Our discussion looks at the role of in-house and outside counsel in the development and launch of new consumer financial products. We first discuss the range of issues to be considered as part of the preliminary scoping...more
Third-party debt collectors, first-party creditors, and debt buyers face an ever-evolving federal and state regulatory landscape as well as ongoing private litigation. We first look at the impact of the CFPB’s most recent...more
The New York Department of Financial Services has announced the creation of a new Consumer Protection Task Force within the NYDFS. ...more
1/14/2020
/ Abusive Acts ,
Consumer Financial Products ,
Debt Collection ,
Debt Collectors ,
Enforcement Authority ,
Federal Agency Taskforce ,
Financial Services Industry ,
Licensing Rules ,
NYDFS ,
Regulatory Oversight ,
Unfair or Deceptive Trade Practices
In August 2018, Arizona began accepting applications for its regulatory sandbox that “enables a participant to obtain limited access to Arizona’s market to test innovative financial products or services without first...more
In August 2018, we reported about significant changes to Connecticut’s licensing laws for consumer financial services providers that were to take effect on October 1, 2018. ...more
Entities engaged in the business of loan solicitation are now required to be licensed with the Vermont Department of Financial Regulation following the recent enactment of Act 22. Loan comparison websites, lead generators,...more
6/5/2017
/ Banking Sector ,
Financial Services Industry ,
Licensing Rules ,
Loan Guarantee Solicitation ,
Money Transmitter ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Mortgages ,
New Legislation ,
Solicitation Provisions ,
Virtual Currency
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 bank (SPNB) charter,...more
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 proposal threatens to...more
2/15/2017
/ Banking Sector ,
Consumer Lenders ,
Financial Services Industry ,
FinTech ,
Lenders ,
Licensing Rules ,
Loans ,
National Bank Charters ,
NYDFS ,
Proposed Legislation ,
Regulatory Oversight
Student loan servicers located in California servicing loans made to residents of any state and those located elsewhere servicing loans made to California residents will be subject to a new licensing requirement created by...more
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 (MCSA) directing CashCall to...more
7/15/2016
/ Banking Sector ,
Banks ,
CashCall ,
Consumer Financial Products ,
Consumer Lenders ,
Financial Services Industry ,
Interest Rates ,
Licensing Rules ,
Loan Origination Funds ,
Madden v Midland Funding ,
Online Marketplace Lending ,
Payday Loans ,
Preemption ,
Usury
New York City can regulate the conduct of attorneys engaged in debt collection, the U.S. Court of Appeals for the Second Circuit has ruled. In Eric M. Berman, P.C. and Lacy Katzen, LLP v. City of New York, et al., the...more
Connecticut’s new “An Act Concerning A Student Loan Bill of Rights” creates a licensing requirement for servicers of student loans made to state residents and imposes other significant new requirements and prohibitions on...more