Newsletters

05.25.16

Justice Department Sides With Financial Industry on Madden Case

Marketplace loan investors may want to "gather ye discounted Madden loans while ye may," as the Robert Herrick poem reads (taking some fintech license, of course).


05.16.16

Supreme Court Requires Actual Harm to Pursue FCRA Claims

In a carefully drawn 6-2 decision authored by Justice Samuel Alito, the Supreme Court of the United States has today ruled in Spokeo, Inc. v. Robins that a plaintiff must show an injury in fact before pursuing a claim for violation of the federal Fair Credit Reporting Act (FCRA), a holding that ...


05.13.16

Take Two: Incentive-Based Payment Arrangements Rule Reappears

For a second time, federal banking regulators are seeking comment on a jointly proposed rule that would impose restrictions on incentive-based pay arrangements.


05.12.16

Treasury Issues White Paper on Marketplace Lending

On May 10, 2016, the U.S. Department of the Treasury released its highly anticipated white paper on online marketplace lending.


04.28.16

What Banks Need to Do to Address Technological Change

In the past few years the fintech industry has grown exponentially.


04.14.16

Prepaids in Focus: Federal Regulators Clarify CIP Rules

The federal banking agencies and the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) have issued guidance to banks to clarify how the Bank Secrecy Act's customer identification program (CIP) requirements apply to several types of prepaid access.


03.31.16

Monthly Complaint Snapshot, Supervisory Highlights, and Complaints About Online Marketplace Lenders

The Consumer Financial Protection Bureau (CFPB) has had a busy few weeks, releasing the latest monthly snapshot of consumer complaints, publishing its Supervisory Highlights newsletter to reveal the Bureau has recovered $14.3 million for consumers, and announcing that it will begin to accept ...


03.10.16

$6.5M Fine for Persistent BSA/AML Failures

A $6.5 million civil money penalty imposed against a $1.57 billion Florida bank for persistent anti-money laundering (AML) and Bank Secrecy Act (BSA) deficiencies provided an appropriate back drop for two enforcement-related announcements by the Office of the Comptroller of the Currency (OCC).


03.01.16

Madden Tells SCOTUS That Marketplace Lenders Should Not Worry About Madden

As the Marketplace Lending (MPL) industry gears up for the upcoming conference trifecta—ABS Vegas, AltFi Europe and LendIt USA 2016, the effect of the Midland Funding, LLC et al. v. Saliha Madden case and its pending appeal before the U.S. Supreme Court is palpable.


02.18.16

FDIC Dips Its Toes Into Marketplace Lending

In the Winter 2015 edition of the Federal Deposit Insurance Corporation's (FDIC) Supervisory Insights, the agency provided an overview of the marketplace lending model, "a small but growing component of the financial services industry that some banks are viewing as an opportunity to ...