Unsecured lending remains a dynamic, fast-evolving segment of the consumer finance market — drawing increasing attention from regulators, litigators, and market participants alike. In this next installment of our Deep Dives...more
McGlinchey attorneys Robert Savoie and Rachael Aspery are joined by Phil Goldfeder, the CEO of the American Fintech Council, in this installment of the Deep Dive into Bank Partnerships. The podcast focuses primarily on...more
On July 18, 2024, the Consumer Financial Protection Bureau (CFPB) issued notice of a proposed interpretive rule (Rule) that walks back a prior 2020 Advisory Opinion on the manner in which Regulation Z defines “credit.” The...more
On June 18, 2024, in NAIB, et al v. Weiser, et al., the United States District Court for the District of Colorado granted the motion for preliminary injunction filed by plaintiffs, the National Association of Industrial...more
The next installment in McGlinchey’s Deep Dive into Bank Partnerships Series features a podcast on lending, presented by attorneys Joe Apatov, Aaron Kouhoupt, and Robert Savoie. Their discussion centers on the evolving...more
Bank partnership programs have grown exponentially in recent years as a collaborative framework for banks and non-depository institutions to offer innovative and unique products to their customers.
Navigating the modern...more
On March 26, 2024, the National Association of Industrial Bankers (NAIB), American Financial Services Association (AFSA), and American Fintech Council (AFC) (collectively, “Trade Associations”) filed a complaint in the United...more
In recent years, several state legislatures have enacted consumer credit laws designed to regulate FinTech companies operating through partnerships with depository institutions, or more generally to limit the interest rates...more
Missouri and Washington introduced new true lender bills intended to regulate companies, largely FinTechs, that operate under bank partnership models with federally insured depository institutions. Under these models, the...more
The new year brings with it four new jurisdictions to watch regarding proposed true lender legislation and Depository Institutions Deregulation and Monetary Control Act (DIDMCA) opt-outs. The District of Columbia, Florida,...more
On June 6, 2023, the Board of the Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, Agencies) issued...more
7/13/2023
/ Banking Sector ,
Board of Governors ,
Due Diligence ,
FDIC ,
Federal Reserve ,
Financial Services Industry ,
FinTech ,
Interagency Guidance ,
OCC ,
Risk Management ,
Third-Party
On Wednesday, September 7, 2022, acting Comptroller of the Currency Michael J. Hsu gave remarks in New York City at the Clearing House + Bank Policy Institute Annual Conference. Hsu’s remarks, “Safeguarding Trust in Banking:...more
The world of decentralized finance, blockchains, virtual and cryptocurrency have grown exponentially in recent years. Many financial institutions are looking to enter or expand their operations in the digital economy, but the...more
On Tuesday, February 8, 2022, the United States District Court for the Northern District of California issued two separate orders that upheld the OCC’s and FDIC’s “valid-when-made” rules.
In 2020, the OCC and FDIC issued...more
Since the beginning of the COVID pandemic in early 2020, consumers and the business community have had to navigate new realities. The pandemic has dramatically changed the ways in which we interact, presenting challenges that...more
The Office of the Comptroller of the Currency (OCC) issued a final rule last week to establish a “simple, bright-line test” to determine when a national bank or federal savings association is the true lender. Under the rule,...more
We have been in close communication with our financial services clients to provide timely guidance on how to handle the evolving implications of coronavirus disease 2019 (COVID-19). Many clients have raised concerns...more
3/21/2020
/ Business Continuity Plans ,
Compliance ,
Coronavirus/COVID-19 ,
Financial Crisis ,
Financial Institutions ,
Financial Regulatory Agencies ,
Financial Services Industry ,
Lenders ,
Public Health Emergency ,
Relief Measures ,
State Regulators
As noted in a previous alert, the ongoing global spread of coronavirus disease 2019 (COVID-19) has created a conflict between the legal requirements that financial services companies conduct regulated activity only from...more
As the COVID-19 virus pandemic evolves, certain more specific effects are becoming more likely. One of these may result in a significant increase in requests for relief, and the applicability of the obligations imposed, under...more
The ongoing global spread of coronavirus disease 2019 (COVID-19) has created unique regulatory considerations for the financial services industry. One example of these considerations is the tension between the legal...more