Lending

News & Analysis as of

Lender-to-thy-Neighbor: P2P Lending in Perspective

Closely related to the crowdfunding phenomenon has been the evolution of the peer-to-peer (P2P) lending model. As the early standard-bearers of P2P prepare to enter the public markets, the model itself is poised for greater...more

Focus: Loans To Enterprises By Insurance Companiesa: Amendments To Regulation 36/2011 Approved By IVASS

Law Decree no. 91 of 2014 added the following provision to paragraph 2 of article 114 of Legislative Decree no. 385 of 1 September 1993 (Consolidated Law on Banking or TUB): “2-bis. Italian insurance companies and Sace shall...more

Lending Club IPO Packs More than the Usual Legal Drama

The upcoming initial public offering of LendingClub Corporation will be a true “coming of age” event in the peer-to-peer lending industry. Though Lending Club and its chief rival, Prosper Marketplace, have been in business...more

HMDA, HMDA, HMDA

The Bureau has released updated Home Mortgage Disclosure Act data, updating its massive database to include 17 million records from 2013. Anyone can now go to the website and slice and dice more than 130 million records to...more

"Negligent Lending" - Is the Pendulum Swinging Back?

Following on the heels of the financial crisis, those of us who regularly represent lenders in workouts and enforcement actions have seen an uptick in so-called “negligent lending” cases – lender liability lawsuits where...more

Legal Briefs: A Periodic Summary of Judicial Decisions Affecting Accounting and Financial Services Professionals - October 2014

The New Jersey District Court recently ruled that an economic damages expert retained by plaintiffs’ counsel in a class action was not entitled to any further compensation for his work. The facts in Rothstein v. Harstad...more

Credit Crunch Digest -- September 2014

This issue of the Credit Crunch Digest focuses on the push by the Federal Reserve for the creation of a Libor alternative; additional updates on high-frequency trading lawsuits; settlements of residential mortgage backed...more

In The Cross-Hairs? Protecting Your Company Against Consumer Financial Protection Bureau Investigations and Investors' Mortgage... [Video]

Watch an in-depth webinar presented by Litigation Partner Philip R. Stein, about the Consumer Financial Protection Bureau's attempts to expand its jurisdiction and authority over consumer finance companies and financial...more

Prudential Regulators Seek Comments On Proposed CRA Questions And Answers

On September 8, the OCC, the FDIC, and the Federal Reserve Board released proposed revisions to the Interagency Questions and Answers Regarding Community Reinvestment. Specifically, the agencies propose to revise three...more

Financial Services Report - Fall 2014

In This Issue: - Beltway Report - Bureau Report - Mobile and Emerging Payments Report - Mortgage and Fair Lending Report - Operations Report - Preemption Report - Privacy...more

Equipment Finance Industry Dodges a Bullet in Important Legal Ruling

This summer, the equipment finance industry dodged a bullet in an important Minnesota Supreme Court ruling. The Court ruled that a financier of a lease could bring a breach of contract action against an equipment vendor and...more

New flexibility for repayment of Maryland DHCD Ffinancing

The Maryland Department of Housing and Community Development (DHCD) has announced a new program to help developers resolve an issue that comes up in many if not most affordable housing deals in Maryland – how will available...more

National Bank of Ukraine restricts foreign currency lending

On 29 August 2014 the National Bank of Ukraine (the NBU) imposed restrictions on lending in foreign currency for the purpose of using such foreign currency within the domestic market of Ukraine....more

Banking & Financial Services E-Note - August 2014

In This Issue: - Lawmakers Urge Fed to Clarify Emergency Lending Rules - CFPB Pushing Colleges to Be More Transparent in Bank Deals - Report Finds Reversal in Trend Toward Subprime Auto Loans - CFPB Concerned...more

Ninth Circuit Holds Plaintiffs Not Required To Plead Tender Or Ability To Tender To Support TILA Rescission Claim

On July 16, the U.S. Court of Appeals for the Ninth Circuit held that an allegation of tender or ability to tender is not required to support a TILA rescission claim. Merritt v. Countrywide Fin. Corp., No. 17678, 2014 WL...more

Diligence in Hotel Lending

The hotel industry appears to be on an uptick, which is good news for lenders. Hotel construction in May 2014 is up over 13% from the same time period in 2013. Moreover, record high occupancy rates and low supply could...more

Surprising Shakeup in Construction Lending: New Law Kisses Kessler Goodbye

On July 9, 2014, Governor Tom Corbett signed into law Act 117 of 2014 which amends the Mechanics’ Lien Law to grant lien priority to open-end mortgages over mechanics’ liens, provided that sixty percent (60%) of the proceeds...more

Louisiana Amends Consumer Lending Provisions

On June 12, Louisiana Governor Bobby Jindal signed HB 766, which requires all creditors seeking to conduct any consumer credit transaction or deferred presentment transaction to obtain a license in the state, regardless of...more

The Bureau's Pursuit of Fair Lending

By now it is a known fact that one of the most important features of an examination conducted by the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) is a rigorous review of fair lending compliance. So, given its...more

UK: Amendments to Public Lending Right Scheme

On 5 June 2014 the UK Parliament passed the Public Lending Right Scheme 1982 (Commencement of Variations) Order 2014 (“Order“), implementing its obligations under the Rental and Lending Directive. Under the Public...more

Senate Democrats Lobby CFPB On Forthcoming Payday Lending Proposal

On May 14, six Senate Democrats, including Senate Banking Committee Members Jeff Merkley (D-OR) and Elizabeth Warren (D-MA), sent a letter to CFPB Director Richard Cordray asking that the CFPB consider the proposals included...more

Does A Consumer’s Exercise of a Rescission Right Mean that the Loan Is Automatically Rescinded? Perhaps Not, According to One...

In Baker v. Bank of America, N.A., No. 5:13-CV-92-F, 2014 U.S. Dist. LEXIS 9578 (E.D.N.C. Jan. 27, 2014), the United States District Court for the Eastern District of North Carolina held that even if a consumer timely...more

CFPB Report Recaps Fair Lending Activities

On April 30, the CFPB published its second annual report to Congress on its fair lending activities. According to the report, in 2013 federal regulators referred 24 ECOA-related matters to the DOJ—6 by the CFPB—as opposed to...more

Drafting Tips: Securities Lending Authorization Agreements

Securities lending is a type of transaction in which an entity ("Lender") with a large portfolio of securities (e.g., a pension fund or endowment) lends its securities to a borrower ("Borrower") in exchange for collateral...more

New Energy Benchmarking Law for California Borrowers

In the increasingly competitive lending market, how does a lender separate itself from the herd? By informing borrowers about new mandatory disclosure regulations and potentially saving them money in complying with such...more

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