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CA Dept. of Business Oversight files action against title lender for CA law violations; launches investigation into whether...

The California Department of Business Oversight (DBO) has filed an administrative enforcement action against a title lender for alleged violations of California law and launched an investigation into whether the interest...more

FTC enforcement to focus on fintech lenders

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

CA on the verge of requiring commercial finance disclosures

It appears likely that California Governor Jerry Brown will sign a bill passed on August 31 by the state’s Senate, Senate Bill 1235, which would create consumer-style disclosure requirements for certain commercial loans and...more

CA Supreme Court holds high-interest loans may be subject to price unconscionability attack

Resolving an ambiguity in the California Finance Lender’s Law (CFLL), the California Supreme Court unanimously held that borrowers may use the unconscionability doctrine to challenge the interest rate on consumer loans of...more

Calif. Supreme Court: High-Interest Loans May Be Subject to Price Unconscionability Attack

Resolving an ambiguity in the California Finance Lender's Law (CFLL), the California Supreme Court unanimously held that borrowers may use the unconscionability doctrine to challenge the interest rate on consumer loans of...more

Arizona enacts “regulatory sandbox” for fintech companies

Arizona’s Governor recently signed into law legislation that directs the state’s Attorney General to establish a “regulatory sandbox program” for the purpose of “enabl[ing] a person to obtain limited access to the market in...more

NYDFS sends survey request to online lenders

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

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

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

California Supreme Court to Decide Key Finance Lender Law Usury and Unconscionability Issue

Although the California Finance Lenders Law (the CFLL) does not limit the interest rates that may be charged on loans of $2,500 or more, Section 22302 of the law expressly states that loans made under the CFLL may be held...more

Fed study finds expanded credit access resulting from fintech lending

A new research paper released by the Federal Reserve Bank of Philadelphia found that fintech lending has expanded consumers’ ability to access credit. The paper, “Fintech Lending: Financial Inclusion, Risk Pricing, and...more

Senate bill introduced to override Madden decision

Democratic Senator Mark Warner has introduced a bill, S.1642, that would override the Second Circuit’s decision in Madden v. Midland Funding. (In Madden, the Second Circuit ruled that a nonbank that purchases loans from a...more

CFPB conducts small business field hearing and issues related white paper and request for information

Yesterday, I attended the CFPB’s field hearing in Los Angeles on small business lending. In connection with the hearing, the CFPB issued a white paper entitled “Key dimensions of the small business lending landscape,”...more

CFPB to hold May 10 field hearing on small business lending

The CFPB will hold a field hearing on small business lending in Los Angeles, CA on May 10, 2017. The announcement, which took the form of a posting on the events page of the CFPB’s website, contains only the usual statement...more

Two Banks Fight Back Against Colorado Regulator in Bank-Model Dispute

Two state-chartered banks, WebBank and Cross River Bank, recently filed complaints for declaratory judgment and injunctive relief against the Administrator of the Uniform Consumer Credit Code for the State of Colorado, Julie...more

Lawmaker Seeks CFPB Fair Lending Investigation of Fintech Small Business Lenders

A Democratic congressman has raised concerns about potentially discriminatory lending practices used by financial technology (fintech) companies that extend credit to small businesses, calling on the Consumer Financial...more

NY Licensing Proposal Threatens New Burdens on Financial Services Providers, Reduced Credit Availability

Proposed legislation to implement New York Governor Andrew Cuomo's 2018 Fiscal Year Executive Budget would amend the New York Licensed Lender Law to significantly extend its licensing requirements. The proposal threatens to...more

FTC Consent Order Creates Uncertainty for Advertising of Credit, Lease Offers

A recent Federal Trade Commission (FTC) consent order with two Ohio auto dealers creates uncertainty not only for auto dealers, but also for all other businesses advertising credit or lease offers. The order settled...more

Installment Lender Using Bank Partner Model Needs Maryland License, Court of Appeals Rules

The Maryland Court of Appeals, the state's highest court, in CashCall, Inc. et al. v. Maryland Commissioner of Financial Regulation, recently affirmed the judgment of the Court of Special Appeals (MCSA) directing CashCall to...more

Regulators Raise Marketplace Lending Concerns at FTC FinTech Forum

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

Treasury Releases White Paper on Online Marketplace Lending

The U.S. Treasury Department has released a white paper addressing the online marketplace lending industry. Based in part on the responses to Treasury's July 2015 Request for Information (RFI), the white paper offers a broad...more

Treasury Dept. marketplace lending findings expected to be released next week

The CFPB recently joined other federal regulators who have indicated a growing interest in marketplace lending with its announcement that it is accepting consumer complaints about loans obtained through marketplace lenders. ...more

FTC to host June 9 forum on marketplace lending

The interest of federal regulators in marketplace lending continues to grow. In March 2016, the CFPB announced that it is taking complaints about marketplace lenders. In July 2015, the Treasury Department issued a request...more

California Releases Marketplace Lending Data

The California Department of Business Oversight (DBO) has issued a summary report of aggregate data provided by the companies that responded to the DBO's online survey sent to 14 marketplace lenders engaged in online consumer...more

FDIC Developing Guidance on Risks For Banks Lending Through Third Parties

New guidance being developed by the Federal Deposit Insurance Corporation (FDIC) to address risks associated with banks making loans through third parties could significantly impact marketplace lending, private label credit...more

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