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Cryptocurrency: Vermont Considers Tax, SEC Talks Enforcement

In cryptocurrency news, the Vermont legislature is considering a bill that would create a tax on digital currency transactions, while the Securities and Exchange Commission (SEC) released a statement on enforcement actions....more

Digital Finance and Marketplace Lending Year in Review

Top Five 2017 Takeaways From Manatt’s Digital Finance and Marketplace Lending Team - 2017 was a banner year for digital finance, as cryptocurrency made headlines, the SEC cracked down on ICOs, alternative lenders broadened...more

Madden Fix Legislation Moves Forward

The House Financial Services Committee, by a vote of 42 to 17, passed a bill that would affect a “Madden fix,” moving the legislation forward to the full House of Representatives for consideration....more

OCC Head Talks Changing Business Models, Madden Fix

Speaking at an industry event, Acting Comptroller of the Office of the Comptroller of the Currency (OCC) Keith Noreika discussed changing business models as well as the need for a “Madden fix.”...more

New From the CFPB: No-Action Letter, Online Aggregator Targeted

In the latest Consumer Financial Protection Bureau news, the Bureau issued its first no-action letter (of any kind), and did so to an online lending platform. It also took action against an online lead aggregator....more

Legislation Would Legalize ‘Valid When Made’ Rule

A new bill introduced by Sen. Mark Warner (D-Va.) would overrule the U.S. Court of Appeals, Second Circuit, decision in Madden v. Midland Funding and legalize the “valid when made” rule....more

OCC Offers Advice on Fintechs, Marketplace Lenders

In a new bulletin providing supplemental guidance on third-party relationships, the Office of the Comptroller of the Currency (OCC) answered frequently asked questions about the relationships between financial institutions...more

Battle Continues Over Colorado Nonbank Action

The Colorado regulator facing a lawsuit from two banks seeking to work with nonbank partners filed a motion to dismiss the case, arguing that the banks lack standing to sue and that the federal preemption defense asserted...more

Fintech Advocacy Group Reaches Out To Trump

A financial technology advocacy group has reached out to President-elect Donald J. Trump, encouraging him to create a new position at the Treasury Department to support fintech. The position that the President-elect and his...more

To Bank or Not to Bank? OCC's Fintech Charter

Following months of speculation, on December 2, 2016, the Office of the Comptroller of the Currency (OCC) announced that it will consider applications from fintech companies seeking national bank charters. A national bank...more

Growing Together: Collaboration Between Regional and Community Banks and Fintech

As the fintech revolution advances, U.S. regional and community banks stand at a critical juncture. On one side is an on-ramp to the fintech superhighway—a road that is built for great speed but has significant perils as...more

Consumer Financial Services Law - October 2016

Court to CFPB: Unconstitutional and Wrong on RESPA - The U.S. Court of Appeals for the D.C. Circuit has declared unconstitutional a core component of the structure of the Consumer Financial Protection Bureau (CFPB) and...more

FDIC on Marketplace Lending, Supervisory Appeals and Communication

The latest regulator attempting to rein in controls on the marketplace lending industry is the Federal Deposit Insurance Corp. (FDIC). Marketplace lending to consumer borrowers generally runs through state-chartered banks....more

Leveraging Government's Brief, Midland Pushes for Cert

Capitalizing on the government's position in its brief to the U.S. Supreme Court, Midland Funding filed a supplemental brief in support of its quest to have the justices overturn a Second Circuit Court of Appeals opinion...more

SCOTUS Declines Hearing Madden: Are Industry Repercussions Limited?

In a disappointing move, the Supreme Court today denied the petition by Midland Funding to hear the case Madden v. Midland Funding. But could the inaction by the Supreme Court be much ado about nothing?...more

LendingClub Hit With Class Action Over Usurious Interest

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

Justice Department Sides With Financial Industry on Madden Case

Marketplace loan investors may want to "gather ye discounted Madden loans while ye may," as the Robert Herrick poem reads (taking some fintech license, of course). In the strongest rebuke yet of the U.S. Court of Appeals...more

Treasury Issues White Paper on Marketplace Lending

On May 10, 2016, the U.S. Department of the Treasury released its highly anticipated white paper on online marketplace lending. Treasury's recommendations will likely be influential in U.S. regulation of this marketplace for...more

California DBO Reports on Marketplace Lending Inquiry

The results are in from the California Department of Business Oversight's (DBO) investigation into online marketplace lending....more

Federal Trade Commission to Consider FinTech

The Federal Trade Commission is joining the FinTech party, announcing a series of events to explore emerging financial technology....more

UPDATE: Supreme Court Asks Solicitor General to Weigh In on Madden Case

The Supreme Court released the results of its March 18 status conference in the Madden v. Midland case. The Court determined that it would like to see a brief from the U.S. Solicitor General (SG). The SG is the official...more

Madden Tells SCOTUS That Marketplace Lenders Should Not Worry About Madden

As the Marketplace Lending (MPL) industry gears up for the upcoming conference trifecta – ABS Vegas, AltFi Europe and LendIt USA 2016, the effect of the Midland Funding, LLC et al. v. Saliha Madden case and its pending appeal...more

FDIC Dips Its Toes Into Marketplace Lending

Why it matters - In the Winter 2015 edition of the Federal Deposit Insurance Corporation's (FDIC) Supervisory Insights, the agency provided an overview of the marketplace lending model, "a small but growing component of...more

Online Marketplace Lending on Review by California Regulator

Why it matters - Demonstrating the continuing regulatory interest in online lenders, the California Department of Business Oversight (DBO) announced an inquiry into the marketplace lending industry. While the agency...more

Marketplace Lending and San Bernardino

Reports show that the San Bernardino shooter took out an online marketplace loan a few weeks prior to the attacks. Despite the terrorists resorting to marketplace lending, I do not believe there is anything that could have...more

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