On July 30, the U.S. Department of the Treasury ("Treasury") and the Office of the Comptroller of the Currency ("OCC") provided important guidance on a broad range of issues confronting the fintech industry. Treasury released...more
8/3/2018
/ Blockchain ,
Capital Requirements ,
Consumer Financial Products ,
Distributed Ledger Technology (DLT) ,
Financial Services Industry ,
FinTech ,
Fintech Charter ,
National Bank Charters ,
OCC ,
Regulatory Oversight ,
Regulatory Requirements ,
Special Purpose National Bank Charter ,
Third-Party Relationships ,
True Lender
On December 22, 2016, the California Supreme Court issued People ex rel. Owen v. Miami Nation Enterprises. The decision found that certain tribal business entities that provided loans in California are not "arms of the tribe"...more
1/10/2017
/ Banking Sector ,
CA Supreme Court ,
Consumer Financial Products ,
Consumer Lenders ,
Internet Lenders ,
Native American Issues ,
Online Marketplace Lending ,
Payday Loans ,
Popular ,
Sovereign Immunity ,
Tribal Loans
Last week, in Western Sky Financial v. State of Georgia, the Georgia Supreme Court issued a decision rejecting challenges to the state's Payday Lending Act (the "Act") and affirming the denial of a motion to dismiss claims...more
11/9/2016
/ Banking Sector ,
Choice-of-Law ,
Consumer Financial Products ,
Consumer Lenders ,
Financial Institutions ,
Interest Rates ,
Internet Lenders ,
Motion to Dismiss ,
Native American Issues ,
Online Marketplace Lending ,
Payday Loans ,
Tribal Loans
On August 31, a federal district court in California ruled in favor of the U.S. Consumer Financial Protection Bureau (CFPB) on the application of "true lender" principles in the context of a tribal lending arrangement. The...more
9/8/2016
/ Banking Sector ,
CashCall ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Institutions ,
Home State Exception ,
Interest Rates ,
Internet Lenders ,
Native American Issues ,
Online Marketplace Lending ,
Payday Loans ,
Tribal Loans
The U.S. Consumer Financial Protection Bureau (CFPB) yesterday issued a Notice of Proposed Rulemaking that, among other things, would prohibit the use of class action waivers in arbitration clauses in connection with a broad...more