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CA Dept. of Business Oversight files action against title lender for CA law violations; launches investigation into whether...

The California Department of Business Oversight (DBO) has filed an administrative enforcement action against a title lender for alleged violations of California law and launched an investigation into whether the interest...more

Facebook to limit demographic targeting by advertisers

According to a Wall Street Journal report, Facebook has agreed to remove age, gender, and zip code targeting for housing, employment, and credit-related advertisements as part of a settlement of a lawsuit filed by the...more

CA regulator invites comments on proposed rulemaking to implement new law requiring commercial financing disclosures

The California Department of Business Oversight (DBO) has issued an invitation for comments from stakeholders in developing regulations to implement SB 1235, the bill signed into law on September 30, 2018 that requires...more

Georgia Supreme Court Ruling Is Helpful Precedent for Litigation Financing Industry

Consistent with the weight of authority, the Georgia Supreme Court has ruled that certain litigation financing agreements structured as asset sales were not disguised "loans," and therefore not subject to the state's...more

FTC enforcement to focus on fintech lenders

Politico has reported that in remarks made at a fintech policy event last week, Andrew Smith, the FTC’s Director of Consumer Protection, indicated that fintech companies will be a focus of the FTC’s enforcement activities....more

CA on the verge of requiring commercial finance disclosures

It appears likely that California Governor Jerry Brown will sign a bill passed on August 31 by the state’s Senate, Senate Bill 1235, which would create consumer-style disclosure requirements for certain commercial loans and...more

California on the Verge of Requiring Commercial Finance Disclosures

It appears likely that California Governor Jerry Brown will sign a bill passed on August 31 by the state's Senate, Senate Bill 1235, which would create consumer-style disclosure requirements for certain commercial loans and...more

CA Supreme Court holds high-interest loans may be subject to price unconscionability attack

Resolving an ambiguity in the California Finance Lender’s Law (CFLL), the California Supreme Court unanimously held that borrowers may use the unconscionability doctrine to challenge the interest rate on consumer loans of...more

Calif. Supreme Court: High-Interest Loans May Be Subject to Price Unconscionability Attack

Resolving an ambiguity in the California Finance Lender's Law (CFLL), the California Supreme Court unanimously held that borrowers may use the unconscionability doctrine to challenge the interest rate on consumer loans of...more

Treasury Recommends Sweeping Regulatory Changes for Consumer Financial Services

A report issued last week by the U.S. Treasury Department recommends sweeping regulatory changes intended to promote innovation in the consumer financial services market, reduce regulatory burdens on consumer financial...more

Update on Colorado bank-model lawsuits

In two closely-watched enforcement actions pending in Colorado state court, the Administrator of the Uniform Consumer Credit Code for the State of Colorado is employing the “true lender” theory and the Second Circuit’s...more

Arizona enacts “regulatory sandbox” for fintech companies

Arizona’s Governor recently signed into law legislation that directs the state’s Attorney General to establish a “regulatory sandbox program” for the purpose of “enabl[ing] a person to obtain limited access to the market in...more

NYDFS sends survey request to online lenders

The New York Department of Financial Services has sent a letter directed to businesses that the DFS “understands…may be involved in online lending in the State of New York” and that asks recipients to complete a “New York...more

Bills introduced directing NY DFS to issue report on online lending

Identical bills have been introduced in the New York Assembly (A08938) and Senate (S07294) that would direct the New York Department of Financial Services (DFS) to issue a report on online lending by July 1, 2018....more

Bipartisan bill to provide “true lender” fix introduced in House

A bipartisan group of five House members introduced a bill (H.R. 4439) last month that is intended to address the so-called “true lender” issue, which creates risk with respect to some loans made by banks with substantial...more

Acting OCC Comptroller Noreika provides further thoughts on SPNB charter proposal

In remarks last week at Georgetown University’s Institute of International Economic Law’s Fintech Week event, Acting OCC Comptroller Keith Noreika provided the “latest on our thinking regarding a charter for fintech companies...more

California Supreme Court to Decide Key Finance Lender Law Usury and Unconscionability Issue

Although the California Finance Lenders Law (the CFLL) does not limit the interest rates that may be charged on loans of $2,500 or more, Section 22302 of the law expressly states that loans made under the CFLL may be held...more

Fed study finds expanded credit access resulting from fintech lending

A new research paper released by the Federal Reserve Bank of Philadelphia found that fintech lending has expanded consumers’ ability to access credit. The paper, “Fintech Lending: Financial Inclusion, Risk Pricing, and...more

CFPB issues final rule prohibiting class action waivers in consumer arbitration agreements

The CFPB announced yesterday that it has issued a final rule that prohibits covered providers of certain consumer financial products and services from using an agreement with a consumer that provides for arbitration of any...more

CFPB Issues Final Rule Prohibiting Class Action Waivers in Consumer Arbitration Agreements

The Consumer Financial Protection Bureau (CFPB) yesterday announced that it has issued a final rule that prohibits covered providers of certain consumer financial products and services from using an agreement with a consumer...more

OCC Office of Innovation to host July office hours in NYC

The OCC announced that its Office of Innovation will host office hours for national banks, federal savings associations, and financial technology (fintech) companies from July 24 through July 26, 2017 at the OCC’s district...more

CFPB conducts small business field hearing and issues related white paper and request for information

Yesterday, I attended the CFPB’s field hearing in Los Angeles on small business lending. In connection with the hearing, the CFPB issued a white paper entitled “Key dimensions of the small business lending landscape,”...more

CFPB to hold May 10 field hearing on small business lending

The CFPB will hold a field hearing on small business lending in Los Angeles, CA on May 10, 2017. The announcement, which took the form of a posting on the events page of the CFPB’s website, contains only the usual statement...more

Director Cordray and Comptroller Curry speak at LendIt USA conference

Earlier this week, we attended the LendIt USA conference in New York City, a leading annual fintech conference, at which CFPB Director Richard Cordray and Comptroller of the Currency Thomas Curry both spoke....more

CFPB seeking information on use of alternative data in credit process, including by small business lenders

The CFPB has issued a request for information (RFI) that seeks information about the use of alternative data and modeling techniques in the credit process. According to the CFPB, the RFI stems from the Bureau’s desire...more

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