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OCC moves to dismiss NYDFS lawsuit challenging special purpose national bank charter for fintech companies

The Office of the Comptroller of the Currency (OCC) has filed a motion to dismiss the lawsuit filed by the New York Department of Financial Services (DFS) challenging the OCC’s authority to grant special purpose national bank...more

Alleged FCRA Violation Sufficiently Concrete for Article III Standing, Ninth Circuit Holds in Spokeo II

On remand from the U.S. Supreme Court, the U.S. Court of Appeals for the Ninth Circuit has held in Spokeo v. Robins that an alleged Fair Credit Reporting Act (FCRA) violation was sufficiently concrete to support Article III...more

California Supreme Court to Decide Key Finance Lender Law Usury and Unconscionability Issue

Although the California Finance Lenders Law (the CFLL) does not limit the interest rates that may be charged on loans of $2,500 or more, Section 22302 of the law expressly states that loans made under the CFLL may be held...more

California Department of Business Oversight wins award for process improvements

On July 28, 2017, California Governor Jerry Brown’s Office of Business and Economic Development recognized the California Department of Business Oversight for a successful Lean Six Sigma project that dramatically reduced the...more

Fed study finds expanded credit access resulting from fintech lending

A new research paper released by the Federal Reserve Bank of Philadelphia found that fintech lending has expanded consumers’ ability to access credit. The paper, “Fintech Lending: Financial Inclusion, Risk Pricing, and...more

OCC files renewed motion to dismiss state regulators’ challenge to fintech company special purpose national bank charter proposal

The Office of the Comptroller of the Currency (OCC) has filed a renewed motion to dismiss the lawsuit filed by the Conference of State Bank Supervisors (CSBS) in D.C. federal district court challenging the OCC’s authority to...more

Senate bill introduced to override Madden decision

Democratic Senator Mark Warner has introduced a bill, S.1642, that would override the Second Circuit’s decision in Madden v. Midland Funding. (In Madden, the Second Circuit ruled that a nonbank that purchases loans from a...more

Acting Comptroller Noreika confirms continued OCC interest in SPNB charter proposal for fintech companies; our thoughts on the...

Acting Comptroller of the Currency Keith Noreika, in remarks on July 19 to the Exchequer Club, confirmed that the OCC is continuing to consider its proposal to allow financial technology (fintech) companies to apply for a...more

CFPB extends comment period for small business lending RFI

In a notice published in today’s Federal Register, the CFPB announced that it has extended the comment period on its small business lending RFI until September 14, 2017....more

CFPB issues final rule prohibiting class action waivers in consumer arbitration agreements

The CFPB announced yesterday that it has issued a final rule that prohibits covered providers of certain consumer financial products and services from using an agreement with a consumer that provides for arbitration of any...more

CFPB Issues Final Rule Prohibiting Class Action Waivers in Consumer Arbitration Agreements

The Consumer Financial Protection Bureau (CFPB) yesterday announced that it has issued a final rule that prohibits covered providers of certain consumer financial products and services from using an agreement with a consumer...more

Second Circuit Holds That TCPA Does Not Permit Unilateral Revocation of Consent Obtained Contractually

The U.S. Court of Appeals for the Second Circuit recently held, in Reyes v. Lincoln Automotive Financial Services, that the Telephone Consumer Protection Act (TCPA) "does not permit a consumer to revoke its consent to be...more

House member launches fintech lending investigation

Congressman Emanuel Cleaver, II announced last week that he had launched an investigation into small business financial technology (fintech) lending by sending a letter to the CEOs of several fintech small business lenders. ...more

OCC Office of Innovation to host July office hours in NYC

The OCC announced that its Office of Innovation will host office hours for national banks, federal savings associations, and financial technology (fintech) companies from July 24 through July 26, 2017 at the OCC’s district...more

New OCC FAQs on third-party relationships highlight bank arrangements with fintech companies and marketplace lenders

The Office of the Comptroller of the Currency has issued a new bulletin (2017-21) containing fourteen frequently asked questions to supplement OCC Bulletin 2013-29 entitled “Third-Party Relationships: Risk Management...more

Vermont Enacts Loan Solicitation License, Amends Other Financial Regulation Licensing Provisions

Entities engaged in the business of loan solicitation are now required to be licensed with the Vermont Department of Financial Regulation following the recent enactment of Act 22. Loan comparison websites, lead generators,...more

Key California Bank Regulator Retires

Tom Dresslar, the Deputy Commissioner for Policy and Planning at the California Department of Business Oversight, California’s state bank regulator, has retired. Mr. Dresslar joined the DBO in late 2014 after a long career...more

New York DFS files lawsuit challenging OCC special purpose national bank charter for fintech companies

The New York Department of Financial Supervision (DFS) has filed a complaint in a New York federal district court to stop the Office of the Comptroller of the Currency (OCC) from implementing its proposal to issue special...more

FDIC announces settlement with bank and non-bank affiliated parties

The FDIC announced last week that it had entered into settlements with Bank of Lake Mills and two non-bank “institution-affiliated parties” through which the bank originated loans for allegedly engaging in unfair and...more

CFPB conducts small business field hearing and issues related white paper and request for information

Yesterday, I attended the CFPB’s field hearing in Los Angeles on small business lending. In connection with the hearing, the CFPB issued a white paper entitled “Key dimensions of the small business lending landscape,”...more

Colorado regulator moves to dismiss complaints in bank-model dispute

The Administrator of the Uniform Consumer Credit Code for the State of Colorado, Julie Ann Meade, has filed motions to dismiss the complaints filed in federal court by two state-chartered banks seeking to permanently enjoin...more

State regulators file lawsuit challenging OCC special purpose national bank charter for fintech companies

The Conference of State Bank Supervisors has filed a complaint in D.C. federal district court to stop the Office of the Comptroller of the Currency (OCC) from implementing its proposal to issue special purpose national bank...more

CFPB to hold May 10 field hearing on small business lending

The CFPB will hold a field hearing on small business lending in Los Angeles, CA on May 10, 2017. The announcement, which took the form of a posting on the events page of the CFPB’s website, contains only the usual statement...more

Announcement of new reporting tool for money service businesses by state regulators highlights fintech companies

The Conference of State Bank Supervisors issued a press release this week in which it announced the April 1 release of a new tool within the Nationwide Multistate Licensing System (NMLS) to streamline reporting by money...more

Two Banks Fight Back Against Colorado Regulator in Bank-Model Dispute

Two state-chartered banks, WebBank and Cross River Bank, recently filed complaints for declaratory judgment and injunctive relief against the Administrator of the Uniform Consumer Credit Code for the State of Colorado, Julie...more

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