10.13.16
California's Department of Business Oversight (DBO) reached a $2.68 million settlement with LendUp recently, a deal based on the regulator's allegations that the firm charged illegal fees and committed other "widespread" violations of state law.
09.01.16
The latest regulator attempting to rein in controls on the marketplace lending industry is the Federal Deposit Insurance Corp. (FDIC). Marketplace lending to consumer borrowers generally runs through state-chartered banks. The FDIC is in the unique position of being able to regulate ...
08.04.16
Overdraft services practices were the basis for a $10 million fine from the Bureau of Consumer Financial Protection (CFPB) in a recent action against a national bank operating primarily in the northeast.
07.07.16
In a disappointing move, the U.S. Supreme Court has denied the petition for certiorari by Midland Funding to hear the case Madden v. Midland Funding. But could the inaction by the Supreme Court be much ado about nothing?
06.27.16
In a disappointing move, the Supreme Court today denied the petition by Midland Funding to hear the case Madden v. Midland Funding.
06.23.16
In a long anticipated move, the Consumer Financial Protection Bureau (CFPB) proposed a rule to regulate so-called "debt traps" by requiring lenders to take additional steps to ensure consumers have the ability to repay certain types of small loans and placing limits on reborrowing or ...
06.10.16
Continuing its efforts against payday lenders, New York's Department of Financial Services (DFS) announced a consent decree with National Credit Adjustors (NCA) and Webcollex totaling $3 million.
05.26.16
Examiners will be paying more attention to mobile financial services (MFS) using new guidance recently issued by the Federal Financial Institutions Examination Council (FFIEC).
05.25.16
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).
05.12.16
On May 10, 2016, the U.S. Department of the Treasury released its highly anticipated white paper on online marketplace lending.
