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Orrick, Herrington & Sutcliffe LLP

RegFi Episode 43: Investing in Financial Inclusion

Kabir Kumar, director of policy and ecosystem building at Flourish Ventures, joins RegFi co-hosts Jerry Buckley and Sasha Leonhardt to explore the fundamental role of technology in expanding access to fair and stable...more

Ballard Spahr LLP

Proposals to Ease Capital Standards for New Banks Could Lead to More Failures, CRS Says

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In a recent report, the Congressional Research Service stated that capital formation remains the largest obstacle hampering the formation of de novo banks, but regulatory and legislative changes that have been proposed could...more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 23: Regulatory Tech Innovation Accelerating Around the Globe: Nick Cook Describes Trends

Nick Cook joins RegFi cohosts Jerry Buckley and Sasha Leonhardt for a conversation about how regulators globally are approaching technological innovation, both in the markets they supervise and within their own operations....more

Goodwin

Pick Up the Indemnification Stick for Your True Lender Bundle

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In this edition of Fintech Flash, we discuss ways to think about true lender risk in fintech–bank lending partnerships, with a particular focus on how indemnification provisions in program agreements weigh in the balance of...more

Ballard Spahr LLP

CFPB continues to look to creditors to help servicemembers take advantage of SCRA benefits

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On January 12, 2023, the Consumer Financial Protection Bureau (“CFPB”) issued a report highlighting an increase in reported incidents of identity theft by servicemembers. The report, titled “Servicemember reports about...more

Cadwalader, Wickersham & Taft LLP

The UK’s Financial Conduct Authority Publishes Its 23/24 Business Plan

In the context of a year that has seen record levels of volatility, the FCA has set out in its Business Plan for 2023/24 how it plans to tackle regulating firms with a view to delivering on its objectives of: ensuring markets...more

Orrick, Herrington & Sutcliffe LLP

FinCEN issues final rule replacing obsolete BSA civil penalty regulations

On December 23, the Financial Crimes Enforcement Network (FinCEN) published a final rule amending the Bank Secrecy Act civil penalty regulations concerning requirements for reporting foreign financial accounts and...more

Nelson Mullins Riley & Scarborough LLP

DOJ, CFPB Warn Auto Finance Companies about Servicemember Protections

The U.S. Department of Justice (“DOJ”) and the Consumer Finance Protection Bureau (“CFPB”) issued a joint letter reminding the auto finance industry to enforce certain interest rate restrictions and other consumer protection...more

Cadwalader, Wickersham & Taft LLP

Marketplace Lending Update #10: OCC’s True Lender Rule Is Repealed

On June 30, 2021, President Biden signed a joint resolution of Congress under the Congressional Review Act (“CRA”) to disapprove the OCC’s True Lender Rule. As a result, the True Lender Rule is now repealed....more

Cadwalader, Wickersham & Taft LLP

Marketplace Lending Update #9: To Thine Own Self Be True? Not Necessarily

On May 11, the Senate voted 52-47 (with three Republicans joining 49 Democrats) to pass a joint resolution under the Congressional Review Act (“CRA”) to disapprove of (i.e., rescind) the Office of Comptroller of the...more

Mayer Brown

Congress Prepares to Invalidate OCC’s True Lender Rule

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On Thursday (March 26, 2021), Senator Chris Van Hollen (D-MD) introduced a Congressional Review Act (CRA) resolution of disapproval to invalidate the Office of the Comptroller of the Currency’s (OCC) true lender rule....more

Manatt, Phelps & Phillips, LLP

OCC Proposes Rule to Define the ‘True Lender’

On the heels of finalizing its Madden-fix rule, the Office of the Comptroller of the Currency (OCC) on July 20, 2020, issued a proposed regulation to address bank-partnership uncertainty arising from the so-called true lender...more

Morgan Lewis

Watch Out for California – State Stepping Up Fintech and Lending Regulatory Enforcement

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A recent legal conference in Washington, DC, highlighted newly proposed and ongoing regulatory changes in California concerning consumer and commercial lending. ...more

Ballard Spahr LLP

PLI 25th Annual Consumer Financial Services Institute – 25% discount available

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PLI’s 25th Annual Consumer Financial Services Institute will take place on March 23-24, 2020, in New York City (and by live webcast and groupcast in Philadelphia, Pittsburgh, and Mechanicsburg, Pennsylvania, and New...more

Ballard Spahr LLP

NYDFS requires regulated institutions to submit plans describing preparations for LIBOR transition by Feb. 7

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The New York Department of Financial Services has sent a letter to the institutions that it regulates requiring each such institution, by February 7, 2020, to provide to DFS a description of its “plan to address its LIBOR...more

Ballard Spahr LLP

Defendant files answer brief, trade groups file amicus brief in Montana lawsuit challenging healthcare provider’s use of prepaid...

Ballard Spahr LLP on

Last week, the defendant filed its answer brief in Bratton v. Sisters of Charity of Leavenworth Health System, Inc., an appeal now pending before the Montana Supreme Court involving a challenge to the defendant’s use of...more

Ballard Spahr LLP

Washington Proposes Amendments to Student Loan Servicing Rules

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The Washington State Department of Financial Institution (DFI) has published proposed revisions to its student loan servicer regulations. This proposal would amend rules that went into effect earlier this year pursuant to...more

Ballard Spahr LLP

CFPB issues update to Prepaid Rule Small Entity Compliance Guide

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Last week, the CFPB released its most recent update to the Prepaid Rule Small Entity Compliance Guide.  The new version includes expanded information regarding the process for complying with the Prepaid Rule’s requirement to...more

Ballard Spahr LLP

Connecticut bank sued for alleged discriminatory mortgage lending

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Last week, the Connecticut Fair Housing Center, Inc. filed a complaint against Liberty Bank in Connecticut federal district court alleging that the Bank engaged in discriminatory mortgage lending in violation of the federal...more

Troutman Pepper

CRA-like Standards for Fintechs Could Reduce Access to Credit

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As reported in American Banker, consumer advocacy groups are concerned that financial inclusion expectations for fintechs chartered as special-purpose national banks may not perfectly mirror the requirements of the Community...more

Ballard Spahr LLP

CFPB finalizes changes to the Prepaid Account Rule and further delays effective date

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On January 25, the CFPB finalized certain changes to the original Final Prepaid Rule (the “Rule”) proposed last summer. The amended Rule still contains onerous restrictions on credit features and complicated disclosure...more

Hogan Lovells

10 Practical tips for a smooth FCA application process

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The road to FCA authorisation can sometimes seem a long one, but take in some of our top tips for FinTechs travelling this road for the first time to help smooth the ride....more

Hogan Lovells

RegTech: Big Bang or Slow Burn?

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Will RegTech be a "Big Bang" or a "Slow Burn"? This was the question posed at the end of another roundtable on RegTech chaired by Emily Reid, Partner and Head of Commercial and Retail Banking at Hogan Lovells. The consensus...more

Ballard Spahr LLP

State AGs criticize ED withdrawal of Obama student loan servicing policy direction

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A group of 20 state attorneys general, the D.C. attorney general, and the Executive Director of the Office of Consumer Protection of Hawaii have sent a letter to U.S. Department of Education Secretary Betsy DeVos criticizing...more

Hogan Lovells

RegTech: an Invisibility Cloak for Regulation?

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Moving onto the second day of the Innovate Finance Global Summit 2017, Hogan Lovells hosted a roundtable focussed on Making Regulation Invisible: Using RegTech to Embed Rules into Workflow. A full house reinforced the nirvana...more

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