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CFPB Issues Final Payday/Auto Title/High-Rate Installment Loan Rule

The Consumer Financial Protection Bureau (CFPB) issued its final payday loan rule last week in a release running 1,690 pages. Lenders covered by the rule include nonbank entities as well as banks and credit unions....more

Second Circuit Holds That TCPA Does Not Permit Unilateral Revocation of Consent Obtained Contractually

The U.S. Court of Appeals for the Second Circuit recently held, in Reyes v. Lincoln Automotive Financial Services, that the Telephone Consumer Protection Act (TCPA) "does not permit a consumer to revoke its consent to be...more

FCC Cannot Require Opt-Out Notice on "Solicited" Fax Ads, D.C. Circuit Holds

The FCC's 2006 Solicited Fax Rule is unlawful to the extent that it requires opt-out notices on solicited fax advertisements, the U.S. Court of Appeals for the District of Columbia Circuit has held in a 2-1 ruling....more

OCC Issues Draft Licensing Supplement for Fintech Companies Seeking National Bank Charters

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

Lawmaker 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 Consumer Financial...more

Ninth Circuit to Decide Key TCPA Insurance Issue

The Ninth Circuit Court of Appeals recently heard oral argument in Los Angeles Lakers, Inc. v. Federal Insurance Company, a case raising the issue of whether an exclusion for invasion of privacy claims in a directors and...more

Sixth Circuit Denies Arbitration in TCPA Class Action for Calls to Past Customers

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 contract, the U.S. Court of...more

NY Licensing Proposal Threatens New Burdens on Financial Services Providers, Reduced Credit Availability

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

Letter Warning of Lien Recordation Subject to FDCPA, Ninth Circuit Holds

A law firm's letter, warning that a lien would be recorded against a woman's home if she failed to pay her annual homeowners association fees, is not exempt from the Fair Debt Collection Practices Act (FDCPA) as an attempt to...more

OCC Addresses Concerns on Issuance of National Bank Charters to Fintech Companies

The Office of the Comptroller of the Currency (OCC) has proposed to allow financial technology (fintech) companies to apply for full or special purpose national bank charters. In advance of the proposal's January 15, 2017,...more

Tribal Sovereign Immunity Not a Bar to Payday Lending Enforcement Action, California Supreme Court Rules

In a state enforcement action alleging violations of California's lending law and seeking to enjoin continued lending to state residents, the California Supreme Court has ruled that the two tribally affiliated entities that...more

DC Circuit Hears TCPA Oral Arguments

Oral arguments were recently held before the U.S. Court of Appeals District of Columbia Circuit in a consolidated case, spearheaded by ACA International, challenging the Federal Communications Commission's (FCC) recent order...more

California Federal Court Dismisses TCPA Claims for Lack of Article III Standing

A plaintiff did not have Article III standing to assert claims under the Telephone Consumer Protection Act (TCPA) for alleged autodialed calls made to her without her consent, a California federal district court recently...more

California Federal Court Dismisses TCPA Claims for Lack of Article III Standing

A plaintiff did not have Article III standing to assert claims under the Telephone Consumer Protection Act (TCPA) for alleged autodialed calls made to her without her consent, a California federal district court recently...more

FCC Ruling Clarifies TCPA for Schools and Utilities

The Federal Communications Commission (FCC) has issued a Declaratory Ruling clarifying the application of the Telephone Consumer Protection Act (TCPA) to communications from schools and utilities. Specifically, the Ruling...more

Installment Lender Using Bank Partner Model Needs Maryland License, Court of Appeals Rules

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

Supreme Court Denies Certiorari To Review Second Circuit’s Decision in Madden v. Midland Funding, LLC

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 putative class action...more

FTC Backs FCC’s Proposed Rule on TCPA Amendments for Calls Collecting Government Debt

The Federal Trade Commission's (FTC) Bureau of Consumer Protection issued a Staff Comment on June 16, 2016, supporting several of the Federal Communication Commission's (FCC) proposed regulations implementing amendments to...more

Regulators 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 technology and its...more

Modernize TCPA, ACA International Urges in White Paper

In a new white paper, ACA International, a trade association for members of the credit and collection industry, argues that the Telephone Consumer Protection Act (TCPA) must be modernized to accurately reflect the current...more

Solicitor General/OCC Opine Madden Was Incorrectly Decided, But Recommend Denial of Supreme Court Review

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 Court should deny the...more

TCPA Under Scrutiny in Court and by Senate

The Telephone Consumer Protection Act (TCPA) and a 2015 omnibus Declaratory Ruling and Order (2015 Order) interpreting the TCPA issued by the Federal Communications Commission (FCC) have recently faced additional challenges...more

Treasury 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 white paper offers a broad...more

FCC’s Proposed Regulations Would Gut TCPA Exception for Debts Owed to or Guaranteed by U.S.

The Bipartisan Budget Act of 2015 (Act) amended the Telephone Consumer Protection Act (TCPA) to remove the prior express consent requirement for calls ''made solely to collect a debt owed to or guaranteed by the United...more

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 alternative finance industry...more

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