Richard Eckman

Richard Eckman

Pepper Hamilton LLP

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Treasury Department Starts the Regulatory Ball Rolling for Marketplace Lenders

The Treasury Department’s notice and request poses 14 detailed questions to gather public information concerning the role of marketplace lending in the financial services industry. On July 16, 2015, the U.S. Department...more

7/27/2015 - Consumer Lenders Financial Services Industry HMDA Lenders Mortgage Lenders Mortgages Peer-to-Peer Real Estate Market Risk Retention Small Business Student Loans U.S. Treasury

Valid at Inception Rule Shot Down by the Second Circuit

Marketplace lenders and investors that purchase interests in loans originated by banks should pay close attention as it could spawn a host of class action lawsuits if left standing. In a controversial opinion decided on...more

6/25/2015 - Bank of America Class Action Credit Cards Debt Buyers FDCPA FDIC Financial Institutions Financial Markets Interest Rates Investors Lenders Loans Midland Funding National Bank Act Non-Bank Lenders Preemption Usury

Is Your Financial Institution the Next Target of a Cyber-Attack? [Video]

Not worried about cybersecurity at your financial institution? Then you are in the minority. Cyber-risk was identified as the number one worry of bank risk managers at a panel of bank chief risk officers at the American...more

6/25/2015 - Banking Sector Cyber Attacks Cybersecurity Financial Institutions Risk Assessment Risk Management Webinar

Is Your Financial Institution the Next Target of a Cyber-Attack?

In This Presentation: - Regulatory expectations for financial institutions - Risks for financial institutions - Planning to reduce risks - The Breach - Duties and responsibilities -...more

6/23/2015 - Banking Sector Cyber Attacks Cybersecurity Data Breach Enforcement FFIEC Financial Institutions Regulatory Agencies Regulatory Oversight Risk Assessment Security and Privacy Controls Strategic Planning

CFPB Using its Enforcement Powers Yet Again for UDAAP Violations, This Time Against PayPal

Even after the PayPal settlement, the definition of “abusive” remains as subjective and fact specific as ever. On May 19, PayPal agreed to a $25 million settlement with the Consumer Financial Protection Bureau (CFPB or...more

6/18/2015 - Abusive Acts CFPB Civil Penalty Fund Deceptive Intent Dodd-Frank Failure To Disclose PayPal Redress Payments Sprint Telecommunications UDAAP

CFPB Proposals for Small-Dollar Loans: An Attempt to Kill an Industry?

On March 26, the Consumer Financial Protection Bureau (CFPB or Bureau) announced several proposals to regulate short-term and longer-term consumer loans. According to the Bureau, the proposals will likely have the effect of...more

4/10/2015 - CFPB Consumer Financial Products Consumer Lenders Debt Collectors Payday Loans Proposed Regulation SBREFA Title Loans UDAAP

CFPB to Publicly Disclose Consumer Complaint Database Narratives

On March 19, the Consumer Financial Protection Bureau (CFPB or Bureau) adopted a proposal to publicly disclose consumer complaint narratives in its Consumer Complaint Database. The Bureau also published its final policy...more

3/31/2015 - CFPB Consumer Complaint System Consumer Financial Products Popular Public Disclosure

CFPB Request for Information Targets Credit Card Debt Collection and Ability to Repay

The Consumer Financial Protection Bureau (CFPB or Bureau) announced on March 17 that it is seeking public comment, via a Request for Information, ahead of a second study on the credit card market. With this request, the...more

3/25/2015 - Banking Sector CARD Act CFPB Credit Card Agreements Credit Cards Public Comment

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 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

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 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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