Jeremy T. Rosenblum

Jeremy T. Rosenblum

Ballard Spahr LLP

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PA Federal Court Ruling Illustrates Need for Lenders to Properly Structure Bank Partnerships

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 inherent in these relationships...more

1/28/2016 - Banking Sector Online Marketplace Lending Preemption Racketeering

CA federal court refuses to dismiss CFPB lawsuit against payday lending companies alleging UDAAP violations based on state law...

A federal district court has refused to dismiss the lawsuit filed by the CFPB in December 2013 against CashCall, several related companies and their principal, which asserted UDAAP violations based on the defendants’ efforts...more

1/6/2016 - CashCall CFPA CFPB Debt Collection Payday Loans Tribal Loans UDAAP Usury

Maryland Licensing Threat to Bank Partner Model to be Reviewed by Court of Appeals

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 structure used by many...more

12/23/2015 - Appeals Banking Sector CashCall Debt Collection Online Marketplace Lending

California 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 presage increased industry...more

12/22/2015 - Consumer Lenders Department of Business Oversight Online Marketplace Lending Regulatory Agenda Small Business

Colorado Supreme Court Ruling That Litigation Financing is a Loan Could Have Broader Reach

The Colorado Supreme Court has ruled that two litigation financing programs are non-recourse “loans,” not purchases, and therefore subject to licensing and other requirements of the state’s Uniform Consumer Credit Code...more

11/23/2015 - CO Supreme Court Financial Sector Financing Non-Recourse Loans

FTC Finalizes Rule Banning Telemarketer Use of Remotely Created Payments

The Federal Trade Commission (FTC) has finalized changes to its telemarketing sales rule (TSR) that will prohibit sellers and telemarketers from creating or accepting remotely created payment orders or checks, cash-to-cash...more

11/23/2015 - Consumer Fraud FTC Popular RCPOs Telemarketing Sales Rule Unfair or Deceptive Trade Practices

U.S. Supreme Court Asked to Decide Whether National Bank Act Preemption of State Usury Laws Applies to Loans Transferred to...

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 of the National Bank...more

11/13/2015 - Banking Sector Loan Transfers Madden v Midland Funding National Bank Act SCOTUS Usury

Commerce Clause Does Not Prevent Minnesota from Regulating Internet Loans Made to State Residents, Minnesota Supreme Court Rules

The Minnesota Supreme Court has ruled that the Commerce Clause of the U.S. Constitution does not preclude Minnesota from applying its payday lending law to loans consummated in Delaware that are made to Minnesota residents...more

10/30/2015 - Banking Sector Commerce Clause Consumer Financial Products Consumer Lenders Financial Institutions Home State Exception Online Marketplace Lending Online Platforms Payday Loans Websites

Federal Reserve Bank of Cleveland Reports on Online Small Business Lending Focus Groups

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’ perceptions of online...more

9/4/2015 - Borrowers Consumer Lenders Cyber Threats Cybersecurity Data Breach Data Security Federal Reserve Financial Institutions Loans Online Marketplace Lending Popular Privacy Concerns Request For Information Small Business

CFPB lawsuit against pension advance companies could have broader implications

A new lawsuit, filed by the CFPB and the New York Department of Financial Services(NY DFS) in a California federal court against two pension advance companies and three of the companies’ individual managers, again...more

8/25/2015 - Advances CFPB Financial Institutions Investors Loans NYDFS Pensions Popular

Treasury Department Extends Comment Period for Online Marketplace Lending Information Request

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 August 31, 2015, the...more

8/20/2015 - Consumer Lenders Financial Institutions Financial Regulatory Reform Internet Lenders Request For Information U.S. Treasury

Treasury 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 lending “is a rapidly...more

7/21/2015 - CFPB Dodd-Frank Financial Institutions Lending Loans Online Marketplace Lending Popular Request For Information U.S. Treasury

OCC 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 supervisory priorities for the...more

7/13/2015 - Banking Regulators Banking Sector Banks BSA/AML Chief Compliance Officers Compliance Depository Institutions OCC Risk Assessment Supervision

32 Democratic senators call for strong payday lending rules

A group of 32 Democratic U.S. senators sent a letter to Director Cordray last week regarding the CFPB’s efforts to address payday lending in which they urged him “to issue the strongest possible rules to end the damaging...more

6/9/2015 - Ability-to-Repay CFPB Legislative Agendas NPRM Payday Loans Richard Cordray

