News & Analysis as of

Non-Bank Lenders

Treasury Review of FSOC’s Systemic Risk Oversight Recommends Activities-Based Approach

The U.S. Department of the Treasury (Treasury) recently released its long-awaited review of the determination and designation processes of the Financial Stability Oversight Council (FSOC), created under the Dodd-Frank Wall...more

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

by Ballard Spahr LLP on

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

Your Daily Dose of Financial News

by Robins Kaplan LLP on

As retailers do all they can to fight the e-commerce wave, some bricks-and-mortar shops are experimenting with a rather counterintuitive strategy: smaller spaces and a showroom-style approach....more

Orrick's Financial Industry Week In Review

SEC Announces the Formation and First Members of Fixed Income Market Structure Advisory Committee - On November 9, 2017, the Securities and Exchange Commission ("SEC") announced the formation and first members of its Fixed...more

Orrick's Financial Industry Week In Review

France Welcomes Foreign and Alternative Capital Providers with Latest Reform of Finance Sector - Long a cornerstone of the French banking system, the "French banking monopoly" largely prevents non-bank entities from...more

House Financial Services Committee Schedules Oct. 11 Mark-Up of "Madden fix" Bill

by Ballard Spahr LLP on

Among the more than 20 bills that the House Financial Services Committee was scheduled to mark up Wednesday, October 11, was a bill to provide a "Madden fix" as well as several others relevant to consumer financial services...more

More Companies Must Comply with the Gramm-Leach-Bliley Act, But Don’t Know It. Are You One of Them?

by Dickinson Wright on

When the topic of data privacy and cyber security comes up, most people automatically think of data breaches, especially given the high-profile nature of so many of them. Breaches and hacks are certainly an issue about which...more

Debt Dialogue: August 2017 - When Is a Loan Participation a Sale, When Is It a Loan and Why Does It Matter?

If a participation agreement is not characterized as a true sale of a participating interest or a true participation but rather as a loan from the participating lender to the originating lender, the participating lender will...more

The Sequel to the Global Financial Crisis Is Not the CLO! (Ok, Not Yet)

by Dechert LLP on

Last week, an article written by Mr. Frank Partnoy, professor of law at the University of San Diego, appeared in the Financial Times and was subsequently picked up by The Wall Street Journal. Mr. Partnoy argues that the...more

FCA Publishes Proposed Rules to Extend Senior Manager & Certification Regime to All Financial Services Firms

by Dechert LLP on

The UK’s Financial Conduct Authority (FCA) has published proposed rules to extend the senior manager & certification regime (SMCR) to all financial services firms....more

Financial Conduct Authority Consults on Senior Managers and Certification Regime

On 26 July 2017, the UK Financial Conduct Authority (FCA) published its much-anticipated Consultation Paper (CP 17/25) “Individual Accountability: Extending the Senior Managers & Certification Regime to all FCA firms.” The...more

Legal and regulatory issues adversely affecting banks in Trade and Supply Chain Finance

by Sullivan & Worcester on

Following a meeting of the Basel committee in March this year, the Chairman Stefan Ingves, announced that the committee has made further progress towards the finalization of the Basel III accord are stricter capital rules and...more

Bank of England Opens Up Access to Payment Schemes for FinTech Firms

by Latham & Watkins LLP on

The Bank of England (BoE) announced on 19 July 2017 that it is extending direct access to its real-time gross settlement (RTGS) service to non-bank payment service providers (i.e., e-money institutions and payment service...more

If You're Not a Bank, Stop Using "Bank Words" to Describe Your Business, Says Canada's Banking Regulator

by Bennett Jones LLP on

Companies that provide financial services in Canada, including fintech companies and credit unions, should be aware of a provision in the federal Bank Act that restricts their ability to use words such as "bank", "banker" or...more

Treasury Department Report: Decreasing Regulatory Burdens, Increasing Regulatory Accountability and Fostering Economic Growth

On June 12, 2017, the U.S. Treasury Department released its report to the President, "A Financial System That Creates Economic Opportunities – Banks and Credit Unions," authored by Steven Mnuchin, Secretary, and Craig...more

European Acquisition Finance Debt Report 2017

by DLA Piper on

Welcome to DLA Piper’s European Acquisition Finance Debt report 2017. This report, now in its eighth year, presents detailed results of our survey of 300 participants active in the European acquisition finance debt...more

Colorado regulator moves to dismiss complaints in bank-model dispute

by Ballard Spahr LLP on

The Administrator of the Uniform Consumer Credit Code for the State of Colorado, Julie Ann Meade, has filed motions to dismiss the complaints filed in federal court by two state-chartered banks seeking to permanently enjoin...more

Conference of State Bank Commissioners Sues OCC to Bar Chartering of Fintech Banks

by Pepper Hamilton LLP on

The CSBS’ request for an injunction may prompt the OCC to slow down or abandon its willingness to consider issuing national bank charters to fintech companies....more

Nutter Bank Report, April 2017

CFPB Delays the Effective Date of New Prepaid Accounts Rule - The CFPB adopted a final rule on April 20 that delays the general effective date of its rule governing prepaid accounts by six months. The rule will now take...more

Colorado Moves to Dismiss Suits Seeking Judgment That Bank-Originated Loans Facilitated and Serviced by Online Platforms Are...

As we noted in a recent Alert, WebBank and Cross River Bank filed separate federal civil actions to enjoin the Administrator of Colorado's Uniform Consumer Credit Code from enforcing state lending laws against Avant, Inc. and...more

European Banking Authority Presents Proposed Design of a New Prudential Regime for Investment Firms

by Shearman & Sterling LLP on

The European Banking Authority published a discussion paper on the design for a new framework for applying prudential standards to non-bank investment firms that are not deemed to be systemically important...more

CMBS Loans In Hard-Hit Detroit, Cleveland, Take Creativity

Kenneth Fields was quoted in Andrew McIntyre’s Law360 article looking at hard-hit markets, including Detroit and Cleveland, that are having difficulty refinancing commercial mortgage-backed securities (CMBS) loans as the...more

Kansas AG Settles With Auto Credit Company For Improperly Disclaiming Warranties

by Goodwin on

On August 19, 2016, the Kansas Attorney General announced a settlement with a Michigan-based auto credit company for “improperly disclaiming warranties in contracts with Kansas consumers in violation of the Kansas Consumer...more

CFPB Solicits Information On Registration System For Nonbanks

by Ballard Spahr LLP on

In a Request for Information (RFI) posted on the Federal Business Opportunity website last month, the Consumer Financial Protection Bureau (CFPB) solicited information from vendors so it can "better understand current,...more

The Marketplace Lending Industry Sneezes and Securitization Catches a Cold – Bad Law in the Madden Decision

by Dechert LLP on

For the past year or so, Dechert has been keeping a close eye on the marketplace lending industry and the tension between innovation, which portends the development of an entirely new non-banking financial space, and the...more

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