• 10.31.16

    SEC Eases Rules on Intrastate Crowdfunding

    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 DBO Hits LendUp With Action, Fine

    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.

  • 10.13.16

    California's DBO Hits LendUp With Action, Fine

    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

    FDIC on Marketplace Lending, Supervisory Appeals and Communication

    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 Service Program Costs Bank $10M in CFPB Fine

    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

    Will Industry Feel Impact of Supreme Court's Madden Rejection?

    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?

  • 06.27.16

    SCOTUS Declines Hearing Madden: Are Industry Repercussions Limited?

    In a disappointing move, the Supreme Court today denied the petition by Midland Funding to hear the case Madden v. Midland Funding.

  • 06.23.16

    CFPB Releases Proposed Regulation of Payday Loans

    In a long anticipated move, the Consumer Financial Protection Bureau (CFPB) proposed a rule to regulate so-called "debt traps" by requiring lenders to take additional steps to ensure consumers have the ability to repay certain types of small loans and placing limits on reborrowing or ...

  • 06.10.16

    New York's DFS Reaches $3M Deal Involving Payday Lending Debts

    Continuing its efforts against payday lenders, New York's Department of Financial Services (DFS) announced a consent decree with National Credit Adjustors (NCA) and Webcollex totaling $3 million.

  • 05.26.16

    New Guidance From FFIEC on Mobile Financial Services

    Examiners will be paying more attention to mobile financial services (MFS) using new guidance recently issued by the Federal Financial Institutions Examination Council (FFIEC).