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
5/16/2016
/ Community Development Entities ,
Consumer Lenders ,
Financial Institutions ,
Financial Services Industry ,
Loans ,
Online Marketplace Lending ,
Peer-to-Peer ,
Request For Information ,
Small Business ,
Transparency ,
U.S. Treasury
The Bipartisan Budget Act of 2015 (Act) amended the Telephone Consumer Protection Act (TCPA) to remove the prior express consent requirement for calls ''made solely to collect a debt owed to or guaranteed by the United...more
5/13/2016
/ ATDS ,
Banking Sector ,
Bipartisan Budget ,
Cell Phones ,
Comment Period ,
Debt Collection ,
FCC ,
Federal Loans ,
Mortgages ,
NPRM ,
Prior Express Consent ,
TCPA
The Small Business Finance Association (SBFA) has issued "Small Business Finance Principles" that represent best practices for providers of merchant cash advances (MCA) and other companies in the alternative finance industry...more
The new Telephone Consumer Protection Act (TCPA) exemption for calls made to cellular numbers to collect debts owed to or guaranteed by the United States applies retroactively to calls made before the exemption's effective...more
4/18/2016
/ ATDS ,
Bipartisan Budget ,
Cell Phones ,
Debt Collection ,
Exemptions ,
FCC ,
Federal Loans ,
Federal Student Loans ,
Popular ,
Retroactive Application ,
TCPA
In the wake of the U.S. Supreme Court's holding in Campbell-Ewald Company v. Gomez that an unaccepted Rule 68 offer of complete relief does not moot a plaintiff's individual claims, the U.S. Court of Appeals for the Third...more
4/8/2016
/ Article III ,
Campbell Ewald v Gomez ,
Class Action ,
Class Representatives ,
Genesis Healthcare Corp. v. Symczyk ,
Mootness ,
Rule 68 ,
SCOTUS ,
Settlement Offer ,
Standing ,
TCPA
New guidance being developed by the Federal Deposit Insurance Corporation (FDIC) to address risks associated with banks making loans through third parties could significantly impact marketplace lending, private label credit...more
A recent letter from Federal Communications Commission (FCC) Chairman Tom Wheeler describes the regulations being considered by the FCC for implementing new Telephone Consumer Protection Act (TCPA) exemptions for calls made...more
3/16/2016
/ Auto-Dialed Calls ,
Corporate Counsel ,
Debt Collection ,
Exemptions ,
FCC ,
IRS ,
NPRM ,
Popular ,
Prior Express Consent ,
Robocalling ,
TCPA
A creditor that received a consumer's cell phone number through an intermediary had the consumer's ''prior express consent'' under the Telephone Consumer Protection Act (TCPA) to receive calls from a debt collector, the U.S....more
2/29/2016
/ Auto-Dialed Calls ,
Cell Phones ,
Corporate Counsel ,
Debt Collection ,
FCC ,
Health Care Providers ,
Popular ,
Prior Express Consent ,
Putative Class Actions ,
Summary Judgment ,
TCPA
A man alleged to be the owner and operator of a group of payday-lending companies and an attorney alleged to have submitted false affidavits and structured sham arrangements have been indicted by a federal grand jury in New...more
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
In an unpublished opinion, the U.S. Court of Appeals for the Ninth Circuit recently affirmed summary judgment for the defendant in a Telephone Consumer Protection Act (TCPA) case, refusing to entertain the plaintiff’s...more
The U.S. Department of Justice recently entered into a consent order with Evolve Bank & Trust to settle charges that the bank discriminated against mortgage loan applicants on the basis of disability and receipt of public...more
A recent federal court decision refusing to dismiss Pennsylvania racketeering claims against companies alleged to have partnered with a state bank to market Internet loans illustrates the risks inherent in these relationships...more
The Maryland Court of Appeals, the state’s highest appellate court, last week agreed to review an October 2015 Maryland Court of Special Appeals (MCSA) decision that illustrated how the bank partner structure used by many...more
The recent announcement by the California Department of Business Oversight (DBO) that it has launched an inquiry into the marketplace lending industry represents an important development that could presage increased industry...more
The U.S. Department of Justice (DOJ) has announced a proposed consent order with Sage Bank to settle charges that the bank violated the Fair Housing Act (FHA) and the Equal Credit Opportunity Act (ECOA) by discriminating on...more
The CFPB has issued a compliance bulletin (Bulletin 2015-06) concerning the Electronic Fund Transfer Act (EFTA) and Regulation E requirements for obtaining a consumer’s authorization for preauthorized electronic fund...more
The Colorado Supreme Court has ruled that two litigation financing programs are non-recourse “loans,” not purchases, and therefore subject to licensing and other requirements of the state’s Uniform Consumer Credit Code...more
The Federal Trade Commission (FTC) has finalized changes to its telemarketing sales rule (TSR) that will prohibit sellers and telemarketers from creating or accepting remotely created payment orders or checks, cash-to-cash...more
In a memorandum opinion, the U.S. District Court for the Central District of California recently held that the defendant’s manual use of a desktop telephone was not subject to liability under the new Federal Communications...more
Prior to the amendment, these calls would have been prohibited absent the recipient’s prior express consent if placed to a cellular telephone and if they were made by an automatic telephone dialing system or included an...more
The Minnesota Supreme Court has ruled that the Commerce Clause of the U.S. Constitution does not preclude Minnesota from applying its payday lending law to loans consummated in Delaware that are made to Minnesota residents...more
Last Thursday, I had the pleasure of teaching a class on payments and banking products to new lawyers at the American Bar Association’s Consumer Financial Services Institute. I arrived early for the class and got to hear a...more
10/13/2015
/ Affordable Housing ,
Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Disparate Impact ,
Dodd-Frank ,
ECOA ,
Fair Housing Act (FHA) ,
Fair Lending ,
Financial Institutions ,
Gender Discrimination ,
HMDA ,
Industry Examinations ,
LGBTQ ,
Loans ,
Mortgages ,
Sex Discrimination ,
Sexual Orientation Discrimination ,
Small Business ,
Texas Dept of Housing v Inclusive Communities
The Federal Communications Commission (FCC) recently issued citations to two companies charged with violating the Telephone Consumer Protection Act (TCPA) consent requirements for autodialed or prerecorded calls to wireless...more
9/21/2015
/ Apple Pay ,
Banking Sector ,
Banks ,
Cell Phones ,
Class Action ,
Disclosure Requirements ,
FCC ,
Online Banking ,
Opt-Outs ,
Prior Express Consent ,
Right to Privacy ,
Robocalling ,
Smartphones ,
TCPA ,
Telecommunications ,
Telemarketing
The Federal Reserve Bank of Cleveland recently issued a special report on the results of online focus groups it conducted with the Federal Reserve Board “to better understand small businesses’ perceptions of online...more
9/4/2015
/ Borrowers ,
Consumer Lenders ,
Cyber Threats ,
Cybersecurity ,
Data Breach ,
Data Security ,
Federal Reserve ,
Financial Institutions ,
Loans ,
Online Marketplace Lending ,
Popular ,
Privacy Concerns ,
Request For Information ,
Small Business