News & Analysis as of

Council agrees bridge finance for single resolution fund

The Council has debated the following issues during its meeting on economic and financial affairs: - welcoming the Commission’s proposals for a CMU...more

FTC releases agenda and panelists for lead generation workshop

The FTC has released the agenda and panelists for the workshop it will be holding on October 30, 2015 in Washington, D.C. on lead generation. According to the agenda, the workshop will include case studies on how lead...more

The World Bank: Lending & Developing without Corruption

The World Bank recently assessed a project relating to the funding of power stations in South Africa. The World Bank’s initial assessment appears to have cascaded from an SEC enforcement action with respect to Hitachi Ltd....more

"The State of Asset-Based Lending"

Asset-based lending continues to be an important financing tool in today’s market, and one that provides benefits to both lenders and issuers. Lenders benefit from their collateral position and low historical loss rate in...more

Crowdfunding 101: The Four Types You Need To Know

This post was originally written by Dylan Rochon, 2015 Foley & Lardner LLP Startup Connector. The term “crowdfunding” is closely associated with websites such as Kickstarter.com and GoFundMe.com. These sites provide a...more

CFPB Reaches Out to Offshore Payday Lenders With Federal Complaint

Why it matters - The Consumer Financial Protection Bureau (CFPB) filed a new complaint against several commonly owned payday lenders, alleging that the defendants engaged in unfair, deceptive, and abusive acts and...more

Agency CMBS – the sophisticated tool for raising cheaper commercial real estate debt!

As was the case prior to the global financial crisis, the current driver for all new European CMBS deals stems from the adoption by investment banks of the originate-to-distribute business model for financing commercial real...more

FOS issues micro-enterprises review

FOS has published an insight briefing reviewing the complaints it has received from “micro-enterprises” in connection with financial services. The review examines the types of “micro-enterprise” approaching FOS and the types...more

No Longer on Hold: SBA Resumes 7(a) Lending to Small Businesses

The 7(a) lending program is back on track. Last month, President Obama signed into law a bill that would raise the SBA’s lending authorization ceiling to $23.5 billion for its flagship lending program. With the bill’s...more

Senate Interest in Small Business Loan Data Rulemaking May Significantly Impact Financial Institutions

On July 10, 2015, 19 United States senators, including Sen. Elizabeth Warren, implored the Consumer Financial Protection Bureau (CFPB) to exercise its rulemaking authority related to publicly available small business loan...more

NMLS Updates Resource Center: Encourages Public to Submit Comments on Proposed Changes; Responds to Public Comments

On July 21, the Nationwide Mortgage Licensing System (NMLS) updated its resource center to encourage the public to submit further comments – via the Conference of State Bank Supervisors – on certain proposed changes to the...more

U.S. Treasury Department Requests Information on Online Marketplace Lending

On Monday, July 20, 2015, the United States Treasury Department (UST) published a notice and request for information (RFI) in the Federal Register in order to request public comment on online marketplace lending. The RFI...more

International Sovereign Bonds Issuance in Sub-Saharan Africa

The increasing dynamism of the Sub-Saharan African economy coupled with the continent’s large financing needs have led Sub- Saharan African countries to consider alternative sources of external funding to finance their local...more

Treasury Request for Public Input on Expanding Access to Credit through Online Marketplace Lending

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

Treasury Department Seeks Information on Online Marketplace Lending

The U.S. Department of the Treasury has issued a request for information (RFI) regarding online marketplace lending. The RFI reflects the Treasury Department’s recognition that online marketplace lending “is a rapidly...more

U.S. Senators urge expedited CFPB action on small business lending data collection rules

We recently blogged about an American Banker article written by officials of three community groups that urged President Obama to publicly denounce Director Cordray for failing to issue regulations implementing the small...more

Go Online, Young Man: Goldman Sachs to Hit the Web for Online Lending Gold Rush

Why it matters - Marketplace lending has exploded onto the scene and become a multibillion-dollar industry. Hoping to capitalize on the gold rush of consumers turning to websites to borrow money, Goldman Sachs announced...more

Second Circuit Decision Could Disrupt Secondary Market for Bank-Originated Loans

A May 22, 2015 decision by the U.S. Court of Appeals for the Second Circuit appears to disturb the generally settled body of law concerning the status of non-bank investors with respect to applicable usury laws for...more

Facing Merger Challenges. In 5, 4, 3, 2, 1……

A few weeks ago, a writer for a banking magazine asked my top five challenges to a successful bank merger. That is a loaded question! The challenges to complete a merger agreement, the challenges to close the merger, and the...more

Does Director Cordray Fully Appreciate the Implications of the TRID Rule?

Statements made by CFPB Director Richard Cordray to the National Association of Realtors on May 12, 2015, suggest that the Director may not fully appreciate the implications of the TILA/RESPA Integrated Disclosure (TRID) rule...more

Orrick's Financial Industry Week in Review

EBA Final Report on Guidelines on Triggers for Use of Early Intervention Measures Under BRRD - On May 8, the European Banking Authority (EBA) published its final report (EBA/GL/2015/03) on guidelines on triggers for the...more

CFPB announces proposals for limiting activities of payday lending market participants and other lenders: 6 questions answered

The CFPB has released proposals for a future payday loan rulemaking that will have a far-reaching impact on the $46 billion payday loan industry and on other markets. Under its proposals, the CFPB is offering industry...more

The Trustee's Power to Loan

Trust agreements often give trustees the power to make loans. When and how to exercise the power should be given significant thought. Upholding the fiduciary duty owed to all beneficiaries is always a key concern. ...more

Be Global - A look ahead to key international employment law developments expected in 2015

In This Issue: - ASIA PACIFIC: - Australia: Gender Equality Reporting Update - China: Predicted Increase in Collective Bargaining - China: Compliance with 10% Cap on Dispatch Workers - Hong Kong:...more

P2P Lending Basics

Peer-to-peer, or person-to-person, lending (“P2P lending”) is a type of crowdfunding that involves the facilitation of loan originations outside of the traditional consumer banking system by connecting borrowers directly with...more

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