Richard Eckman

Richard Eckman

Pepper Hamilton LLP

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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

FDIC Proposes More Hurdles for Bank Partners of Marketplace Lenders

The FDIC is proposing guidance that will affect marketplace lenders and their banking partners. On July 29, 2016, the FDIC issued FIL-50-2016, which seeks comment on proposed Guidance for Third-Party Lending for...more

8/8/2016 - Banking Sector Banks BSA/AML Comment Period Consumer Financial Products Consumer Lenders Contract Drafting Contract Terms Fair Lending FDIC Online Marketplace Lending Payday Loans Risk Management Third Party Lenders

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

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

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