Richard Eckman

Richard Eckman

Pepper Hamilton LLP

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OCC's Proposed Licensing Guidelines Treat Fintech Charters Like Any Other National Bank

A fintech company considering a national bank charter will need to consider whether committing to a multi-year business plan is feasible in an industry that is constantly evolving, and in which the ability to respond quickly...more

3/24/2017 - Banking Sector Corporate Governance Financial Services Industry FinTech Innovation National Bank Charters OCC Risk Management

Remand Decision in Madden v. Midland Funding Raises Questions Regarding Choice of Law Clauses in Consumer Loan Agreements

A careful parsing of state laws should be done if a lender is relying on a choice of law to avoid states that have criminal usury statutes. On February 27, the U.S. District Court for the Southern District of New York...more

3/8/2017 - Banking Sector Choice-of-Law Consumer Lenders Debt Collection FDCPA Interest Rates Loan Agreements Loans Madden v Midland Funding National Bank Act Preemption Remand Summary Judgment UDAAP Usury

OCC Establishes New Third-Party Risk Management Expectations, Including for Bank Relationships With Marketplace Lenders

The bulletin requires relationships between banks and marketplace lenders to be treated with the same rigor of due diligence and ongoing oversight as other relationships with third parties. On January 24, the Office of...more

2/22/2017 - Banking Sector Banks Consumer Lenders Due Diligence FDIC Financial Institutions FinTech Innovation Innovative Technology Loans Mortgages OCC Online Marketplace Lending Risk Assessment Risk Management Small Business Student Loans Technology Third-Party Relationships

[Webinar] Should Your Fintech Company Apply for an OCC Charter? - January 24th, 12:00pm EST

During this webinar, panelists will address whether a fintech company should apply, and what is involved in obtaining the proposed fintech OCC charter....more

1/9/2017 - Banking Sector Capital Requirements CFPB Financial Sector FinTech Fintech Charter Government Investigations Liquidity OCC Popular Webinars

The OCC Launches Its New FinTech Charter Initiative

Whether the long and arduous chartering process, ongoing examination and supervision requirements, substantial capital requirements and limitations on initial rapid growth will outweigh the benefits of the bank partnership...more

12/7/2016 - Banking Sector Comment Period Federal Reserve FinTech OCC Receivership Regulatory Standards Special Purpose Entities Technology

CFPB Issues Rigorous New Guidance to Financial Services Industry Regarding Sales Incentives

The compliance burdens being placed on institutions to monitor all aspects of product sales will require a substantial expansion of the types and scope of reporting that are done for product sales. On November 28, the...more

12/5/2016 - Bonuses CFPB CFPB Bulletins Financial Institutions Financial Sector Financial Services Industry Fraud Incentive Compensation Regulatory Oversight Wells Fargo

Court Rules MCA Arrangement Is a Loan Under New York's Usury Laws

On October 25, 2016, the New York Supreme Court of Westchester County issued a decision in Pearl Capital Rivis Ventures, LLC v. RDN Construction, Inc. that helps clarify the circumstances under which the provision of a...more

11/8/2016 - Advances Construction Industry Loans NY Supreme Court Terms and Conditions Usury

Federal Appeals Court Finds CFPB's Structure Unconstitutional

While certainly a big blow to the Bureau, the court’s remedy did not go as far as some CFPB opponents would have liked. In a blockbuster ruling on October 11, the U.S. Court of Appeals for the District of Columbia...more

10/13/2016 - Administrative Proceedings Article II Banking Sector CFPB Constitutional Challenges Dodd-Frank Due Process HUD Insurance Industry Kickbacks Mortgage Insurance Mortgages PHH Corp. v CFPB Popular Referral Fees Reinsurance Removal For-Cause RESPA Single Director Statute of Limitations Statutory Interpretation

New True Lender Case Provides Support for the Bank Partnership Model

The court explicitly acknowledged that making it difficult for banks to assign or sell their commercial property to the secondary market impedes good public policy. On September 20, the U.S. District Court for the...more

9/22/2016 - Banking Sector Banks Class Action Consumer Lenders Dismissals Interest Rates Loans National Bank Act Private Student Loans Usury

CashCall Case Brings More Uncertainty to the True Lender Debate

The case provides an outline of issues to consider and structures to avoid in designing bank collaboration models in the future. On August 31, in Consumer Financial Protection Bureau v. CashCall, Inc., the U.S....more

9/14/2016 - Banking Sector CashCall CFPA CFPB Consumer Financial Products Consumer Lenders Financial Institutions Home State Exception Interest Rates Internet Lenders Native American Issues Online Marketplace Lending Payday Loans Popular Tribal Loans

The Solicitor General Weighs in on Madden v. Midland

The Solicitor General’s brief argues the Second Circuit’s holding was incorrect, but does not recommend a grant of certiorari. On May 24, the U.S. Solicitor General and the Office of the Comptroller of the Currency...more

9/6/2016 - Banking Sector Consumer Lenders Financial Services Industry Interest Rates Madden v Midland Funding National Bank Act OCC Online Marketplace Lending Preemption SCOTUS Solicitor General Usury

Supreme Court's Rejection Is Not the End of the Road for Madden v. Midland Funding

Regardless of whether or not Midland’s case is successful at the district court, there are a number of reasons why the Second Circuit’s Madden decision is not as disastrous as some have portrayed it to be. On June 27,...more

