Newsletters

12.04.19

OCC, FDIC Propose Madden Fix Regulations

In a welcome development for fintechs, lenders and investors, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) separately have proposed regulations to address the substantial uncertainty created by the Second Circuit’s decision in Madden ...


10.16.19

Lawmakers Urge Rulemaking to Overturn Madden

In Madden v. Midland Funding, LLC, the Second Circuit refused to rule that the National Bank Act (NBA) pre-empted state law usury claims against an assignee of a national bank.


09.25.19

Eleventh Circuit Tosses Online Lender’s Forum Selection, Class Waiver Clauses

Siding with six consumers who filed suit asserting violations of state usury laws against online lenders, the U.S. Court of Appeals for the Eleventh Circuit has affirmed a decision by the U.S. District Court for the Southern District of Georgia, holding that the enforcement of forum selection ...


09.25.19

State AGs to SEC: Your "Best" is Not Good Enough

Led by New York Attorney General Letitia James, a group of eight state AGs filed suit against the Securities and Exchange Commission (SEC), challenging the agency’s recently enacted Regulation BI (Best Interest).


07.17.19

Task Force Considers Fintech Regulation

The newly formed House Financial Services Committee’s Task Force on Financial Technology (Committee) recently held its first hearing, and it included some interesting perspectives from both U.S. and U.K. regulators.


07.16.19

White House Weighs In on Cryptocurrency and Digital Investments

In a White House news conference Monday, July 15, Treasury Secretary Steven Mnuchin expressed serious concerns about cryptocurrency and digital investments and raised national security implications of large technology companies creating their own coin.


07.03.19

SEC Finalizes Investment Adviser, Broker-Dealer Standards

By a 3-to-1 vote, the Securities and Exchange Commission (SEC) adopted a rulemaking package concerning investment adviser and broker-dealer standards of conduct.


07.03.19

Putative Class Action Attacks Securitization Based On Madden Case

On June 12, 2019, three holders of credit cards issued by a national bank brought a putative class action in the Eastern District of New York directly attacking the bank’s securitization of its credit card receivables based on the Second Circuit’s decision in Madden v. Midland Funding, ...


06.06.19

OCC Highlights Areas of Risk, Including Fintech

A recently released report from the Office of the Comptroller of the Currency (OCC) identified key areas of risk that pose a threat to the safety and soundness of the federal banking system.


05.22.19

NY Federal Court: OCC Fintech Charters in Jeopardy

In a surprising decision, a New York federal district court not only refused to dismiss the New York Department of Financial Services’ (DFS) challenge to the Office of the Comptroller of the Currency’s (OCC) plans to issue special purpose national bank (SPNB) charters to fintech ...