Newsletters

08.13.15

DOJ Charges Operators of Unregistered Bitcoin Exchange with Failure to File SARs on Bitcoin Sales to

The AML compliance community is still wrestling to understand the full implications of an indictment filed against two men who allegedly operated a Bitcoin exchange that had not been registered as a money services business with the Financial Crimes Enforcement Network.


08.12.15

Madden 2015 Has Nothing to Do With Football

Legendary NFL coach John Madden probably has no idea that his last name now invokes shrugs, grunts and eye-rolling from the marketplace lending community.


07.30.15

Treasury Department: Tell Us More About Online Marketplace Lending

Raising the possibility of regulation, the Department of the Treasury has published a Request for Information (RFI) regarding online marketplace lending (also called peer-to-peer lending), seeking public comment on the various business models and products offered by such lenders to both small ...


07.16.15

Regulators Keep Their Feet on the Gas in Actions Against Auto Lenders; NY AG Latest to Bring Suit

The automotive industry is continuing to face heavy scrutiny from regulators.


07.02.15

CFPB Releases Final Rule for Nonbank Auto Lenders Oversight

The Consumer Financial Protection Bureau (CFPB) released its final rule providing oversight of larger participants in the nonbank auto-financing ecosystem, along with examination procedures for covered entities, making the significant expansion of its supervision official.


06.25.15

Still Your Father’s Oldsmobile? Stale Bank Holding Company 10-K Sup & Reg Sections

It has been apparent for years that the common boilerplate Supervision and Regulation discussion in most bank holding company Form 10-K Annual Reports could be trimmed down and updated.


06.18.15

NBA Doesn’t Preempt State Usury Claims Against Assignee of National Bank, Second Circuit Rules

In a potentially troubling ruling, the Second Circuit Court of Appeals refused to find the National Bank Act (NBA) preempted state law usury claims against an assignee of a national bank.


06.17.15

Five on Five: How the Evolution of Fintech Is Changing the Face of Community and Regional Banks

Market share for community and regional banks is slowly being taken away by “nontraditional” providers of financial services, whether they be peer-to-peer lending platforms or other distributors of consumer financial services through the Internet.


06.04.15

PayPal to Pay $25M to Resolve CFPB Allegations of “Abusive” Conduct

In a not-unexpected announcement, the Consumer Financial Protection Bureau (CFPB) revealed a $25 million settlement with PayPal resolving allegations that the company illegally signed consumers up for its online credit product.


05.21.15

CFPB Fines Bank $7.5M for Overdraft Violations, With $49M More in Redress

In its first action targeting overdraft fees, the Consumer Financial Protection Bureau (CFPB) fined Regions Bank $7.5 million for charging customers overdraft fees when they had not chosen to receive overdraft coverage.