Recently, seven states (New York, California, Colorado, Massachusetts, New Jersey, Minnesota, and North Carolina) and the District of Columbia filed suit in the Southern District of New York against the Office of the...more
The Second Circuit’s decision in Madden v. Midland Funding, LLC was announced in 2015. Since that time, there have been a number of cases brought based on the Second Circuit opinion, as well as recent regulatory proposals...more
3/10/2020
/ Capital One ,
Chase Bank ,
Commercial Bankruptcy ,
Consumer Bankruptcy ,
Consumer Financial Products ,
Consumer Lenders ,
Credit Cards ,
FDIC ,
Financial Services Industry ,
FinTech ,
Interest Rates ,
Madden v Midland Funding ,
Motion to Dismiss ,
National Bank Charters ,
Online Marketplace Lending ,
Preemption ,
Putative Class Actions ,
Regulatory Agenda ,
Rulemaking Process ,
Securitization ,
Usury
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 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
Colorado's ongoing challenge to the bank partnership model of online lending will next play out, at least in part, in state court.
Last year, the Administrator of Colorado's Uniform Consumer Credit Code filed suits in...more
On September 25, the Acting Comptroller of the Currency and leading participants in the online lending industry gathered in Washington, D.C. at the second annual Online Lending Policy Institute (OLPI) Online Lending Policy...more
The OCC’s announcement to move forward considering fintech charter applications has potentially significant industry, policy and practical implications. This presentation explores industry reaction to the OCC’s decision,...more
5/12/2017
/ Banking Sector ,
BSA/AML ,
Capital Requirements ,
Corporate Governance ,
FinTech ,
Fintech Charter ,
Liquidity Coverage Ratio ,
National Bank Charters ,
OCC ,
Public Policy ,
Regulatory Oversight
Last week, a group of state regulators, the Conference of State Bank Supervisors ("CSBS"), filed suit in the U.S. District Court for the District of Columbia seeking to enjoin the Office of the Comptroller of the Currency...more
In his remarks at the LendIt Conference in New York, Comptroller of the Currency Tom Curry discussed the special purpose national bank charters to be granted by the OCC to fintech companies and addressed the various...more
3/8/2017
/ Bank Secrecy Act ,
Banking Sector ,
BSA/AML ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Fintech Charter ,
Innovation ,
Money Laundering ,
National Bank Act ,
National Bank Charters ,
OCC ,
Technology
On Monday, a federal district court in the Southern District of New York granted a motion to compel arbitration in Bethune v. Lending Club Corporation, et al., a closely watched putative class action raising important issues...more
2/1/2017
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Banks ,
Consumer Lenders ,
Financial Institutions ,
FinTech ,
Interest Rates ,
Lenders ,
Lending Club ,
Loans ,
Madden v Midland Funding ,
Motion to Compel ,
Online Marketplace Lending ,
Preemption ,
Putative Class Actions ,
RICO ,
Usury