Richard Eckman

Richard Eckman

Pepper Hamilton LLP

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True Lender Issues Cloud the Future of Marketplace Lending

The relationship between certain peer-to-peer or marketplace lending platforms and the banks who actually make the loans to consumers leads to the often-debated question of “Who is the true lender?” Recent court decisions...more

12/10/2014 - Banks Class Action Lenders Loan Servicer Nonbank Firms Peer-to-Peer Popular Preemption Section 27 Usury

FinCEN Proposes Fifth BSA Pillar

On July 30, 2014, the Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (the Proposed Rule) to clarify and strengthen customer due diligence (CDD) requirements as a fifth pillar under the...more

8/20/2014 - Bank Secrecy Act Banks Due Diligence Financial Regulatory Reform FinCEN

One Big Misunderstanding: FDIC Clarifies that Caution on Higher-Risk Activity Is Not a Prohibition on Third-Party Payment...

On July 28, 2014, in response to growing pressure from Congress and the banking industry, the Federal Deposit Insurance Corporation (FDIC) issued Financial Institution Letter 41-2014 to clarify its supervisory approach to...more

8/6/2014 - Depository Institutions FDIC Insured Depository Institutions Third-Party Relationships TPPPs

Federal Court Agrees With Magistrate That Whether A Tribal Lender Is A For-Profit Corporation Is A Triable Issue Of Fact

On March 7, 2014, the United States District Court for the District of Nevada in Federal Trade Commission (the FTC) v. AMG Services, Inc., et al. granted a partial victory to Indian tribal payday lenders in their ongoing...more

3/12/2014 - EFTA FTC Payday Loans Predatory Lending TILA Tribal Governments Tribal Loans

The OCC’s New Stance: FDIC Insurance Required For ‘Trust-Only’ National Banks

Traditionally, the Office of the Comptroller of the Currency (OCC) did not require a national bank seeking to engage in non-depository, trust-only activities (a “trust-only bank”) to obtain Federal Deposit Insurance...more

4/23/2013 - Dodd-Frank FDIC OCC Trust-Only Banks

Update On Tribal Loans To State Residents

Native American tribes increasingly are engaging in consumer lending over the Internet. These “tribal loans” present unique legal questions and issues, including whether tribal sovereign immunity shields tribes and their...more

4/5/2013 - CFPB Class Action FTC Lenders Payday Loans SCOTUS Sovereign Immunity Tribal Governments Tribal Loans Usury

Will New U.S. Court Of Appeals Decision On ‘Recess Appointments’ Stay Dodd-Frank Powers Granted To CFPB And Vacate Certain...

Holding that recess appointments authorized by the Recess Appointments Clause of the U.S. Constitution are limited to “intersession recesses” – “the period between sessions of the Senate when the Senate is by definition not...more

3/5/2013 - Barack Obama Canning v NLRB CFPB De Facto Officer Doctrine Dodd-Frank Pro Forma Sessions Recess Appointments Richard Cordray

CFPB Issues Final Ability To Repay Rule And ‘Qualified Mortgage’ Standard

On January 10, the Consumer Financial Protection Bureau (CFPB) issued a final rule, as mandated by provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA), which requires mortgage lenders to consider...more

1/14/2013 - Ability-to-Repay Borrowers CFPB Dodd-Frank Loans Qualified Mortgage Rule Underwriting

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