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, ...
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.
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 ...
The Financial Crimes Enforcement Network (FinCEN) has released new guidance on cryptocurrency, an attempt to “provide regulatory certainty for businesses and individuals” engaged in the burgeoning field of financial activity.
The U.S. Court of Appeals, Second Circuit has ruled that an online tribal lender must comply with state interest rate and licensing laws, allowing a pair of borrowers to move forward with their suit against tribal officials.
Reminding financial institutions that a multitude of enforcers are at their doorstep, the Securities and Exchange Commission (SEC) announced a $3 million deal with an online lender.
Continuing to fill in gaps at the federal level, state attorneys general are keeping busy with enforcement actions, and on issues that might have received more CFPB attention under the old Cordray regime.
An online lender recently agreed to pay a $3.85 million settlement to the Federal Trade Commission (FTC) for allegedly engaging in deceptive and unfair acts and practices relating to its consumer loans.
The staff of the SEC issued a no-action letter Wednesday, April 3, 2019, to TurnKey Jet, Inc., agreeing that digital tokens used by the business-travel startup did not meet the definition of a security.
The California Department of Business Oversight (DBO) will likely have a new commissioner in the coming months, with Affirm General Counsel and Chief Compliance Officer Manuel “Manny” Alvarez tapped to take the helm.