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Hudson Cook, LLP

North Dakota Law Regulates "Alternative Financing" as a "Loan"

Hudson Cook, LLP on

The state legislature in North Dakota recently passed House Bill 1127. This bill made a simple amendment to a 1970s-era law called the Money Brokers Act ("MBA")....more

Goodwin

Benefits of Operating Through a Bank Charter and Charter Choice Considerations

Goodwin on

This is the first in a series of articles in our "So, You Want to Be a Bank?" series. More than 1,000 new banks were formed in the eight years before the Great Recession began in 2008. In comparison, the past 15 years...more

A&O Shearman

Buy-now, pay-later: what the future will (and might) hold for the sector

A&O Shearman on

KEY POINTS - - On the face of it buy-now, pay-later (BNPL), as an interest and charge free credit facility, appears low risk but couple its ready availability with the fact that it comes without any of the protections...more

Troutman Pepper Locke

Calif. Banking Brief: The Notable Compliance Updates in Q3

Troutman Pepper Locke on

The California Department of Financial Protection and Innovation, or DFPI, continued to have significant influence over legislative and regulatory developments in the third quarter of 2023. Originally published in Law360 -...more

Sheppard Mullin Richter & Hampton LLP

CFPB Files Action Against Fintech for Allegedly Violating Previous Order, Deceiving Customers, Withdrawing Funds Without Consent

Sheppard Mullin Richter & Hampton LLP on

On November 15, the CFPB issued an order requiring an Illinois-based fintech lender to pay $15 million in fines. The order additionally prohibits the company from operating in certain lines of business and requires revision...more

Goodwin

SEC Issues No-Action Relief On Registered Funds’ Custody Of Loan Interests

Goodwin on

In this Issue. The U.S. Securities and Exchange Commission (SEC) was very active this week, having (i) issued no-action relief allowing registered funds to engage in self-custody of interests in loans that are originated,...more

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