Entities engaged in the business of loan solicitation are now required to be licensed with the Vermont Department of Financial Regulation following the recent enactment of Act 22. Loan comparison websites, lead generators,...more
6/5/2017
/ Banking Sector ,
Financial Services Industry ,
Licensing Rules ,
Loan Guarantee Solicitation ,
Money Transmitter ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Mortgages ,
New Legislation ,
Solicitation Provisions ,
Virtual Currency
Tom Dresslar, the Deputy Commissioner for Policy and Planning at the California Department of Business Oversight, California’s state bank regulator, has retired. Mr. Dresslar joined the DBO in late 2014 after a long career...more
The New York Department of Financial Supervision (DFS) has filed a complaint in a New York federal district court to stop the Office of the Comptroller of the Currency (OCC) from implementing its proposal to issue special...more
The FDIC announced last week that it had entered into settlements with Bank of Lake Mills and two non-bank “institution-affiliated parties” through which the bank originated loans for allegedly engaging in unfair and...more
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
5/11/2017
/ Banking Sector ,
Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financing ,
Minority-Owned Businesses ,
Request For Information ,
Small Business ,
Women-Owned Businesses
The Administrator of the Uniform Consumer Credit Code for the State of Colorado, Julie Ann Meade, has filed motions to dismiss the complaints filed in federal court by two state-chartered banks seeking to permanently enjoin...more
The Conference of State Bank Supervisors has filed a complaint in D.C. federal district court to stop the Office of the Comptroller of the Currency (OCC) from implementing its proposal to issue special purpose national bank...more
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
The Conference of State Bank Supervisors issued a press release this week in which it announced the April 1 release of a new tool within the Nationwide Multistate Licensing System (NMLS) to streamline reporting by money...more
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
New York's law prohibiting merchants from imposing a surcharge on credit card purchases (Section 518 of the state's General Business Law) regulates speech, thereby making the law subject to First Amendment scrutiny, the U.S....more
The Office of the Comptroller of the Currency (OCC) has taken another step toward implementing its proposal to allow financial technology (fintech) companies to apply for a special purpose national bank (SPNB) charter,...more
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
3/17/2017
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Discrimination ,
Discriminatory Lending Practices ,
ECOA ,
FinTech ,
Innovative Technology ,
Minority-Owned Businesses ,
Regulatory Oversight ,
Small Business
Earlier this week, we attended the LendIt USA conference in New York City, a leading annual fintech conference, at which CFPB Director Richard Cordray and Comptroller of the Currency Thomas Curry both spoke....more
3/9/2017
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Institutions ,
FinTech ,
Innovative Technology ,
No-Action Letters ,
OCC ,
Project Catalyst ,
Request For Information ,
Richard Cordray ,
Special Purpose National Bank Charter ,
Technology ,
Thomas Curry ,
UDAAP
The Ninth Circuit Court of Appeals recently heard oral argument in Los Angeles Lakers, Inc. v. Federal Insurance Company, a case raising the issue of whether an exclusion for invasion of privacy claims in a directors and...more
2/23/2017
/ Appeals ,
Breach of Contract ,
D&O Insurance ,
Denial of Insurance Coverage ,
Insurance Industry ,
Invasion of Privacy ,
Motion to Dismiss ,
NBA ,
Policy Exclusions ,
Policy Terms ,
Sports ,
TCPA ,
Text Messages
Phone calls made by a lawn care company after the termination of a customer's contract were beyond the scope of the parties' agreement to arbitrate any claim "arising from or relating to" their contract, the U.S. Court of...more
2/22/2017
/ Arbitration ,
ATDS ,
Auto-Dialed Calls ,
Class Action ,
Consumer Contracts ,
Contract Terms ,
Federal Arbitration Act ,
Mandatory Arbitration Clauses ,
Right to Privacy ,
Robocalling ,
TCPA
The CFPB has issued a request for information (RFI) that seeks information about the use of alternative data and modeling techniques in the credit process.
According to the CFPB, the RFI stems from the Bureau’s desire...more
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
2/15/2017
/ Banking Sector ,
Consumer Lenders ,
Financial Services Industry ,
FinTech ,
Lenders ,
Licensing Rules ,
Loans ,
National Bank Charters ,
NYDFS ,
Proposed Legislation ,
Regulatory Oversight
The CFPB and the New York Attorney General this week filed an action against RD Legal Funding, LLC, two of its affiliates, and their principal (collectively, “RD”), alleging that a litigation settlement advance product...more
2/9/2017
/ Attorney General ,
Banking Sector ,
Civil Investigation Demand ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Contract Terms ,
Declaratory Judgments ,
Dodd-Frank ,
Enforcement Actions ,
Financial Services Industry ,
Injunctive Relief ,
Loans ,
RD Legal Funding ,
Section 1031 ,
UDAAP ,
Unfair or Deceptive Trade Practices ,
Usury
The New York State Department of Financial Services (NYDFS) has come out strongly against an Office of the Comptroller of the Currency (OCC) proposal to grant national bank charters to financial technology (fintech)...more
1/30/2017
/ American Bankers Association ,
Anti-Money Laundering ,
Banking Sector ,
Banks ,
Capital Requirements ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Fair Lending ,
FDIC ,
Federal Reserve ,
FinTech ,
Fintech Charter ,
National Bank Act ,
National Bank Charters ,
NYDFS ,
OCC ,
Office of Foreign Assets Control (OFAC) ,
Regulatory Oversight ,
Technology ,
Terrorism Funding
Deepening an already-existing circuit split, the Ninth Circuit has held that class certification is appropriate even if plaintiff has not shown that identifying class members is "administratively feasible." Expressly...more
The Office of the Comptroller of the Currency (OCC) has proposed to allow financial technology (fintech) companies to apply for full or special purpose national bank charters. In advance of the proposal's January 15, 2017,...more
In a state enforcement action alleging violations of California's lending law and seeking to enjoin continued lending to state residents, the California Supreme Court has ruled that the two tribally affiliated entities that...more
1/4/2017
/ CA Supreme Court ,
Civil Investigation Demand ,
Consumer Financial Products ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
FTC Act ,
Internet Lenders ,
Native American Issues ,
Payday Loans ,
Popular ,
Sovereign Immunity ,
Tribal Loans
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
The Federal Trade Commission (FTC) has announced that to study the effectiveness of various class action settlement notice programs, it has issued orders to eight claims administrators requiring them to provide information on...more