Second Circuit Ruling Undermines National Bank Act Preemption of State Usury Laws for Loans Transferred to Non-Banks

The U.S. Court of Appeals for the Second Circuit ruled last week that a purchaser of charged-off debts from a national bank was not entitled to assert the preemption of state usury laws available to national banks under...more

6/1/2015 - Banking Sector FDCPA Financial Institutions Midland Funding National Bank Act Preemption Usury

The CFPB’s contemplated payday/title/high-cost lending proposals: our thoughts on collection practice limits

This is the last of a series of blog posts in which we share our reactions to the CFPB’s contemplated proposals taking aim at payday (and other small-dollar, high-rate) loans (“Covered Loans”). In this blog post, we share our...more

4/7/2015 - Ability-to-Repay CFPB Consumer Financial Products Consumer Lenders Debt Collection Payday Loans Proposed Regulation Title Loans

Some issues for “longer-term” loans under the CFPB’s contemplated payday/title/high-cost lending proposals

In this blog post, we share our thoughts on the 36% “all-in” rate trigger and restrictions for loans considered to be “longer-term” under the CFPB’s contemplated proposals taking aim at payday (and other small-dollar,...more

4/6/2015 - Ability-to-Repay CFPB Consumer Financial Products Consumer Lenders Payday Loans Proposed Regulation Title Loans

Some issues for “short-term” loans under the CFPB’s contemplated payday/title/high-cost lending proposals

In this blog post, we share our thoughts on how the CFPB’s contemplated proposals taking aim at payday (and other small-dollar, high-rate) loans (“Covered Loans”) will impact “short-term” Covered Loans and the flaws we see in...more

4/3/2015 - CFPB Consumer Financial Products Consumer Lenders Payday Loans Proposed Regulation Title Loans

The CFPB’s contemplated payday/title/high-cost lending proposals: our initial reactions

Last Friday, we posted a summary of the contemplated CFPB proposals taking aim at payday (and other small-dollar, high-rate) loans (“Covered Loans”). In this blog post, we share our thoughts on the CFPB’s grounds for the...more

4/2/2015 - CFPB Consumer Financial Products Consumer Lenders Dodd-Frank Payday Loans Popular Proposed Regulation Title Loans

CFPB shows its hand on payday (and title and longer-term high-rate) lending

The CFPB has moved a step closer to issuing payday loan rules by releasing a press release, factsheet and outline of the proposals it is considering in preparation for convening a small business review panel required by the...more

3/30/2015 - ACH Payments CFPB Consumer Lenders Dodd-Frank Payday Loans Title Loans

DOJ Announces Two More ‘Operation Choke Point’ Settlements

With the recent announcement by the U.S. Department of Justice (DOJ) that it had settled separate lawsuits against two small banks charged with facilitating consumer fraud through their relationships with third-party payment...more

3/23/2015 - Bank Fraud Bank Secrecy Act Banks Choke Point Criminal Prosecution DOJ Enforcement Actions Popular

OCC Updated Examiner Guidance Includes New Overdraft Protection Program Requirements

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 deposit-related consumer...more

2/20/2015 - Banking Sector Banks Depository Institutions Guidance Update OCC Overdraft Fees Supervision

Texas Federal Court Rejects Challenge to ‘No Credit Card Surcharge’ Law

A federal district court in Texas has dismissed a lawsuit brought by several merchants challenging the constitutionality of a state law that prohibits merchants from imposing a surcharge on credit card purchases. In Rowell v....more

2/11/2015 - Credit Card Surcharges Credit Cards Debit and Credit Card Transactions Dismissals Due Process First Amendment Retailers

FTC Announces Settlement of First Actions against Auto Title Lenders

The Federal Trade Commission recently announced that it has entered into proposed settlements with two auto title lenders that were charged with deceptive advertising in violation of Section 5 of the FTC Act and the Truth in...more

2/5/2015 - Advertising Automotive Industry Automotive Loans Civil Monetary Penalty Enforcement Actions False Advertising FTC Regulation Z Settlement Truth in Lending Act (TILA)

FDIC Eases Stance on Bank Relationships with ‘Risky’ Businesses - But Not the Time for Complacency on Compliance

The Federal Deposit Insurance Corporation (FDIC) has issued a “Statement on Providing Banking Services” in which it “encourages institutions to take a risk-based approach in assessing individual customer relationships rather...more

2/2/2015 - Banking Sector Banks FDIC New Guidance TPPPs

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