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Lawmaker Investigates Small-Business Fintech Lending

Expressing concern about potential discrimination, one federal lawmaker has decided to take a closer look at small-business financial technology lending, sending letters to several fintechs with a series of questions....more

Lawmaker seeks CFPB fair lending investigation of fintech small business lenders

by Ballard Spahr LLP on

A Democratic congressman has raised concerns about potentially discriminatory lending practices used by fintech companies that extend credit to small businesses, calling on the CFPB “to vigorously investigate whether [such...more

Algorithms and bias: What lenders need to know

by White & Case LLP on

The algorithms that power fintech may discriminate in ways that can be difficult to anticipate—and financial institutions can be held accountable even when alleged discrimination is clearly unintentional....more

Website Accessibility: Proactive Steps to Avoid ADA Claims

Plaintiffs’ law firms have recently been sending demand letters to banks of all sizes alleging that their websites violate the Americans with Disabilities Act (ADA), particularly with regard to accessibility of the websites...more

Does Your Bank's Website Violate The ADA?

by Bracewell LLP on

There has been a recent surge in claims brought by people with visual and hearing impairments alleging that company websites violate the accessibility standards of the Americans with Disabilities Act (ADA). Until now, these...more

Community Financial Institutions “Trolled” for Website Accessibility

Many financial institutions across the nation are receiving threatening letters claiming that their websites are not accessible as required by the Americans with Disabilities Act (“ADA”). The letters first went to financial...more

Bank Websites Targeted for Title III ADA Violations – 12 Ways to Comply

by Baker Donelson on

An increasing number of companies in the banking industry are reporting receiving demand letters from law firms alleging website violations under Title III of the Americans with Disabilities Act (Title III). These letters...more

Federal Website Lawsuits Top 100 As New Wave Of Demand Letters Hits Community Banks

by Seyfarth Shaw LLP on

Seyfarth Synopsis: The number of federal lawsuits alleging inaccessible websites continues to increase, along with the number of law firms filing them. Businesses need advice now on how to manage risk in this chaotic...more

OCC Hosts Forum on Responsible Innovation

by Goodwin on

On June 23, 2016, the Office of the Comptroller of the Currency (OCC) hosted a daylong forum, “Supporting Responsible Innovation in the Federal Banking System.” The purpose of the forum was to encourage a dialogue among...more

The Future Of CFPB Small Business Lending Regulation

by WilmerHale on

In this article we highlight the role played by the Consumer Financial Protection Bureau in regulating small business lending. Broadly speaking, the bureau’s jurisdiction is limited to the marketplace for consumer financial...more

ICYMI: Financial Services Risk Summit

by BakerHostetler on

On March 3, 2016, the BakerHostetler Financial Services industry team held its inaugural Financial Services Risk Summit. The speakers and panels addressed several key areas affecting the financial services sector: regulatory...more

Recent CFPB Enforcement Actions Focus on Data Security and Discriminatory Lending

by Baker Donelson on

In the past two months, consent orders were reached in two high profile enforcement actions. In February 2016, a consent order came out between the Consumer Financial Protection Bureau (CFPB), Department of Justice (DOJ) and...more

FCRA claims against CoreLogic are here to stay, for now

The alleged Fair Credit Reporting Act (FCRA) violations against CoreLogic National Background Data LLC (CoreLogic) won’t be going away. A Virginia federal court ruled that CoreLogic’s business does indeed fall under the FCRA,...more

Top 5 Legal Considerations for FinTech Advertising

The growth and expansion of FinTech service providers nationally and internationally over the last five years is reshaping the financial landscape. This evolution includes differentiation in how financial products are...more

Businesses Take Note: The FTC Assesses Big Data Practices

by Snell & Wilmer on

Businesses engaged in big data practices should be mindful of a new report issued by the Federal Trade Commission (FTC), in which the FTC serves notice of its intention to monitor areas where big data practices can violate...more

CFPB provides insight on treatment of big data

by Ballard Spahr LLP on

This will follow up on Barbara Mishkin’s January 14, 2016 blog “FTC warns use of big data may violate federal consumer protection laws.” At the American Bar Association’s Consumer Financial Services Committee meeting last...more

Use of Big Data May Violate Federal Consumer Protection Laws, FTC Report Warns

by Ballard Spahr LLP on

A new Federal Trade Commission (FTC) report, "Big Data: A Tool for Inclusion or Exclusion? Understanding the Issues," warns that certain uses of big data consisting of consumer information may implicate various federal...more

FTC Report: With Big Data Can Come Big Responsibility

by Littler on

The Federal Trade Commission (“FTC”) issued a report this month entitled, “Big Data: A Tool for Inclusion or Exclusion.”1 The theme of the report is that there are benefits and risks associated with companies’ use of big...more

UK Employment Law Forthcoming Attractions in 2016

by McDermott Will & Emery on

January - DATA PROTECTION: NEW EUROPEAN REGULATION - After four years of negotiation and lobbying, the new European General Data Protection Regulation has now been finalised. The Regulation will govern...more

Cybersecurity & Other Risks: OCC Outlines Key Examination Areas for 2016

by Reed Smith on

On December 16, 2015, the Office of the Comptroller of the Currency (OCC) issued its semiannual risk assessments for federally chartered financial institutions (the “OCC Report”). According to the Comptroller: “Strategic,...more

CFPB Bulletins 2011-2015

by Reed Smith on

As an early “holiday gift,” to help you more easily search for a particular piece of guidance from the CFPB, we’ve put together two CFPB guidance documents for your review. The first is a compilation of all nine issues of the...more

Big Data, Big Government – Big Trouble? A Hard Look at the Final HMDA Rule

by Morrison & Foerster LLP on

If all goes according to plan, financial institutions will report over 250 million data points related to mortgage loan applications and originations in 2018. If the mortgage market returns to the high volumes seen in 2005,...more

That is SO last week - October 2015

by Zelle LLP on

Last week saw a lot of media coverage about “Yelp for People.” The app, called Peeple, allows users to rate friends, co-workers, and romantic partners based on a five-star rating system. Recruiters could review the ratings...more

Financial Services Report, Fall 2015

by Morrison & Foerster LLP on

BELTWAY - Straight Out of the Seventh Circuit The Seventh Circuit recently affirmed a lower court’s ruling that the SEC cannot be sued in district court to stop it from bringing an administrative action. Bebo v. SEC, No....more

Take Care in Using Consumer Data to Drive Dynamic Pricing of E-Commerce

by BakerHostetler on

Dynamic pricing is the practice of offering different prices to consumers based on various factors designed to maximize sales and profits, which may include the retailer’s perception of the willingness of a particular...more

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