05.12.17
An organization of state banking regulators hit the Office of the Comptroller of the Currency with a lawsuit, claiming the federal agency’s plan to issue fintech charters exceeds its authority.
In news at the Consumer Financial Protection Bureau, the agency released a special edition of its Supervisory Highlights focused on consumer reporting and was handed a major loss from the U.S. Court of Appeals for the D.C. Circuit in an attempt to enforce a civil investigative demand (CID).
12.21.16
Use caution when creating incentives for employees and service providers to meet sales and other business goals, the Consumer Financial Protection Bureau warned financial institutions in a new Compliance Bulletin.
12.13.16
Following months of speculation, on December 2, 2016, the Office of the Comptroller of the Currency (the "OCC") announced that it will consider applications from fintech companies seeking national bank charters.
10.31.16
On October 26 the Securities and Exchange Commission (SEC) unanimously adopted new and amended rules aimed at making it easier for companies to raise money from investors through intrastate and small offerings.
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?