Bank transaction activity has picked up as small and midsize banks look to adjust their business models to the digital economy. Some fintech companies have chosen to acquire or form their own banks. The clash between the new...more
2/24/2020
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What progress has the Conference of State Bank Supervisors (CSBS) made in implementing the 2019 recommendations of the Fintech Industry Advisory Panel (the “Advisory Panel”) related to Vision 2020, its bold approach to...more
As expected, the Office of the Comptroller of the Currency (OCC) has requested a federal appeals court to reverse a decision by a lower court denying the OCC’s motion to dismiss a lawsuit challenging its plans to issue...more
Taking a break after eight brisk years of regulatory and litigious turbulence, the world of fintech and marketplace lending in 2019 was notable for being more business as usual, or what some might call a “ho hum” year of...more
PayPal, Inc., filed suit against the Consumer Financial Protection Bureau (CFPB) recently, challenging the Prepaid Accounts Under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z)...more
In a welcome development for fintechs, lenders and investors, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) separately have proposed regulations to address the...more
In Madden v. Midland Funding, LLC, the Second Circuit refused to rule that the National Bank Act (NBA) pre-empted state law usury claims against an assignee of a national bank....more
Led by New York Attorney General Letitia James, a group of eight state AGs filed suit against the Securities and Exchange Commission (SEC), challenging the agency’s recently enacted Regulation BI (Best Interest)....more
Siding with six consumers who filed suit asserting violations of state usury laws against online lenders, the U.S. Court of Appeals for the Eleventh Circuit has affirmed a decision by the U.S. District Court for the Southern...more
The newly formed House Financial Services Committee’s Task Force on Financial Technology (Committee) recently held its first hearing, and it included some interesting perspectives from both U.S. and U.K. regulators....more
In a White House news conference Monday, July 15, Treasury Secretary Steven Mnuchin expressed serious concerns about cryptocurrency and digital investments and raised national security implications of large technology...more
On June 12, 2019, three holders of credit cards issued by a national bank brought a putative class action in the Eastern District of New York directly attacking the bank’s securitization of its credit card receivables based...more
By a 3-to-1 vote, the Securities and Exchange Commission (SEC) adopted a rulemaking package concerning investment adviser and broker-dealer standards of conduct....more
A recently released report from the Office of the Comptroller of the Currency (OCC) identified key areas of risk that pose a threat to the safety and soundness of the federal banking system....more
In a surprising decision, a New York federal district court not only refused to dismiss the New York Department of Financial Services’ (DFS) challenge to the Office of the Comptroller of the Currency’s (OCC) plans to issue...more
Reminding financial institutions that a multitude of enforcers are at their doorstep, the Securities and Exchange Commission (SEC) announced a $3 million deal with an online lender....more
The U.S. Court of Appeals, Second Circuit has ruled that an online tribal lender must comply with state interest rate and licensing laws, allowing a pair of borrowers to move forward with their suit against tribal officials....more
Continuing to fill in gaps at the federal level, state attorneys general are keeping busy with enforcement actions, and on issues that might have received more CFPB attention under the old Cordray regime....more
An online lender recently agreed to pay a $3.85 million settlement to the Federal Trade Commission (FTC) for allegedly engaging in deceptive and unfair acts and practices relating to its consumer loans....more
The staff of the SEC issued a no-action letter Wednesday, April 3, 2019, to TurnKey Jet, Inc., agreeing that digital tokens used by the business-travel startup did not meet the definition of a security. This allows TurnKey to...more
The California Department of Business Oversight (DBO) will likely have a new commissioner in the coming months, with Affirm General Counsel and Chief Compliance Officer Manuel “Manny” Alvarez tapped to take the helm. But will...more
After eight years of litigation—and a major ruling from the U.S. Court of Appeals for the Second Circuit that has spawned uncertainty and a chilling effect for lenders—the parties in Madden v. Midland Funding have reached a...more
The Federal Trade Commission (FTC) has finalized its deal with SoFi, an online lender that the agency had accused of making false statements about student loan refinancing....more
Financial technology news includes the continuing battle over the Office of the Comptroller of the Currency’s (OCC) plan to issue special-purpose national bank (“fintech”) charters, with the agency seeking to dismiss lawsuits...more
State regulators have reached an agreement on multistate licensing and supervision standards for the financial technology industry, drawing from recommendations made by a group of several dozen fintech companies....more