Consumer Finance Monitor Podcast Episode: Why do Fintechs Want to Become Banks?
How to estimate how your performance will look under the new CRA
Reg. CC-Funds Availability, it ’s a good time to revisit the hold provisions and timing for Reg. CC.
Bank Investigations and Enforcement Actions: Lessons Learned — The Consumer Finance Podcast
Consumer Finance Monitor Podcast Episode: What is FedNow and its Role in the U.S. Payments System?
How Voice AI and Machine Learning Redefine Call Center Controls - The Consumer Finance Podcast
5 Key Takeaways | Risks Facing Banks Today
JONES DAY TALKS®: Preparing for FRTB: What Banks Should Know
Commercial Financing Regulatory Developments - The Consumer Finance Podcast
An Inside Look as a Juror - FCRA Focus Podcast
Banking Regulations in a Crypto World - The Crypto Exchange Podcast
Video: Introduction A Deep Dive into DeFi Decentralized Finance
Takeaways for Banks from the CFPB’s Recent Consent Order on Garnishment Orders
Blazing a Trail: When Will Federal Banking Regulations Catch Up with Oklahoma's Booming Cannabis Industry?
Kidon IP War Stories - David Cohen & John Geiringer
Integrity Matters: AML Trends for 2022
BSA, OFAC, KYC, and CIP – What do they mean to me? [More with McGlinchey, Ep. 29]
Credit Eco to Go Podcast: Cannabis Banking… From the Inside
Credit Eco To Go Podcast: “You are either in front of the dragon, or behind the dragon”
De Novos During the Time of COVID-19
Late last month, Councilmember Kenyan R. McDuffie introduced B 25-0609, entitled the Protecting Affordable Loans Amendment Act of 2023, that proposes to opt the District of Columbia out of sections 521-523 of the Depository...more
As discussed here, in April 2023, Colorado introduced HB 1229 that proposed to limit certain charges on consumer loans and simultaneously opt Colorado out of sections 521-523 of the Depository Institutions Deregulation and...more
In December, the State of Iowa and the Iowa Division of Banking entered into an Assurance of Discontinuance (“AOD”) with Transportation Alliance Bank, Inc. (the “Bank”) settling claims that the Bank charged usurious rates of...more
On June 1, 2022, plaintiff Kristen Michael filed a class action lawsuit against FinTech lender Opportunity Financial, LLC (“OppFi”) on behalf of herself and a putative class alleging, inter alia, that OppFi loans money at an...more
This survey summarizes several recent developments affecting bank deposits and payment systems. These include payments-related consent orders and enforcement actions by the Consumer Financial Protection Bureau (“CFPB”) and...more
Bank partnerships allow banks to offer loans to consumers and businesses by leveraging the resources of non-bank entities. The relationships between banks and their non-bank entity partners have existed for many years. In the...more
Bank partnership lending programs have existed for years and have played a significant role in the growth of the online lending industry and the fintech sector. In a bank partnership lending program, a non-bank partner...more
A watershed moment is “the exact moment that changes the direction of an activity or situation . . . a dividing point, from which things will never be the same.” The Second Circuit Court of Appeals’ 2015 decision in Madden v....more
In February 2019, the CFPB released the highly anticipated revamp of its Payday Rule, reinforcing its more lenient attitude towards payday lenders. In light of the Bureau’s softer touch, as well as similar developments at the...more
While tossing certain claims brought by Pennsylvania’s attorney general, a federal judge denied part of a motion to dismiss brought by online short-term lenders in an action accusing them of “renting” Native American tribes...more
On Monday, a federal district court in the Southern District of New York granted a motion to compel arbitration in Bethune v. Lending Club Corporation, et al., a closely watched putative class action raising important issues...more
Financial Industry Developments - Rejecting "True Lender" Arguments, California District Court Dismisses Claims Against Student Loan Servicers - This past Thursday, September 22, a federal district court in the...more
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
The Maryland Court of Appeals, the state's highest court, in CashCall, Inc. et al. v. Maryland Commissioner of Financial Regulation, recently affirmed the judgment of the Court of Special Appeals (MCSA) directing CashCall to...more
Regulatory Developments - CFPB Proposed Rule to Limit Payday Lending and Other High Cost Loans - On June 2, the Consumer Financial Protection Bureau (CFPB) proposed a rule designed to limit payday loans, auto title...more
A New York resident, Ronald Bethune, accused LendingClub Corporation of violating the state's usury laws by charging him 29.97 percent interest on his loan—roughly twice the 16 percent limit under New York law and high enough...more
On August 20, 2015, the Consumer Financial Protection Bureau (“CFPB”) and the New York superintendent of financial services jointly sued Pension Funding, LLC; Pension Income, LLC; and individuals Steven Covey, Edwin Lichtig,...more
On August 12, 2015, the United States Court of Appeals for the Second Circuit denied Midland Funding, LLC and Midland Credit Management (collectively, “Midland”)’s petition for panel rehearing, or, in the alternative,...more
On July 20, the Department of the Treasury published a Notice and Request for Information (“RFI”) seeking comment on various aspects of online marketplace lending, including – - the business models and products offered...more
Third party debt buyers may face increased threat of state-law class action lawsuits after a recent Second Circuit ruling prohibiting such debt buyers from invoking federal preemption defenses under the National Bank Act to...more
Why it matters - In a potentially troubling ruling, the Second Circuit Court of Appeals refused to find the National Bank Act (NBA) preempted state law usury claims against an assignee of a national bank. In a putative...more
The Second Circuit recently issued a National Bank Act preemption decision with significant implications for purchasers of loans and other debt from national banks. See Madden v. Midland Funding, LLC, --- F.3d ---, 2015 WL...more
The relationship between certain peer-to-peer or marketplace lending platforms and the banks who actually make the loans to consumers leads to the often-debated question of “Who is the true lender?” Recent court decisions...more