Newsletters

03.09.20

The SEC Proposes to Expand Capital-Raising Opportunities for Reg D, Reg A and Crowdfunding Offerings

On March 4, 2020, the Securities and Exchange Commission (SEC) issued proposed rules to simplify certain aspects of exempt offerings with the goal of expanding access to capital for issuers and increasing opportunities for investors. The proposed rules are set forth in SEC Release No. ...


02.19.20

Securitization Vehicles Win Madden Victory

In one of two closely watched New York class actions asserting usury claims against national bank securitization vehicles based on the Second Circuit’s decision in Madden v. Midland Funding, 786 F.3d 246 (2d Cir. 2015), a federal magistrate judge has recommended dismissal based on federal ...


02.13.20

CSBS Reports On Progress in Implementing Vision 2020

What progress has the Conference of State Bank Supervisors (CSBS) made in implementing the 2019 recommendations of the Fintech Industry Advisory Panel (the “Advisory Panel”) related to Vision 2020, its bold approach to modernizing and streamlining the state licensing and supervision of ...


01.23.20

California DBO Challenging Transactions as Disguised Loans

Potentially redefining the nature of a “loan,” the California Department of Business Oversight (DBO) is pursuing multiple enforcement efforts against certain financing vehicles that have long been recognized as exempt from lending laws.


01.23.20

OCC Asks Second Circuit to Hear Fintech Charter Dispute

As expected, the Office of the Comptroller of the Currency (OCC) has requested a federal appeals court to reverse a decision by a lower court denying the OCC’s motion to dismiss a lawsuit challenging its plans to issue special purpose charters to fintech companies.


01.09.20

Manatt Fintech: What to Expect in 2020

Taking a break after eight brisk years of regulatory and litigious turbulence, the world of fintech and marketplace lending in 2019 was notable for being more business as usual, or what some might call a “ho hum” year of upward growth.


01.07.20

2019 Financial Services M&A and Capital Markets Year in Review

Although it was very quiet on the western front (in particular, in California), 2019 was generally a solid year for banks pursuing merger and acquisition opportunities and accessing the capital markets.


12.24.19

PayPal Hits CFPB With Lawsuit Over Prepaid Rule

PayPal, Inc., filed suit against the Consumer Financial Protection Bureau (CFPB) recently, challenging the Prepaid Accounts Under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z) Rules as a violation of its First Amendment rights.  


12.24.19

FDIC Proposes to Update Brokered Deposits Regs

In a notice of proposed rulemaking (NPRM), the Federal Deposit Insurance Corporation (FDIC) announced its plan to update its brokered deposits regulations.


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 ...