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Today's Popular Updates › Online Marketplace Lending

A repository for the most well-read content on JD Supra at any given time, along with occasional roundups of popular content by specific topic. Also stop by for monthly recaps of hot articles for the previous... more +
A repository for the most well-read content on JD Supra at any given time, along with occasional roundups of popular content by specific topic. Also stop by for monthly recaps of hot articles for the previous thirty days. less -
Ballard Spahr LLP

California Court Denies DFPI’s Motion for Preliminary Injunction Against OppFi

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In a lengthy (65-page) order, the California Superior Court in Los Angeles has issued an extremely important decision upholding the legitimacy of bank-model online lending by denying a motion for preliminary injunction filed...more

Sheppard Mullin Richter & Hampton LLP

CFPB Closes Online Lending Fintech for Violating ECOA and CFPB Consent Order

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On December 21, an online lending fintech agreed to a stipulated final judgment with the CFPB to resolve a September 2021 complaint alleging that the company deceived consumers and violated the Equal Credit Opportunity Act...more

Goodwin

CFPB Issues No Action Letter Related to Use of Artificial Intelligence Underwriting Model

Goodwin on

On November 30, 2020, the Consumer Financial Protection Bureau (CFPB) granted a no-action letter​ to an online loan marketplace company for its artificial intelligence (AI) loan origination and underwriting platform.​ ...more

Manatt, Phelps & Phillips, LLP

[Webinar] Banking and Fintech Transactions: 2020 Forecast - March 25th, 2:00 pm ET

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Bank transaction activity has picked up as small and midsize banks look to adjust their business models to the digital economy. Some fintech companies have chosen to acquire or form their own banks. The clash between the new...more

Hogan Lovells

You can't spell FinTech without FTC

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The Consumer Financial Protection Bureau (CFPB) is not the only consumer watchdog keeping a close eye on the financial sector and certainly not the only agency focused on FinTech. This is also a key area for the Federal Trade...more

White & Case LLP

Financial institutions M&A: Sector trends - January 2019: The face of consumer finance is changing

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Consumer finance:* Credit cards/Consumer credit - Deal activity involving credit card businesses blooms—trade consolidators, financial sponsors and big banks see opportunities - Buyers scrutinise historic compliance...more

Ballard Spahr LLP

FTC enforcement to focus on fintech lenders

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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

Manatt, Phelps & Phillips, LLP

Fintech Developments: FTC, FDIC, OCC and More

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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

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

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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

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

Hogan Lovells

FTC Hosts FinTech Forum on Artificial Intelligence and Blockchain Technologies

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On Thursday, March 9th, the Federal Trade Commission (FTC) hosted a forum on the consumer implications of recent developments in artificial intelligence (AI) and blockchain technologies. This was the FTC’s third forum on...more

Orrick, Herrington & Sutcliffe LLP

California Supreme Court Declines to Extend Tribal Sovereign Immunity to Payday Lending Businesses

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On December 22, 2016, the California Supreme Court issued People ex rel. Owen v. Miami Nation Enterprises. The decision found that certain tribal business entities that provided loans in California are not "arms of the tribe"...more

Bilzin Sumberg

CFPB Steps Up Oversight of Companies’ Compensation Programs Following Wells Fargo Scandal

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The Consumer Financial Protection Bureau (CFPB) will likely be weakened by the incoming Trump administration and its Republican allies in Congress. Exactly how, and how much, remains to be seen, however—and, in the meantime,...more

Bradley Arant Boult Cummings LLP

CFPB Sends Clear Message That FinTech Start-Ups Have Same Obligations as Established Companies

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In a clear message to FinTech start-ups, on September 27, 2016, the Consumer Financial Protection Bureau (CFPB) ordered online lender Flurish, Inc. to pay $1.83 million in refunds and a civil penalty of $1.8 million for...more

Morrison & Foerster LLP - JOBS Act

First Ever SEC Fintech Forum

Morrison & Foerster LLP - JOBS Act on

On September 27th, 2016, the SEC announced it will host a public forum to discuss financial technology (Fintech) innovation in the financial services industry. The press release notes that the forum is designed to foster...more

Troutman Pepper

CashCall Case Brings More Uncertainty to the True Lender Debate

Troutman Pepper on

The case provides an outline of issues to consider and structures to avoid in designing bank collaboration models in the future. On August 31, in Consumer Financial Protection Bureau v. CashCall, Inc., the U.S....more

Manatt, Phelps & Phillips, LLP

FDIC on Marketplace Lending, Supervisory Appeals and Communication

Manatt, Phelps & Phillips, LLP on

The latest regulator attempting to rein in controls on the marketplace lending industry is the Federal Deposit Insurance Corp. (FDIC). Marketplace lending to consumer borrowers generally runs through state-chartered banks....more

Goodwin

FinTech Flash: Marketplace Lending Bank Partner as True Lender

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In our last FinTech Flash we covered the pros and cons of marketplace lending platform companies entering into bank partnerships. If the arrangement is structured properly, two significant advantages result...more

Sheppard Mullin Richter & Hampton LLP

CFPB Prevails On Summary Judgment Against CashCall, Inc.

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On August 31, 2016, in a ground breaking decision, the United States District Court in Los Angeles ruled that CashCall, Inc. violated the Consumer Financial Protection Act in connection with efforts to collect on certain...more

Carlton Fields

CFPB Continues Scrutiny of Payday Loans in Recent Report and Proposed Rule

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Online payday loans can result in an array of "steep, hidden costs" for borrowers, according to the latest payday loan report from the Consumer Financial Protection Bureau. The report precedes potential new regulatory...more

Manatt, Phelps & Phillips, LLP

FSOC on Fintech Risks, Cybersecurity Vigilance

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An annual report from the Financial Stability Oversight Council (FSOC) recently focused on the risks presented by the burgeoning fintech industry as well as the continuing "pressing concern" of cyber threats and...more

Ballard Spahr LLP

Regulators Raise Marketplace Lending Concerns at FTC FinTech Forum

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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

Ballard Spahr LLP

FTC holding FinTech forum on marketplace lending

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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

Cadwalader, Wickersham & Taft LLP

CFPB Proposed Rules Address Payday Loans and Impose New Customer Diligence Requirements

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The Consumer Financial Protection Bureau (“CFPB”) last week announced long-awaited proposed rules governing payday loans and other high-cost credit products, including that lenders must take steps to ensure prospective...more

Orrick - Finance 20/20

The New CFPB Payday Lending Rules: An Early Analysis

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Last week the Consumer Finance Protection Bureau ("CFPB") released its long-awaited proposed rulemaking to regulate payday, auto title and certain high-cost installment loans ("covered loans"). The stated purpose of the...more

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