The decision last week of the U.S. Court of Appeals for the D.C. Circuit ruling on petitions seeking review of the Federal Communications Commission’s (the “FCC”) 2015 Declaratory Ruling and Order (the “2015 Ruling”)...more
Identical bills have been introduced in the New York Assembly (A08938) and Senate (S07294) that would direct the New York Department of Financial Services (DFS) to issue a report on online lending by July 1, 2018....more
A California law that prohibits merchants from imposing a surcharge on credit card purchases violates the First Amendment of the U.S. Constitution, a unanimous panel of the U.S. Court of Appeals for the Ninth Circuit has...more
1/9/2018
/ Appeals ,
Constitutional Challenges ,
Credit Card Surcharges ,
Credit Cards ,
Debit and Credit Card Transactions ,
Expressions Hair Design v Schneiderman ,
Financial Services Industry ,
First Amendment ,
Free Speech ,
Merchants ,
Retail Market ,
Retailers ,
Summary Judgment
A bipartisan group of five House members introduced a bill (H.R. 4439) last month that is intended to address the so-called “true lender” issue, which creates risk with respect to some loans made by banks with substantial...more
Businesses that have not already done so should consult with counsel regarding "consent to be called" provisions in their consumer contracts in the wake of the decision by the U.S. Court of Appeals for the Second Circuit...more
Last week, the OCC announced that it had issued a full service national bank charter to Winter Park National Bank of Florida.
Acting Comptroller of the Currency Keith Noreika released a statement in which he stated that...more
In remarks last week at Georgetown University’s Institute of International Economic Law’s Fintech Week event, Acting OCC Comptroller Keith Noreika provided the “latest on our thinking regarding a charter for fintech companies...more
Earlier this month, the Pennsylvania Department of Banking and Securities issued a letter to “all persons engaged in activity regulated or licensed by the [Department] regardless of the means of delivery of such regulated...more
The Conference of State Bank Supervisors has released a list of 33 companies that will serve as members of its Fintech Industry Advisory Panel.
According to the CSBS, the Advisory Panel’s purpose is “to support state...more
10/20/2017
/ Advisory Committee ,
Banking Sector ,
CSBS ,
Financial Services Industry ,
FinTech ,
National Bank Charters ,
NYDFS ,
OCC ,
Regulatory Oversight ,
Special Purpose National Bank Charter ,
Technology Sector
In Madden, the Second Circuit ruled that a nonbank that purchases loans from a national bank could not charge the same rate of interest on the loan that Section 85 of the National Bank Act allows the national bank to charge. ...more
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
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
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
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
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
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
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
8/1/2017
/ Banking Sector ,
Consumer Lenders ,
Debt Buyers ,
Debt Collection ,
Interest Rates ,
Madden v Midland Funding ,
National Bank Act ,
OCC ,
Proposed Legislation ,
True Lender ,
Valid When Made Doctrine
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
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
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
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
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
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
6/27/2017
/ Anti-Discrimination Policies ,
Arbitration Agreements ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
ECOA ,
Financial CHOICE Act ,
Financial Services Industry ,
FinTech ,
Investigations ,
Lenders ,
Popular ,
Small Business
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
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