New rules will simplify the notice filing process for private placements by requiring filings be made on a Form D via the North American Securities Administrators Association multistate Electronic Filing Depository,...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
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
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
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
Comptroller of the Currency Joseph Otting recently weighed in on fintechs, presenting a positive picture for fintech companies considering seeking a special purpose national bank charter from the Office of the Comptroller of...more
In a sign that the California Department of Business Oversight (DBO) is contemplating new enforcement activity or possibly proposed regulations in the lending space, the DBO sent letters to 20 consumer installment lenders...more
A reminder from the New York Department of Financial Services (DFS): Beginning Sept. 4, all banks, insurance companies and other financial services institutions regulated by the DFS must begin complying with several...more
The California Department of Business Oversight (DBO) released a pair of reports on installment consumer lending for 2017, finding that the combined dollar amount of installment consumer loans by nonbanks in the state fell...more
In a unanimous decision, the Supreme Court narrowly interpreted “debt collector” under the Fair Debt Collection Practices Act to exclude debt purchasers engaging in collection efforts for their own accounts....more
A key banking regulator has published draft licensing standards that could fundamentally change how financial technology companies operate and are supervised in the United States. The new standards come in the final weeks of...more