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Mayer Brown

The New Face of Finance Companies: What Changes with CMN Resolution No. 5,237/2025

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In one of the most relevant regulatory developments in years, the Brazilian National Monetary Council (“CMN”) issued Resolution No. 5,237, dated July 24, 2025 (“CMN Resolution 5,237/25”), establishing a new regulatory...more

Mayer Brown

US FDIC Requests Comment on Industrial Loan Company Framework

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On July 15, 2025, the Federal Deposit Insurance Corporation (“FDIC”) requested comment on its framework for reviewing applications for deposit insurance from industrial loan companies and industrial banks (collectively,...more

A&O Shearman

BNPL UK statutory instrument partially in force

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The UK statutory instrument (The Financial Services and Markets Act 2000 (Regulated Activities etc.) (Amendment) Order 2025) implementing the necessary legislative changes for progressing buy-now, pay-later (BNPL) regulation...more

Troutman Pepper Locke

Texas Enacts New Commercial Sales-Based Financing Bill Severely Restricting Automatic Debits

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On June 20, the Texas Legislature passed H.B. 700, which introduces several new regulatory requirements for providers and brokers of commercial sales-based financing operating within the state. The law applies to merchant...more

Troutman Pepper Locke

Explore the Impact of Point-of-Sale Finance in Our Upcoming Series — The Consumer Finance Podcast

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In this episode of The Consumer Finance Podcast, Chris Willis is joined by Jason Cover to introduce an upcoming special series focused on point-of-sale finance, a rapidly evolving sector in consumer financial services. This...more

Troutman Pepper Locke

EWA Provider Sues New York Attorney General Over Threatened Enforcement Action

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On April 7, DailyPay, LLC, an employer-integrated earned wage access (EWA) provider, filed a lawsuit against New York Attorney General Letitia James, seeking declaratory relief to prevent the enforcement of state and federal...more

Morrison & Foerster LLP

MoForecast: State AGs and Consumer Financial Protection: Anticipating Shifts in Enforcement Focus

As the Consumer Financial Protection Bureau (CFPB) faces uncertainty, state attorneys general (state AGs) are poised to fill the enforcement gap in consumer financial protection. With the CFPB’s future in question, state AGs...more

Sheppard Mullin Richter & Hampton LLP

Virginia Governor Vetoes Rate Cap and AI Regulation Bills

On March 25, Virginia Governor Glenn Youngkin vetoed two bills that sought to impose new restrictions on “high-risk” artificial intelligence (AI) systems and fintech lending partnerships. The vetoes reflect the Governor’s...more

Mayer Brown

What to Expect in Securitization in 2025

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Please join Mayer Brown partners Frank Doorley, Patrick Healy, Janice Kong, and Tameem Zainulbhai for a discussion on What to Expect in 2025 in the fields of structured finance and securitization. They will examine some key...more

Troutman Pepper Locke

Virginia’s SB 1252: Potential Impact on Banks and Fintechs

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On January 8, Senate Bill No. 1252 (SB 1252) was introduced to the Virginia General Assembly, aiming to amend and reenact sections of the Code of Virginia related to the application of usury rates. Just two weeks ago, the...more

Troutman Pepper Locke

Colorado, Virginia Legislation Would Impact Fintech Lending

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James Kim, leader of Troutman Pepper Locke’s Fintech Industry Group, was quoted in the February 26, 2025 Banking Dive article, “Colorado, Virginia Legislation Would Impact Fintech Lending.”...more

Katten Muchin Rosenman LLP

Federal Banking Agencies Increase Spotlight on Bank Fintech Arrangements

On July 24, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (collectively, the Banking Regulators) jointly released the...more

Troutman Pepper Locke

CFPB Files Lawsuit Against SoLo Funds for Alleged Deceptive Lending Practices

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Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) filed a complaint against SoLo Funds, Inc., a fintech company operating a small-dollar, short-term lending platform. The CFPB alleges that SoLo Funds...more

Sheppard Mullin Richter & Hampton LLP

CFPB Sues Fintech for Deceptive Practices Surrounding Tipping Service

On May 17, the CFPB filed a lawsuit against a California-based fintech that operates a nationwide website and mobile-application based peer-to-peer lending platform through which consumers can obtain small-dollar, short-term...more

Troutman Pepper Locke

Third Circuit Finds Pennsylvania’s Consumer Discount Company Act Does Not Apply to Debt Collectors

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In representing fintech companies and other lenders, we increasingly confront claims against debt buyers or entities with bank partner relationships brought under Pennsylvania’s Consumer Discount Company Act (CDCA) and the...more

Troutman Pepper Locke

Calif. Banking Brief: The Notable Compliance Updates in Q3

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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

Troutman Pepper Locke

Washington D.C. Introduces Legislation Attacking Fintech-Bank Partnership Lending by Opting Out of DIDMCA and Codifying a “True...

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Late last month, Councilmember Kenyan R. McDuffie introduced B 25-0609, entitled the Protecting Affordable Loans Amendment Act of 2023, that proposes to opt the District of Columbia out of sections 521-523 of the Depository...more

Sheppard Mullin Richter & Hampton LLP

California Court Denies DFPI’s Motion for Preliminary Injunction Against Fintech

On October 30, the Superior Court of California County of Los Angeles denied the DFPI’s motion for a preliminary injunction to force a Chicago-based fintech company to stop facilitating loans to California borrowers from its...more

Ballard Spahr LLP

California Court Denies DFPI’s Motion for Preliminary Injunction Against OppFi

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In a lengthy (65-page) order, the California Superior Court in Los Angeles has issued an extremely important decision upholding the legitimacy of bank-model online lending by denying a motion for preliminary injunction filed...more

Alston & Bird

Structured Finance Spectrum - Summer 2023

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Welcome to the latest edition of the Spectrum, covering hot-topic issues in the structured finance markets in the U.S. and UK. This edition features smooth sailing through safe harbors, the English Court doing the cross-class...more

Alston & Bird

Oh Snap! CFPB Sues Fintech Company under CFPA and TILA

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A&B Abstract: On July 19, 2023, the Consumer Financial Protection Bureau (CFPB) sued a Utah-based fintech company and several of its affiliates (the Company) for allegedly deceiving consumers and obscuring the terms of its...more

Sheppard Mullin Richter & Hampton LLP

Connecticut Stops FinTech from Unlicensed Lending Activities

On May 4, the Connecticut Department of Banking issued a temporary cease and desist order directing a peer-to-peer lending platform that connected borrowers with third-party lenders to cease its lending-related activities on...more

Sheppard Mullin Richter & Hampton LLP

California Strikes Back: Filing Cross-Complaint Alleging FinTech is “True Lender,” Seeks $100M Penalty

On April 8, the California Department of Financial Protection and Innovation (DFPI) filed a cross-complaint against a Chicago-based FinTech company alleging that as the “true lender” of consumer installment loans, it is...more

Husch Blackwell LLP

Fintech Seeks "True Lender" Ruling to Stop Regulator From Enforcing a California Interest Rate Limit

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On March 7, 2022, a fintech filed a lawsuit in California state court asking the court to declare that an interest rate limit under the California Financing Law (CFL) does not apply to the short-term consumer loans made by an...more

Sheppard Mullin Richter & Hampton LLP

CFPB Closes Online Lending Fintech for Violating ECOA and CFPB Consent Order

On December 21, an online lending fintech agreed to a stipulated final judgment with the CFPB to resolve a September 2021 complaint alleging that the company deceived consumers and violated the Equal Credit Opportunity Act...more

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