On August 19, the CFPB announced a consent order against a subsidiary of an online lending company, ordering the subsidiary to provide $700,000 in monetary relief to affected consumers. According to the CFPB, the subsidiary...more
On August 7, OCC Comptroller Thomas Curry delivered remarks at the Federal Home Loan Bank of Chicago, which was hosting a conference highlighting the future of financial services. Specifically, Curry discussed innovation in...more
The Treasury Department’s notice and request poses 14 detailed questions to gather public information concerning the role of marketplace lending in the financial services industry.
On July 16, 2015, the U.S. Department...more
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
On Wednesday, 8 July 2015, George Osborne delivered the UK Summer Budget. The first Budget of the new Conservative government (and the second Budget of 2015), the Summer Budget is wide-ranging in scope and potentially...more
The new tax announcements are designed to improve productivity and correct imbalances in the tax system.
On 8 July, UK Chancellor of the Exchequer George Osborne made a number of announcements relating to the tax system...more
Discussion and Analysis -
Golf fans were captivated by the US Open played at Chambers Bay, a public course overlooking Puget Sound in Washington state, which concluded on Sunday. The Wall Street Journal’s sports...more
Watch your back -
Market share for community and regional banks is slowly being taken away by “nontraditional” providers of financial services, whether they be peer-to-peer lending platforms or other distributors of...more
As we, and countless others, have previously written, peer-to-peer sharing services are transforming the world economy. As Tom Goodwin at Havas Media pointed out in March, the world’s largest taxi company owns no vehicles,...more
Last week, the House Small Business Committee held a hearing to discuss the rise of peer-to-peer lending and the availability of capital for small businesses. The testimony from leaders in the P2P sector provides an overview...more
This special edition of the Financial Services Law Newsletter includes a series of blog posts written by Peer-to-Peer Lending and Crowdfunding partner Brian S. Korn for the LendItUSA 2015 conference to be held April 13-15 in...more
On Tuesday 7 April 2015, a single Federal Court Judge ordered six internet service providers (ISPs) to hand over the names and identities corresponding to approximately 4,700 unique IP addresses, which have allegedly...more
Peer-to-peer lending platforms, as their name suggests, allow borrowers to use a web-based platform to borrow money funded by other platform users rather than using the more traditional route of borrowing directly from a bank...more
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
This Growth Capital Investor article references Smith Anderson attorneys Benji Jones and Merrill Mason.
A company that focuses on micro-lending for independent builders in real estate is now the first Reg A issuer to...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
A great business idea is not enough—a business needs capital to thrive. Attorneys can help their clients consider all the financing options, figure out which one(s) are the best fit, and comply with applicable laws....more
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
Amber Dolman and Robert Bishop came to Goodwin Procter in much the same way: Both started at the firm right out of law school, after having worked there as summer associates. While Bishop began in the REIT practice, he soon...more
The SEC first proposed a study of the fiduciary obligations of brokers and investment advisers as required by the Dodd-Frank Act in July 2010. The SEC still has not made a decision about the shape of a fiduciary rule for...more
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
A Guide to Real Estate Crowdfunding Today -
The idea of creating large scale syndicates to purchase real estate is a classic concept.
Large scale syndication traces its roots directly back to the 1920’s, when...more
The “sharing economy” is an e-commerce darling, making household names of companies like Airbnb and Lyft, with lesser-known businesses such as RelayRides and MoneyParking emerging daily. Also called the peer-to-peer business...more
This last year has seen an uptick in activity in the peer to peer commercial loan market in the U.S., which, broadly speaking, includes loans made by non-traditional financing sources to small businesses (“P2P Commercial...more
In This Presentation:
- Crowdfunding - SEC Rules are Out - now what?
..JOBS Act Overview
..Backdrop: Current Crowdfunding Landscape – Five* Varieties
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