• 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 ...

  • 10.30.19

    Executive Orders Limit Agency Guidance

    Two executive orders recently signed by President Donald Trump will now require that federal agencies publish all informal guidance and limit its use in enforcement actions.

  • 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

    Déjà Vu: D.C. Court Dismisses Challenge to OCC’s Fintech Charter

    In the latest battle over the Office of the Comptroller of the Currency’s (OCC’s) plan to issue special purpose national bank (SPNB) charters, a D.C. federal judge has for a second time dismissed a lawsuit brought by the Conference of State Bank Supervisors (CSBS).

  • 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 ...

  • 08.14.19

    California DBO Proposes Commercial Finance Disclosure Regulations and Seeks Further Comments

    The California Department of Business Oversight (DBO) has issued its long-awaited draft regulations to implement SB 1235, a 2018 law requiring consumer-like disclosures for commercial financing in California.  The DBO has requested public comment on these draft regulations, giving interested ...

  • 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

    Fair Lending: Lawmakers Concerned About Algorithms; CFPB Issues Report

    As a more centrist Consumer Financial Protection Bureau (CFPB) issued a modest annual fair lending report, Democratic lawmakers continue to press a far more aggressive fair lending agenda, as reflected by a letter sent by Sens. Elizabeth Warren (D-Mass.) and Doug Jones (D-Ala.) to the Federal ...

  • 06.19.19

    Innovation Oversight: From the DFS to FinCEN to Lawmakers

    In regulatory oversight news, the New York Department of Financial Services (DFS) announced the creation of a new Cybersecurity Division and the Financial Crimes Enforcement Network (FinCEN) launched an Innovation Hours program.

  • 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.