Best 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...
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