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
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
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
5/16/2016
/ Community Development Entities ,
Consumer Lenders ,
Financial Institutions ,
Financial Services Industry ,
Loans ,
Online Marketplace Lending ,
Peer-to-Peer ,
Request For Information ,
Small Business ,
Transparency ,
U.S. Treasury
Last Thursday, I had the pleasure of teaching a class on payments and banking products to new lawyers at the American Bar Association’s Consumer Financial Services Institute. I arrived early for the class and got to hear a...more
10/13/2015
/ Affordable Housing ,
Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Disparate Impact ,
Dodd-Frank ,
ECOA ,
Fair Housing Act (FHA) ,
Fair Lending ,
Financial Institutions ,
Gender Discrimination ,
HMDA ,
Industry Examinations ,
LGBTQ ,
Loans ,
Mortgages ,
Sex Discrimination ,
Sexual Orientation Discrimination ,
Small Business ,
Texas Dept of Housing v Inclusive Communities
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
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
A California federal court recently ruled that a lender violated the Electronic Fund Transfer Act (EFTA) prohibition on “condition[ing] the extension of credit” on a borrower’s repayment “by means of preauthorized electronic...more
The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) have carried out their threats in their proposed guidance to kill deposit advance loans. On November 21, 2013, the two...more
The Pew Charitable Trusts has released the third report in its “Payday Lending in America” series. The new report makes policy recommendations that are intended to apply to all small-dollar consumer cash loans (other than...more
Significant changes to Pennsylvania banking laws will take effect on December 24, 2012, as a result of three bills, known as the “Banking Law Modernization Package,” signed into law by Governor Tom Corbett....more