A unanimous three-judge panel of the U.S. Court of Appeals for the Ninth Circuit on Thursday handed the plaintiffs’ bar a resounding win. ...more
9/24/2018
/ Appeals ,
ATDS ,
Auto-Dialed Calls ,
Banking Sector ,
Financial Services Industry ,
Popular ,
Robocalling ,
Statutory Interpretation ,
TCPA ,
Telecommunications ,
Text Messages
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
Earlier this month, the Pennsylvania Department of Banking and Securities issued a letter to “all persons engaged in activity regulated or licensed by the [Department] regardless of the means of delivery of such regulated...more
Congressman Emanuel Cleaver, II announced last week that he had launched an investigation into small business financial technology (fintech) lending by sending a letter to the CEOs of several fintech small business lenders. ...more
6/27/2017
/ Anti-Discrimination Policies ,
Arbitration Agreements ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
ECOA ,
Financial CHOICE Act ,
Financial Services Industry ,
FinTech ,
Investigations ,
Lenders ,
Popular ,
Small Business
The Office of the Comptroller of the Currency has issued a new bulletin (2017-21) containing fourteen frequently asked questions to supplement OCC Bulletin 2013-29 entitled “Third-Party Relationships: Risk Management...more
The Conference of State Bank Supervisors has filed a complaint in D.C. federal district court to stop the Office of the Comptroller of the Currency (OCC) from implementing its proposal to issue special purpose national bank...more
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
1/4/2017
/ CA Supreme Court ,
Civil Investigation Demand ,
Consumer Financial Products ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
FTC Act ,
Internet Lenders ,
Native American Issues ,
Payday Loans ,
Popular ,
Sovereign Immunity ,
Tribal Loans
Republican Congressman Patrick McHenry, Vice Chair of the House Financial Services Committee, has introduced the “Financial Services Innovation Act of 2016,” which is intended to provide a streamlined regulatory process for...more
9/27/2016
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
FDIC ,
Federal Register ,
Federal Trade Commission (FTC) ,
Financial Services Committee ,
Financial Services Industry ,
FinTech ,
HUD ,
Innovation ,
Innovative Technology ,
NCUA ,
OCC ,
Popular ,
Proposed Legislation ,
Regulatory Oversight ,
Safe Harbors
A recent Federal Trade Commission (FTC) consent order with two Ohio auto dealers creates uncertainty not only for auto dealers, but also for all other businesses advertising credit or lease offers. The order settled...more
7/20/2016
/ Auto Lease ,
Automotive Industry ,
Automotive Loans ,
Car Dealerships ,
Consent Order ,
Consumer Financial Products ,
Consumer Lenders ,
Credit Ratings ,
Disclosure Requirements ,
False Advertising ,
Federal Trade Commission (FTC) ,
FTC Act ,
Popular ,
Section 5 ,
Unfair or Deceptive Trade Practices
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
6/21/2016
/ Banking Sector ,
Consumer Financial Products ,
Consumer Lenders ,
ECOA ,
Fair Credit Reporting Act (FCRA) ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
FinTech ,
Innovative Technology ,
Online Marketplace Lending ,
Popular
On June 9, 2016, the FTC will host a “FinTech forum on marketplace lending,” the first in a forum series described by the FTC as “exploring emerging financial technology and its implications for consumers.” According to the...more
The California Department of Business Oversight (DBO) has issued a summary report of aggregate data provided by the companies that responded to the DBO's online survey sent to 14 marketplace lenders engaged in online consumer...more
The CFPB announced that it is now accepting consumer complaints about loans obtained through marketplace lenders and also issued a consumer bulletin directed at consumers who are shopping for such loans. The CFPB’s press...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
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
A new lawsuit, filed by the CFPB and the New York Department of Financial Services(NY DFS) in a California federal court against two pension advance companies and three of the companies’ individual managers, again...more
The U.S. Department of the Treasury has issued a request for information (RFI) regarding online marketplace lending. The RFI reflects the Treasury Department’s recognition that online marketplace lending “is a rapidly...more