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D.C. Circuit TCPA Decision Gives Industry Partial Victory But No Certainty

The decision last week of the U.S. Court of Appeals for the D.C. Circuit ruling on petitions seeking review of the Federal Communications Commission’s (the “FCC”) 2015 Declaratory Ruling and Order (the “2015 Ruling”)...more

Second Circuit Holds That TCPA Does Not Permit Unilateral Revocation of Consent Obtained Contractually

The U.S. Court of Appeals for the Second Circuit recently held, in Reyes v. Lincoln Automotive Financial Services, that the Telephone Consumer Protection Act (TCPA) "does not permit a consumer to revoke its consent to be...more

FCC Cannot Require Opt-Out Notice on "Solicited" Fax Ads, D.C. Circuit Holds

The FCC's 2006 Solicited Fax Rule is unlawful to the extent that it requires opt-out notices on solicited fax advertisements, the U.S. Court of Appeals for the District of Columbia Circuit has held in a 2-1 ruling....more

NY Licensing Proposal Threatens New Burdens on Financial Services Providers, Reduced Credit Availability

Proposed legislation to implement New York Governor Andrew Cuomo's 2018 Fiscal Year Executive Budget would amend the New York Licensed Lender Law to significantly extend its licensing requirements. The proposal threatens to...more

Tribal Sovereign Immunity Not a Bar to Payday Lending Enforcement Action, California Supreme Court Rules

In a state enforcement action alleging violations of California's lending law and seeking to enjoin continued lending to state residents, the California Supreme Court has ruled that the two tribally affiliated entities that...more

Installment Lender Using Bank Partner Model Needs Maryland License, Court of Appeals Rules

The Maryland Court of Appeals, the state's highest court, in CashCall, Inc. et al. v. Maryland Commissioner of Financial Regulation, recently affirmed the judgment of the Court of Special Appeals (MCSA) directing CashCall to...more

Supreme Court Denies Certiorari To Review Second Circuit’s Decision in Madden v. Midland Funding, LLC

The U.S. Supreme Court has denied certiorari to review the decision of the U.S. Court of Appeals for the Second Circuit in Madden v. Midland Funding, LLC. As previously reported, Madden involved a putative class action...more

Regulators Raise Marketplace Lending Concerns at FTC FinTech Forum

The Federal Trade Commission (FTC) recently held a FinTech forum addressing marketplace lending. The forum was promoted by the FTC as the first in a series it plans to hold exploring emerging financial technology and its...more

Solicitor General/OCC Opine Madden Was Incorrectly Decided, But Recommend Denial of Supreme Court Review

In a widely anticipated brief requested by the U.S. Supreme Court, the Solicitor General and the Office of the Comptroller of the Currency (OCC) have expressed the view of the United States that the Court should deny the...more

Treasury Releases White Paper on Online Marketplace Lending

The U.S. Treasury Department has released a white paper addressing the online marketplace lending industry. Based in part on the responses to Treasury's July 2015 Request for Information (RFI), the white paper offers a broad...more

FDIC Highlights Marketplace Lending Risks for Bank Partners

The Federal Deposit Insurance Corporation's (FDIC) publication of an article highlighting the risks for banks that partner with marketplace lenders further underscores the focus of federal regulators on marketplace lending....more

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