News & Analysis as of

Online Marketplace Lending

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

CFPB final payday/auto title/high-rate installment loan rule published in Federal Register

by Ballard Spahr LLP on

The CFPB’s final payday loan rule was published in today’s Federal Register. Lenders covered by the rule include nonbank entities as well as banks and credit unions. In addition to payday loans, the rule covers auto title...more

CFPB opposes petition for certiorari filed by tribal lenders in Ninth Circuit case

by Ballard Spahr LLP on

The CFPB has filed a brief opposing the petition for certiorari filed by two tribally-affiliated lenders seeking U.S. Supreme Court review of the Ninth Circuit’s decision in CFPB v. Great Plains Lending, LLC, et al. In that...more

Oklahoma files amicus brief in support of tribal lenders’ motion to dismiss CFPB lawsuit

by Ballard Spahr LLP on

The State of Oklahoma has filed an amicus brief in support of the motion to dismiss filed by four online tribal lenders sued by the CFPB for alleged Consumer Financial Protection Act and Truth in Lending Act violations. The...more

Orrick's Financial Industry Week In Review

SEC Proposes Rules to Implement FAST Act Mandate to Modernize and Simplify Disclosure - On October 11, 2017, the Securities and Exchange Commission (SEC) proposed amendments "to modernize and simplify disclosure...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

American Express Chair and CEO Kenneth Chenault announced that he’s stepping down next year after 16 years at the helm of AmEx. He’ll be succeeded by Vice Chair Stephen Squeri....more

CFPB Consumer Advisory Board to meet Nov. 2

by Ballard Spahr LLP on

The CFPB has published a notice in the Federal Register announcing that a meeting of its Consumer Advisory Board will be held in Tampa, Florida on November 2, 2017....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Despite a stronger global economic outlook than we’ve seen in years, the world’s central bankers appear loath to let go of stimulus measures while lower-than-expected inflation bedevils them....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

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 is scheduled to mark-up this Wednesday, October 11, is a bill to provide a “Madden fix” as well as several others relevant to consumer financial...more

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

by Ballard Spahr LLP on

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

CFPB Issues Long-Awaited Short-Term Lending Final Rule

by Pepper Hamilton LLP on

On October 5, the CFPB issued it long-anticipated Payday, Vehicle Title, and Certain High-Cost Lending Rule covering certain short-term loans. The final regulation, published more than 15 months after it was proposed in June...more

CFPB issues final payday/auto title/high-rate installment loan rule

by Ballard Spahr LLP on

The CFPB issued its final payday loan rule last week in a release running 1,690 pages. Lenders covered by the rule include nonbank entities as well as banks and credit unions. In addition to payday loans, the rule covers...more

CFPB Issues Final Payday/Auto Title/High-Rate Installment Loan Rule

by Ballard Spahr LLP on

The Consumer Financial Protection Bureau (CFPB) issued its final payday loan rule last week in a release running 1,690 pages. Lenders covered by the rule include nonbank entities as well as banks and credit unions....more

Preliminary Thoughts on the New CFPB Rule

by Ballard Spahr LLP on

It will take a while to digest the CFPB’s 1,700-page release on payday, title and high-rate installment lending but, naturally, I have a number of preliminary observations...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

A sobering look at the post-recession economic recovery shows that while by many measures US economic figures are again strong, the recession caused wounds that “have not fully healed”—including the loss of more than 1.5...more

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

Acting Comptroller of the Currency Discusses Marketplace Lending and Responsible Innovation

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

OCC Acting Comptroller Woos Fintech Companies with Remarks on Online Lending

by Morrison & Foerster LLP on

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

CFPB Issues First No-Action Letter To Marketplace Lender

On September 14, 2017, the Consumer Financial Protection Bureau (CFPB or Bureau) issued its first no-action letter to Upstart Network, Inc., a company based in San Carlos, California that provides an online lending platform...more

CFPB Provides Some Clarity on Alternative-Data Models Through No-Action Letter

by Ballard Spahr LLP on

On September 14, 2017, the CFPB issued a no-action letter – the first one ever issued by the agency – to a marketplace lender, stating that the agency had no present intention to take enforcement or supervisory action against...more

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