Stablecoins Launch in US as New Data Cites Drop in ICO Funding - On Monday, Sept. 10, 2018, the New York Department of Financial Services (DFS) announced that it has authorized both Paxos Trust Company LLC and Gemini Trust...more
Blockchain Investment Continues Across Private and Public Sectors - The International Data Corporation (IDC) has published its update to the Worldwide Semiannual Blockchain Spending Guide, which estimates that worldwide...more
On July 31, 2018, the Office of the Comptroller of the Currency (OCC) announced that it will begin accepting applications for special purpose national bank charters from financial technology companies. This “fintech charter”...more
Last month, the Ninth Circuit vacated the certification of a nationwide class for settlement in the In re Hyundai & Kia Fuel Economy Litigation, No. 15-56014, 881 F.3d 679 (9th Cir. Jan. 23, 2018). The Ninth Circuit concluded...more
On July 19, 2017, the Consumer Financial Protection Bureau (CFPB) published the final Arbitration Agreements Rule (the rule) that would impact the way claims involving consumer financial products and services are handled in...more
On July 5, 2017, the Federal Trade Commission (FTC) entered into a stipulated order to memorialize a settlement with a lead-generation business, Blue Global LLC, and its CEO (Blue Global), in the U.S. District Court for the...more
Welcome to the 2016 Year-End Report from BakerHostetler’s Financial Services Industry Team. We are pleased to share our analysis of some of the key legal developments in the financial services industry in the past year and...more
For years, certain lenders have agreed to fund all or part of a party’s litigation costs, usually in exchange for an agreed share of any recovered proceeds, as part of a practice called “third-party litigation funding.” This...more
On September 26, 2016, the Consumer Financial Protection Bureau (CFPB) entered into a consent order with one of the country’s largest auto title lenders, TMX Finance LLC, the parent company of TitleMax. The CFPB took action...more
On July 28, 2016, the Consumer Financial Protection Bureau (“CFPB”) and Director Richard Cordray announced at a field hearing in Sacramento, California the CFPB’s proposals to overhaul the $13.7 billion dollar debt collection...more
On May 5, 2016, the Consumer Financial Protection Bureau (CFPB) announced the issuance of a Notice of Proposed Rulemaking (NPRM) soliciting comments on a proposed rule to prohibit covered institutions from including, in most...more
On March 22, 2016, in Hawkins v. Community Bank of Raymore, No. 14–520, the United States Supreme Court upheld the Eighth Circuit’s decision that spousal guarantors could not bring a discrimination claim against creditors...more
On Wednesday, March 16, 2016, the House Financial Services Committee hosted the Consumer Financial Protection Bureau’s (“CFPB”) Director Richard Cordray for a hearing on “The Semi-Annual Report of the Bureau of Consumer...more
On January 7, 2016, the Consumer Financial Protection Bureau (CFPB) issued a request for information (RFI) seeking feedback and additional information on what modifications may be appropriate to the CFPB’s Home Mortage...more
On Friday, November 20, the Consumer Financial Protection Bureau (CFPB) announced it will consider writing new marketwide federal standards for student loan servicers. This marks the first time that the CFPB’s rulemaking...more
On Monday, November 23, the CFPB released a new Compliance Bulletin to remind financial entities of their requirements when obtaining consumer authorizations for preauthorized electronic fund transfers (EFT). Mortgage...more
On Friday, the Sixth Circuit declared that a debtor who provides a cellphone number to a creditor has consented to receiving calls, and the creditor does not violate the Telephone Consumer Protection Act (“TCPA”), 47 U.S.C. §...more