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OCC to Move Forward with Considering Fintech Charter Applications

The OCC’s announcement to move forward considering fintech charter applications has potentially significant industry, policy and practical implications. This presentation explores industry reaction to the OCC’s decision,...more

Association of State Regulators Sues to Enjoin OCC's Fintech Special-Purpose National Bank Charters

Last week, a group of state regulators, the Conference of State Bank Supervisors ("CSBS"), filed suit in the U.S. District Court for the District of Columbia seeking to enjoin the Office of the Comptroller of the Currency...more

Colorado Moves to Dismiss Suits Seeking Judgment That Bank-Originated Loans Facilitated and Serviced by Online Platforms Are...

As we noted in a recent Alert, WebBank and Cross River Bank filed separate federal civil actions to enjoin the Administrator of Colorado's Uniform Consumer Credit Code from enforcing state lending laws against Avant, Inc. and...more

Banks Seek Judgment That Loans Facilitated By Online Platforms Are Exempt From Colorado Lending Laws

In the last two weeks, WebBank and Cross River Bank—federally insured banks chartered in Utah and New Jersey, respectively—filed separate federal court actions (WebBank Complaint; Cross River Bank Complaint) against the...more

Comptroller of the Currency Tom Curry Discusses Fintech Charters

In his remarks at the LendIt Conference in New York, Comptroller of the Currency Tom Curry discussed the special purpose national bank charters to be granted by the OCC to fintech companies and addressed the various...more

Madden v. Midland Update: District Court Denies Summary Judgment and Certifies Class

After the U.S. Supreme Court refused to grant review of the Second Circuit's May 2015 decision in Madden v. Midland concerning federal preemption of state usury rates for loans issued by a national bank, the case was remanded...more

Gordon v. Verizon: New York Parts Company with Delaware

On February 2, 2017, the New York Appellate Division, First Department, issued a decision in Gordon v. Verizon Communications, Inc., No. 653084/13, 2017 WL 442871 (1st Dep’t 2017), approving the settlement of litigation over...more

Class Action Against Lending Club and WebBank Headed to Defeat

On Monday, a federal district court in the Southern District of New York granted a motion to compel arbitration in Bethune v. Lending Club Corporation, et al., a closely watched putative class action raising important issues...more

California Supreme Court Declines to Extend Tribal Sovereign Immunity to Payday Lending Businesses

On December 22, 2016, the California Supreme Court issued People ex rel. Owen v. Miami Nation Enterprises. The decision found that certain tribal business entities that provided loans in California are not "arms of the tribe"...more

Supreme Court Hears Oral Argument in Jevic on Whether Distribution of Settlement Proceeds May Depart From Statutory Priority...

The United States Supreme Court heard oral arguments on December 7, 2016 in Czyzewski v. Jevic Holding Corp. The case poses a question that has divided the Second, Third, and Fifth Circuits: Whether a bankruptcy court may...more

United States Supreme Court Clarifies Standard for Insider Trading

Today, the United States Supreme Court held that an individual may be convicted of insider trading after receiving an investment tip from an insider who obtained no direct financial benefit from the disclosure. In a unanimous...more

United States Supreme Court Clarifies Standard for Insider Trading

Yesterday, the United States Supreme Court held that an individual may be convicted of insider trading after receiving an investment tip from an insider who obtained no direct financial benefit from the disclosure. In a...more

Georgia Supreme Court Rejects Attempts to Narrow State Payday Lending Act

Last week, in Western Sky Financial v. State of Georgia, the Georgia Supreme Court issued a decision rejecting challenges to the state's Payday Lending Act (the "Act") and affirming the denial of a motion to dismiss claims...more

DC Circuit Strikes Down CFPB Leadership Structure

On October 11, 2016 the D.C. Circuit in PHH Corporation v. CFPB, No. 15-1177, struck down the Consumer Financial Protection Bureau's (CFPB) leadership structure as unconstitutional. In short, the court ruled that Congress...more

Rejecting "True Lender" Arguments, California District Court Dismisses Claims Against Student Loan Servicers

This past Thursday, September 22, a federal district court in the Central District of California dismissed an action raising usury claims against several student loan servicers, rejecting the plaintiffs' arguments based on...more

Arguing that CashCall was the "True Lender", CFPB Successfully Challenges High Interest Loan Program

On August 31, a federal district court in California ruled in favor of the U.S. Consumer Financial Protection Bureau (CFPB) on the application of "true lender" principles in the context of a tribal lending arrangement. The...more

Congress Introduces Bill to Make “Valid When Made” the Law of the Land

Chief Deputy Whip Patrick McHenry (R, NC-10), the Vice Chairman of the House Financial Services Committee, introduced H.R. 5724, the Protecting Consumers’ Access to Credit Act of 2016, which would reaffirm the longstanding...more

Case Update: Midland Funding Madden – Supreme Court Denies Certiorari

The Supreme Court today denied certiorari in Midland Funding v. Madden. Although the denial leaves the Second Circuit's May 2015 decision in place, it does not signal the Supreme Court's view of the correctness of that ruling...more

Distressed Download

Lessons from Sabine - In March, Bankruptcy Judge Shelley Chapman held that Sabine Oil & Gas Corp. satisfied the standards for rejection of several gathering and handling agreements between Sabine and its midstream...more

Case Update: Midland Funding v. Madden – Supplemental Brief

As we reported in our case update on May 26, the Solicitor General filed its brief expressing the Government’s views on the cert-worthiness of Midland Funding v. Madden. Yesterday, Midland filed a supplemental brief with the...more

Case Update: Midland Funding v. Madden – Supplemental Brief

As we reported in our case update on May 26, the Solicitor General filed its brief expressing the Government’s views on the cert-worthiness of Midland Funding v. Madden. Yesterday, Midland filed a supplemental brief with the...more

Seventh Circuit Holds That Mandatory Arbitration With Class Waiver Violates NLRA, Setting up Circuit Split

On May 26, the U.S. Court of Appeals for the Seventh Circuit held that a wage-and-hour class arbitration clause violated the National Labor Relations Act (NLRA), setting up a circuit split with the Fifth Circuit, and opening...more

Case Update: Midland Funding v. Madden: The Solicitor General Brief Could Be a Game Changer

In response to a request of the U.S. Supreme Court (discussed here), the U.S. Solicitor General’s Office on Tuesday filed a brief with the Court expressing the U.S. Government’s views on the merits of the claims brought in...more

Supreme Court Issues Two Decisions That Limit Access to Federal Courts

On May 16, 2016, the United States Supreme Court handed down two decisions that may, in practice, limit the ability to access federal district courts. In Spokeo, Inc. v. Robins, No. 13-1339, 578 U.S. ___ (2016), the Supreme...more

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