Department of Education proposal on campus financial products expected in July
We recently commented that financial institutions offering financial products to college students, including debit or prepaid cards, under agreements with colleges should be planning now for the...
View ArticleFTC Announces Settlement with Debt Collector over Alleged FDCPA Violations
The Federal Trade Commission (FTC) recently announced a settlement with a Houston debt collection company and its individual owner related to alleged violations of the Fair Debt Collection Practices...
View ArticleCFPB Issues Report on the Use of Remittance Histories in Credit Scoring
On July 3rd, the CFPB released a Report on the Use of Remittance Histories in Credit Scoring (the “Report”). Section 1073(e) of the Dodd-Frank Wall Street Reform and Consumer Protection Act required...
View ArticleComptroller 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...
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