News & Analysis as of

Online Marketplace Lending

Third Circuit Finds Agreement To Arbitrate Unenforceable Because Arbitration Was Directed To An Illusory Forum

by Carlton Fields on

Where a Loan Agreement’s arbitration provision stated disputes “will be resolved by Arbitration, which shall be conducted by the Cheyenne River Sioux Tribal Nation by an authorized representative in accordance with its...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

With all that went on between the US and China over the past week alone on tariffs, a timeline may help. Luckily, the Times was thinking of our plight when it put this together....more

“True Lender” Litigation on the Rise: Recent Litigation and Enforcement Actions Challenge Traditional Bank Partnership Model

Over the last two years the financial industry has seen an uptick in litigation and enforcement actions aimed at banks and their non-bank lending partners. These actions have primarily challenged the validity of the bank...more

Orrick's Financial Industry Week In Review

Federal Court Sends Colorado's Case Against Online Lending Platform Back to State Court - Colorado's ongoing challenge to the bank partnership model of online lending will next play out, at least in part, in state...more

Marketplace Lending Update #2: Another Rocky Mountain Remand

In our prior Clients & Friends Memo “Who’s My Lender?” published on March 14, 2018, we analyzed two actions brought against marketplace lenders, one against Kabbage Inc. (“Kabbage”) in federal court in Massachusetts and the...more

Senators urge CFPB not to reconsider payday loan rule

by Ballard Spahr LLP on

A group of Democratic senators (joined by two independent Senators) has sent a letter to Leandra English and Mick Mulvaney urging them to abandon any efforts by the CFPB to reconsider its final payday/auto title/high-rate...more

Senator Graham introduces CRA resolution to overturn CFPB payday loan rule; Mulvaney to testify on April 11 to House Financial...

by Ballard Spahr LLP on

The American Banker has reported that last week, Senator Lindsey Graham introduced a joint resolution under the Congressional Review Act (CRA) to override the CFPB’s final payday/auto title/high-rate installment loan rule...more

NYDFS sends survey request to online lenders

by Ballard Spahr LLP on

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

Marketplace Lending Update: Who’s My Lender?

Over the last several weeks, two notable cases in federal court challenging certain aspects of the business model of marketplace lending companies headed down separate paths. ...more

Senate Passes Banking Bill Providing Dodd-Frank Relief

by Ballard Spahr LLP on

The U.S. Senate on March 14 passed S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), by a vote of 67 to 31. Although the Act would not make the sweeping changes to the Dodd-Frank Act found...more

Federal Court Sends Colorado's Case Against Online Lending Platform Back to State Court

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

Federal Lawmakers Consider Fintech

Federal lawmakers discussed financial technology at a recent hearing, with topics ranging from regulatory sandboxes to marketplace lending....more

Virginia Attorney General Announces Settlement with Online Lender, Resulting in $2.7 Million in Relief to Virginia Consumers

by Goodwin on

?On February 7, 2018, Virginia Attorney General Mark R. Herring (Virginia AG) announced a settlement with a Virginia based online lender for alleged violations of the Virginia Consumer Protection Act. The lender allegedly...more

HKMA reboots virtual banking

by Hogan Lovells on

On 6 February, 2018, the Hong Kong Monetary Authority (the “HKMA”) published draft revisions to its “Guideline on Authorization of Virtual Banks” (the “Draft Guideline”). Please see full Publication below for more...more

Bills introduced directing NY DFS to issue report on online lending

by Ballard Spahr LLP on

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

Scrutiny for Online Lending in New York

The New York Department of Financial Services (DFS) may be taking a closer look at online lending, thanks to bills pending in the state legislature....more

CFPB continues to retreat and lose ground in payday and high-rate installment lending

by Ballard Spahr LLP on

In a span of three days, the CFPB, under Acting Director Mulvaney, significantly retreated in the payday-lending space and suffered a court defeat in its request for monetary relief with respect to a CashCall installment...more

House passes bills to facilitate online banking, allow federal savings associations to exercise national bank powers

by Ballard Spahr LLP on

The following bills were passed by the House earlier this week: The “Making Online Banking Initiation Legal and Easy (MOBILE) Act, H.R. 1457. Passed by a vote of 397-8, the MOBILE Act would allow a bank to scan and retain...more

Orrick's Financial Industry Week In Review

SEC Division of Investment Management Letter on Cryptocurrency Related Investment Products; Joint Statement by SEC and CFTC Enforcement Directors Regarding Virtual Currency Enforcement Actions - On January 18, 2018, in a...more

CFPB to Reconsider Payday Loan Rule

by Pepper Hamilton LLP on

On January 16, the CFPB announced plans to “reconsider” its newly minted regulation for Payday, Vehicle Title, and Certain High-Cost Installment Loans (the Payday Rule)....more

Overturning the CFPB’s final payday loan rule by reopening rulemaking or CRA resolution

by Ballard Spahr LLP on

On December 1, 2018, three Democrat and three Republican members of the House of Representatives introduced a joint resolution under the Congressional Review Act (H.J. Res. 122) to override the CFPB’s final payday/auto...more

CFPB to reconsider final payday loan rule

by Ballard Spahr LLP on

The CFPB announced yesterday that it intends to engage in a rulemaking process to reconsider, pursuant to the Administrative Procedure Act, its final rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans (the...more

Digital Finance and Marketplace Lending Year in Review

Top Five 2017 Takeaways From Manatt’s Digital Finance and Marketplace Lending Team - 2017 was a banner year for digital finance, as cryptocurrency made headlines, the SEC cracked down on ICOs, alternative lenders broadened...more

Bipartisan group of lawmakers introduce CRA resolution to override CFPB payday loan rule

by Ballard Spahr LLP on

A bipartisan group of lawmakers has introduced a joint resolution under the Congressional Review Act to override the CFPB’s final payday/auto title/high-rate installment loan rule. House members sponsoring the bill consist...more

Federal jury convicts operator of payday lenders sued by CFPB and FTC

by Ballard Spahr LLP on

Richard Moseley Sr., the operator of a group of interrelated payday lenders, was convicted by a federal jury on all criminal counts in an indictment filed by the Department of Justice, including violating the Racketeer...more

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