General Business Finance & Banking Communications & Media

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CFPB enters into consent order with auto title lender

The CFPB announced that it has entered into a consent order with TMX Finance, LLC to settle allegations that the company did not provide sufficient information to consumers about the terms of auto title loans, pawns or...more

CFPB announces enforcement actions against auto title lenders

The CFPB announced that it has filed administrative enforcement actions against five Arizona auto title lenders for alleged violations of Truth in Lending Act advertising requirements. According to the CFPB, the lenders...more

Orrick's Financial Industry Week in Review

Financial Industry Developments - OCC Discusses Marketplace Lending - On September 13, 2016, Comptroller of the Currency Thomas J. Curry discussed marketplace lending's risks and associated policy questions. He...more

Claim For Fraudulent Wire Transfer Under Commercial Crime Policy Found to be Covered, Although Denial Not In Bad Faith

Principle Solutions Group, LLC, an information technology company, lost $1.717 million when it became the victim of a fraud scheme for which it sought coverage under the terms of a commercial crime policy issued by Ironshore...more

Your daily dose of financial news - The Brief – 9.8.16

In a move anticipated over the past year or so, Caliber Home Loans—with PE Lone Star Funds’ backing—is making more loans to “borrowers with spotty credit histories.” A euphemism for subprime, by the way. That targeting has...more

FinTech Flash: Marketplace Lending Bank Partner as True Lender

In our last FinTech Flash we covered the pros and cons of marketplace lending platform companies entering into bank partnerships. If the arrangement is structured properly, two significant advantages result...more

Second Circuit: Placing Order Online Did Not Bind Customer to Amazon’s Arbitration Provision

In an important decision underscoring the challenges faced by retailers and others in enforcing online arbitration agreements with their customers, the U.S. Court of Appeals for the Second Circuit has reversed a district...more

Your daily dose of financial news - The Brief – 8.26.16

Plaintiffs in the Forex MDL currently in NY federal court argued this week to Judge Lorna Schofield that the 2d Circuit’s recent ruling dismissing some plaintiffs in an aluminium price fixing suit did not apply to rob them of...more

Your daily dose of financial news - The Brief – 8.17.16

Billionaire hedge-fund manager Steven Cohen (he, formerly of SAC Capital Advisors) has agreed to be barred from commodities trading until 2018 under the terms of a settlement announced by the CFTC yesterday....more

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

Your daily dose of financial news - The Brief – 8.4.16

As foreshadowed a few weeks ago, the Bank of England has cut its main interest rate to an historically low .25 percent in an effort to address the impact of June’s Brexit vote. The BOE will start bond buying in September....more

Your daily dose of financial news - The Brief – 8.1.16

And just like that, Uber’s ride-hailing war in China is over (for now, at least). Uber has agreed to sell Uber China to rival Didi Chuxing [though maintaining a 20% stake in the new company], creating a new company worth an...more

CFPB July 2016 complaint report highlights credit card complaints, complaints from Washington consumers

CFPB has issued its July 2016 complaint report which highlights complaints about credit cards and complaints from consumers in Washington and the Seattle metro area. The CFPB began taking credit card complaints on July 21,...more

Your daily dose of financial news - The Brief – 7.25.16

The bids are all in, and Verizon’s the big winner. Well, both “big” and “winner” are relative, especially with news of a brutal Q2 for Marissa Mayer and her crew, but nevertheless, Yahoo’s core business is now Verizon’s in...more

Learning from Venmo’s Compliance Issues: How to Avoid Inadequate Privacy Disclosures

PayPal, the company responsible for the popular mobile payments app, Venmo, recently agreed to voluntarily bolster its privacy and security disclosures—and pay a $175,000 penalty—in response to an enforcement action brought...more

Secondary Trading in Regulation A+ Securities; $4.4 Million Committed by Investors Under Regulation Crowdfunding

In connection with the SEC meeting of the Advisory Committee on Small and Emerging Companies, the SEC posted a presentation which deals in part on secondary trading of Regulation A+ securities. Among other things, it includes...more

Your daily dose of financial news - The Brief – 7.19.16

The Carlyle Group is staring down the barrel of a $1 billion civil lawsuit by the failed Carlyle Capital Corp.’s liquidators over the 2008 collapse of the mortgage-bond fund. The trial’s taking place in Guernsey, a British...more

Pennsylvania Enacts Tax Bill as Part of Budget Package

Pennsylvania has enacted tax law changes projected to generate $752M in new revenue. The changes include severe restrictions on the vendor sales tax discount for timely filing, imposition of sales tax on digital downloads and...more

Your daily dose of financial news - The Brief – 7.13.16

On Tuesday, the SEC announced that Citigroup would pay $7 million and admit that it submitted “inaccurate trade data” to the Commission over a period of 15 years in order to resolve claims that it left out “thousands of...more

Internet Service a Utility in Bankruptcy? It Might Be Now.

One of the many fascinating things about restructuring work is its willingness to evolve by borrowing from other areas of the law. Just as business practices change, new financing techniques evolve, and transactions become...more

Fix Crowdfunding Act and Venture Capital Bill Pass House

The Fix Crowdfunding Act (H.R. 4855) passed the House of Representatives by a vote of 394 to 4. It doesn’t look much like the original bill we reported on here. As passed by the House, the bill allows special purpose...more

CFPB June 2016 complaint report highlights consumer loan complaints, complaints from Arkansas consumers

The CFPB has issued its June 2016 complaint report which highlights complaints about consumer loans and complaints from consumers in Arkansas and the Little Rock metro area. The CFPB began taking consumer loan complaints in...more

Court Rejects Regulation A+ Challenge

The States of Montana and Massachusetts had previously challenged Regulation A+’s preemption of state securities registration and qualification requirements in Tier-2 offerings. The United States Court of Appeals for the...more

Final MNvest Rules Adopted

On June 13, the final administrative rules implementing the MNvest intra-state crowdfunding exemption were adopted. The MNvest Rules were first proposed back in November of 2015. Yesterday's publication in the Minnesota...more

UK Financial Regulatory Developments - June 2016 #6

Up next from FCA - The latest edition of FCA’s Policy Development Update provides information and links to publications issued since the last edition, recent Handbook developments and an updated timetable for forthcoming...more

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