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Office of the Comptroller of the Currency Online Marketplace Lending

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - June 2023 # 3

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To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more

BCLP

OCC Releases Final Rule on Permissible Interest Rates, Addressing Madden Debate

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On June 1, 2020, the Office of the Comptroller of the Currency (“OCC”) released a final rule on permissible interest on loans that are sold, assigned, or transferred, and effectively reversed the Second Circuit’s 2015...more

Ballard Spahr LLP

FDIC settles Operation Choke Point lawsuit; entire lawsuit dismissed

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The FDIC has announced that it has entered into a settlement of the lawsuit filed against it and the OCC in 2014 by a trade group and several payday lenders challenging “Operation Choke Point” — a federal  enforcement...more

Cadwalader, Wickersham & Taft LLP

Marketplace Lending Update #6: Is the Fintech Charter the Solution? Don’t Bank on It

Many have believed that the national bank “fintech charter” is an ideal solution to providing marketplace consumer loans on a 50-state basis. ...more

White & Case LLP

Consumer financial services: The road ahead: Marketplace lending

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The CFPB has traditionally not prioritized marketplace lenders in its supervisory and enforcement efforts. As a result, state regulators have increasingly sought to fill any perceived voids left by the Bureau....more

Kramer Levin Naftalis & Frankel LLP

Financial Industry Awaits OCC Fintech Charter Decision

The regulatory landscape of the U.S. fintech industry could soon see a milestone development, as the Office of the Comptroller of the Currency (OCC) is expected to release its long-awaited position on a proposed charter for...more

Manatt, Phelps & Phillips, LLP

Fintech Developments: FTC, FDIC, OCC and More

Fintech developments continue to unfold, with ongoing workshops and forums, Federal Deposit Insurance Corp. remarks from its chair, another dismissal in the challenge to the Office of the Comptroller of the Currency’s (OCC)...more

Ballard Spahr LLP

OCC reacts to CFPB’s final payday loan rule by rescinding its deposit advance product guidance

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Hours after the CFPB released its final payday/auto title/high-rate installment loan rule on October 5, 2017, the OCC rescinded its guidance on deposit advance products. ...more

Orrick, Herrington & Sutcliffe LLP

The Online Lending Policy Summit Recap

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

Kilpatrick

Acting Comptroller of the Currency Discusses Marketplace Lending and Responsible Innovation

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Acting Comptroller of the Currency Keith A. Noreika discussed online lending and responsible innovation at the 2017 Online Lending Policy Summit in Washington, D.C. on September 25, 2017. His remarks shared his perspective on...more

Morrison & Foerster LLP

OCC Acting Comptroller Woos Fintech Companies with Remarks on Online Lending

On September 25, 2017, Acting Comptroller of the Currency Keith Noreika discussed online lending and innovation in his keynote remarks prepared for delivery to the Online Lending Policy Summit in Washington, D.C. Consistent...more

Ballard Spahr LLP

D.C. District Court Allows Payday Lenders’ Due Process Claims To Proceed In Case Against “Operation Choke Point”

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On July 5, 2017, the U.S. District Court for the District Columbia, in the lawsuit filed in 2014 challenging “Operation Choke Point” — a federal enforcement initiative involving various agencies, including the Consumer...more

Troutman Pepper

New OCC Bulletin on Third-Party Oversight Highlights Fintech Relationships

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On June 7, the Office of the Comptroller of the Currency (OCC) issued OCC Bulletin 2017-21 (Frequently Asked Questions to Supplement Bulletin 2013-29; Third-Party Relationships: Risk Management Guidance). This is the OCC’s...more

Ballard Spahr LLP

New OCC FAQs on third-party relationships highlight bank arrangements with fintech companies and marketplace lenders

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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

Troutman Pepper

OCC Establishes New Third-Party Risk Management Expectations, Including for Bank Relationships With Marketplace Lenders

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The bulletin requires relationships between banks and marketplace lenders to be treated with the same rigor of due diligence and ongoing oversight as other relationships with third parties. On January 24, the Office of...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Financial Industry Developments - Class Action Against Lending Club and WebBank Headed to Defeat - On Monday, January 31, 2017, a federal district court in the Southern District of New York granted a motion to...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Deutsche Bank and the DOJ have put the finishing touches on the deal to resolve the investigation into DB’s role in its sale of toxic RMBS. The bank will fork over $7.2 billion in total, including a $3.1 billion civil penalty...more

Ballard Spahr LLP

OCC Proposes to Grant National Bank Charters to Financial Technology Companies

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For the first time, the Office of Comptroller of Currency (OCC) will allow financial technology (fintech) companies to apply for national bank charters. The OCC has invited public comment on the concept with a deadline for...more

A&O Shearman

US Comptroller of the Currency Discusses Marketplace Lending

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As part of the inaugural Marketplace Lending Policy Summit 2016, US Comptroller of the Currency Thomas J. Curry discussed marketplace lending’s risks and associated policy questions...more

Nutter McClennen & Fish LLP

Nutter Bank Report, September 2016

The Federal Reserve Board has released a policy statement that details the framework it will follow in setting the Countercyclical Capital Buffer (“CCB”) for private-sector credit exposures located in the United States. The...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

Financial Industry Developments - OCC Discusses Marketplace Lending - On September 13, 2016, Comptroller of the Currency Thomas J. Curry discussed marketplace lending's risks and associated policy questions. He...more

Orrick - Finance 20/20

OCC Discusses Marketplace Lending

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On September 13, 2016, Comptroller of the Currency Thomas J. Curry recently discussed marketplace lending’s risks and associated policy questions. He delivered his remarks at the inaugural Marketplace Lending Policy Summit....more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

Financial Industry Developments - Agencies Publish Study on Banking Activities and Investments under Dodd-Frank - On September 8, 2016, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance...more

Troutman Pepper

The Solicitor General Weighs in on Madden v. Midland

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The Solicitor General’s brief argues the Second Circuit’s holding was incorrect, but does not recommend a grant of certiorari. On May 24, the U.S. Solicitor General and the Office of the Comptroller of the Currency...more

K&L Gates LLP

Bridging the Great Divide: Collaboration Considerations for Banks and Marketplace Lenders

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Marketplace lending has grown dramatically over the last several years, but it still remains a nascent industry. As it continues to expand its reach, players in the industry and the traditional banking/investment sector are...more

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