal Reserve Board have issued a guide that is intended to assist community banks in conducting due diligence when considering relationships with financial technology (fintech)...
View ArticleFederal Reserve publishes paper on bank/fintech partnerships
Last week, the Federal Reserve Board published a paper on partnerships between community banks and fintech companies, “Community Bank Access to Innovation through Partnerships.” The Fed’s publication...
View ArticlePresident Biden nominates Saule Omarova for Comptroller of the Currency
The White House announced this past Thursday that President Biden has nominated Saule Omarova to serve as Comptroller of the Currency....By:
View ArticleCFPB, federal and state bank and credit union regulators warn of increased...
The CFPB, Federal Reserve Board, FDIC NCUA, OCC, in conjunction with the state bank and state credit union regulators, jointly issued a statement on managing the transition away from LIBOR (Joint...
View ArticleActing Comptroller Hsu calls for new rules and enforcement to address bank...
In remarks last week to the Consumer Federation of America’s 34th Annual Financial Services Conference, Acting Comptroller of the Currency Michael Hsu took banks to task for contributing to income and...
View ArticleCalifornia federal district court upholds OCC and FDIC “Madden-fix” rules
A California federal district court judge has rejected challenges to the OCC’s and FDIC’s Madden-fix rules brought in two separate lawsuits by state attorneys general. The OCC rule is codified at 12...
View ArticleCFPB spotlights overdraft/NSF practices of banks with the highest...
The CFPB has published a table that shows the overdraft/NSF practices of the 20 banks with the most overdraft/NSF revenue through the first three quarters of 2021. According to the CFPB, the table...
View ArticleCFPB issues compliance bulletin on application of EFTA compulsory use...
The CFPB has issued a compliance bulletin “to reiterate that the compulsory use prohibition in the [Electronic Fund Transfer Act (EFTA)] applies to government benefit accounts, as defined in Regulation...
View ArticleCalifornia Federal District Court Upholds OCC and FDIC ‘Madden-fix’ Rules
A California federal district court judge rejected challenges to the OCC’s and FDIC’s Madden-fix rules brought in two separate lawsuits by state attorneys general. The OCC rule is codified at 12 C.F.R....
View ArticleOppFi files complaint to block “true lender” challenge by California...
Opportunity Financial, LLC (OppFi) has filed a Complaint for Declaratory and Injunctive Relief in a California state court against the California Department of Financial Protection and Innovation...
View ArticleCFPB issues report on credit card late fees
The CFPB has issued a report titled “Credit card late fees” that discusses the consumer impact of late fees by card type, credit score, and geography, and market reliance on late fees. (Late fees are...
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