Posts about "Marketplace Lending/Fintech (2)"

Regulators Are Coming, but Can They Corral the Crypto Multiverse?

Making order out of a multiverse is an extraordinarily difficult task, just ask DC Comics, which has struggled to achieve the success of its rival, Marvel, to create a coherent narrative for its popular superheroes. Regulators in Washington, D.C. and elsewhere must do better if they hope to create a comprehensive regulatory framework for an ever-expanding multiverse of digital coins and digital...

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SCOTUS Raises the Bar for Standing in Consumer Protection Claims

Lenders, servicers and others regulated by consumer protection statutes may be able to rest a bit easier following the U.S. Supreme Court’s recent decision in TransUnion LLC v. Ramirez (Ramirez), where the Court filtered out over 75% of claimants in a consumer class action because they did not suffer actual harm from the alleged statutory violations. The Ramirez decision is also potentially...

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The OCC’s Crypto Charter Craze

The epic battle of state regulators versus federal agencies for the right to regulate online financial services shows no sign of ending soon. In 2019, a federal New York district judge found that the Office of the Comptroller of the Currency (OCC) lacks the authority to grant non-depository fintechs special purpose charters. Such charters would enable fintechs providing online financial services...

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OCC Says It Knows How to Identify the “True Lender”

Tank: “How? Morpheus: “He is the one.” — The Matrix Last week, the Office of the Comptroller of the Currency (OCC) did its best to simplify the search for the one “true lender” in any transaction. Its proposed rule should provide clarity to lending partnerships between banks and third-party non-banks, such as marketplace lenders (MPL).

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The “Valid When Made” Rule Strikes Back

“It’s over, Anakin, I have the high ground.” — Obi-Wan Kenobi, Star Wars Episode III: Revenge of the Sith Last January, we reported on the Office of the Comptroller of the Currency’s (OCC) proposal to codify the “valid when made” rule—a longstanding doctrine that has served as the bedrock for bank lending for nearly two centuries—which, in 2015, was thrown under the bus by the Second Circuit in...

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You Down With PPP? Paycheck Protection Program Troubles Are an Opportunity for Marketplace Lenders

Few participants involved in the federal government’s Paycheck Protection Program (PPP) will likely be able to escape criticism once the program is all said and done.

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On Our Watch: Marketplace Lending in the Age of COVID-19

Marketplace lending took root in the shadow of the last financial crisis. Now, the question for consumers, businesses and marketplace lenders (MPLs) alike, is whether the conditions are right for it to thrive in the wake of the coronavirus and what may be the “deepest recession on record.”

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