The U.S. District Court for the Southern District of New York held that certain syndicated loans sold to institutional investors are not "securities" and rejected claims of violations of federal and state securities laws.
Several congressional members urged Treasury Secretary Steven Mnuchin to address liquidity challenges facing mortgage servicers in order to prevent an "impending crisis" within the mortgage servicing sector.
The CFPB issued its semi-annual report to Congress. The report highlighted significant financial product and service issues consumers faced between April 1, 2019 and September 30, 2019.
CFPB Director Kathy Kraninger described FY 2019 initiatives to coordinate efforts between the CFPB and state agencies to strengthen consumer protection.
The CFPB adopted a final rule designed to provide relief to smaller firms by extending the temporary reporting data threshold under the Home Mortgage Disclosure Act.
CFPB-revised policy guidance on no-action letters, on the CFPB Product Sandbox and on the Trial Disclosure Program was published in the Federal Register.
The CFPB and the State of Arkansas proposed to settle a complaint against brokers for violations of the Consumer Financial Protection Act and the Arkansas Deceptive Trade Practices Act.
The CFPB highlighted the results of an analysis comparing the uses of traditional and non-traditional sources of information by consumers in the credit process.
A Colorado state court determined that securitization trusts that acquire marketplace lender loans originated to Colorado consumers are subject to Colorado jurisdiction.
Cadwalader attorneys reviewed a Colorado case concerning marketplace lending in which certain securitization trusts that had acquired the Defendant's loans were charged for violations of the state's Uniform Consumer Credit Code.
The Consumer Financial Protection Bureau proposal to streamline its no-action letter process and create a CFPB Product Sandbox was published in the Federal Register.
The Consumer Financial Protection Bureau expects to issue proposed rules in January 2019 aimed at amending the Payday, Vehicle Title, and Certain High-Cost Installment Loans rule.
The Loan Syndications and Trading Association updated its guidance on customer identification procedures during loan syndication to reflect FinCEN's Beneficial Ownership Rule.
In a newly published report, the New York State Department of Financial Services found that online marketplace lending has increased dramatically since 2015.
Cadwalader attorneys reviewed a recent court filing concerning the ongoing challenge to the "bank origination model" (i.e., when lenders use arrangements with unaffiliated banks to originate their loans).
The Government Accountability Office issued a report evaluating the risks and benefits, customer protections, and regulatory oversight of FinTech products and activities.
Over the last several weeks, two notable cases in federal court challenged certain aspects of the business model of marketplace lending companies and headed down separate paths.
Several Democratic members of Congress questioned the Consumer Financial Protection Bureau's decision to reverse course on implementation of its rule on payday loans.
The Consumer Financial Protection Bureau will reconsider the "Payday Lending" rule. Until then, the Bureau will allow lenders to submit applications to waive the first registration compliance deadline.