7/8/2016 - Banking Sector Consumer Financial Products Consumer Lenders Debt Buyers Financial Services Industry Interest Rates Lending Club Madden v Midland Funding Online Marketplace Lending Petition for Writ of Certiorari SCOTUS Solicitor General Usury Valid When Made Doctrine

High-Cost Lending at Risk Under CFPB Proposed Rules

The proposed rule raises troubling issues regarding the impact on some traditional bank products as well as some marketplace lending products. The Consumer Financial Protection Bureau (CFPB or Bureau) released its...more

6/16/2016 - Ability-to-Repay Automotive Loans Banking Sector CFPB Consumer Financial Products Consumer Lenders Online Marketplace Lending Payday Loans Recordkeeping Requirements Title Loans

Supreme Court Decision on Madden Appears Imminent; Midland Files Supplemental Brief

The U.S. Supreme Court will likely consider whether to grant or deny certiorari in the Madden v. Midland Funding case at its June 23 conference. In addition, Midland filed a supplemental brief with the Supreme Court on June 7...more

6/15/2016 - Banking Sector Consumer Lenders Financial Services Industry Madden v Midland Funding Online Marketplace Lending Petition for Writ of Certiorari SCOTUS Solicitor General

Big News from the Supreme Court in the Madden v. Midland Funding Case

While far from certain, this development shows that the Supreme Court is interested in the case and will likely give weight to the Solicitor General’s recommendation as to whether the Second Circuit’s ruling should be...more

3/22/2016 - Consumer Lenders Financial Services Industry Madden v Midland Funding Online Marketplace Lending SCOTUS Solicitor General

Lending Club's Enhanced Relationship with WebBank Comes into Focus

Whether this new approach is accepted by other marketplace lenders who collaborate with banks to originate loans will be something to keep an eye on going forward. Lending Club filed its revised Loan Receivables and Sale...more

3/9/2016 - Consumer Lenders Financial Sector Form 8-K Madden v Midland Funding Online Marketplace Lending

Marketplace Lenders Next on the CFPB Chopping Block

The CFPB’s actions are likely the first steps in identifying consumer issues with marketplace lenders. The Consumer Financial Protection Bureau (CFPB or Bureau) is flexing its muscles once again, and this time the target...more

3/9/2016 - CFPB CFPB Bulletins Consumer Complaint System Consumer Lenders Financial Sector Online Marketplace Lending Peer-to-Peer

Lending Club Makes Big Changes in Response to Madden v. Midland

The new partnership structure will ensure WebBank is financially invested in the loans it originates, continues to have an ongoing contractual relationship with the borrower, and that the economics of the bank are tied to the...more

3/1/2016 - Banking Sector Interest Rates Loans Madden v Midland Funding Online Marketplace Lending Participation Agreements

FDIC Puts Up More Road Blocks for Marketplace Lenders

The FDIC continues to be the one regulator with the most cautious outlook regarding marketplace lending. The Federal Deposit Insurance Corporation’s (FDIC’s) February 1 issue of Supervisory Insights continues the...more

2/4/2016 - Banking Sector Consumer Lenders FDIC Online Marketplace Lending Popular Risk Management

Update on Madden v. Midland: Cert. Decision Expected Soon

The certiorari petition asks the court to address whether the National Bank Act continues to have preemptive effect after the national bank has sold or otherwise assigned a loan to another entity. In a petition for a...more

1/29/2016 - Assignees Financial Services Industry Madden v Midland Funding National Bank Act Non-Bank Lenders Online Marketplace Lending Petition for Writ of Certiorari Preemption SCOTUS Usury

It Is Not All Bad News from the Supreme Court in Campbell-Ewald v. Gomez

In a recent clash between contract principles and the mootness doctrine, contract principles won. Relying on traditional contract principles, the U.S. Supreme Court issued a 6–3 decision on January 20, holding that an...more

1/26/2016 - Campbell Ewald v Gomez Class Action Class Representatives Corporate Counsel Mootness Rule 68 SCOTUS Settlement Offer TCPA

The Telephone Consumer Protection Act Overview

The TCPA has been a source of significant class action activity in recent years as businesses seek to navigate the law and plaintiffs’ lawyers seek to exploit its many ambiguities....more

11/24/2015 - ATDS Class Action FCC Right to Privacy TCPA

FDIC Throws Water on the Marketplace Lending Phenomenon

The FDIC’s new requirements will substantially increase the costs imposed on banks that wish to purchase marketplace loans. On November 6, the Federal Deposit Insurance Corporation (FDIC) issued Financial Institution...more

11/17/2015 - Banking Sector Consumer Lenders FDIC Non-Bank Lenders Risk Management

Crowdfunding Regulations

On October 30, 2015, the Securities and Exchange Commission (SEC) adopted final crowdfunding rules. More than two years after the publication of the proposed crowdfunding rules, the SEC approved regulations that permit...more

11/4/2015 - Blue Sky Laws Broker-Dealer Capital Raising Compliance Crowdfunding Disclosure Requirements EDGAR Federal Register Financial Institutions FINRA Initial Public Offerings Investment Investors IPO JOBS Act Regulation D Reporting Requirements Rule 506 Offerings SEC Securities Act of 1933

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 Institutions HMDA Lenders Mortgage Lenders Mortgages Peer-to-Peer Real Estate Market Risk Retention Small Business Student Loans U.S. Treasury

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