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Financial Stability Board chairman Mark Carney has announced that global regulators are evaluating potential stability implications that emerging financial technology poses to the global financial system and hinted that a regulatory framework in some form is all but inevitable. The announcement came in a February 22, 2016 letter from Carney to the G20 Finance Ministers and Central Bank Governors detailing the FSB’s work program for 2016. In his letter, Carney emphasizes the importance of continued…
As reported in Bloomberg, a group of Democratic Senators has issued a letter to Treasury Secretary Jack Lew and SBA Head Maria Contreras-Sweet asking for clarification on the regulatory oversight of marketplace lenders.  The letter, from Sherrod Brown (D-Ohio), Jeanne Shaheen (D-N.H), and Jeff Merkley (D-Ore.) inquires about whether consumers are adequately protected in online lending, and indeed this and other issues are already the scope of Treasury’s recent request for information  from FinTech companies…
On October 7, the Consumer Financial Protection Bureau (“CFPB”) proposed a ban on class action waivers in consumer financial products and services contracts.  Pending review by a Small Business Review Panel, the ban would potentially take effect in 2018, resulting in increased class action litigation against financial institutions.  The proposal does, however, preserve mandatory pre-dispute arbitration clauses for individuals.  Bank and nonbank lenders should be aware of the CFPB’s proposal and what it will mean…
In a move that the financial industry long anticipated but nonetheless greeted with loud groans, the Consumer Financial Protection Bureau (“CFPB”) on October 7, 2015 proposed to ban class action waivers in contracts for consumer financial products and services. Although the proposed ban would not take effect for a few years, it would have a significant impact on banks and nonbank lenders because it is expected to lead to a major increase in class action…
In a move long anticipated by the industry, the Consumer Financial Protection Bureau (CFPB) on October 7, 2015 proposed to ban class action waivers in consumer financial contracts. Although the proposed ban would not take effect for a few years, it could lead to an increase in consumer class action lawsuits—some of which  have been held in check by class action waiver provisions in recent years. According to the CFPB, more than half of credit…
In a move long anticipated by the industry, the Consumer Financial Protection Bureau (CFPB) on October 7, 2015 proposed to ban class action waivers in consumer financial contracts. Although the proposed ban would not take effect for a few years, it could lead to an increase in consumer class action lawsuits—some of which  have been held in check by class action waiver provisions in recent years. According to the CFPB, more than half of credit…
On August 14, 2015, the U.S. Department of the Treasury extended the comment period to give the public more time to respond to a Request for Information (RFI) on marketplace lending titled “Public Input on Expanding Access to Credit through Online Marketplace Lending.” The public now has through September 30, 2015 to provide comments. What’s the RFI about? Treasury’s RFI asks for comment on the fourteen different topics that essentially ask whether new…
In its July 10, 2015 TCPA Omnibus Declaratory Ruling and Order, the Federal Communications Commission unfairly lumps legitimate businesses in with the telemarketing abusers that the Telephone Consumer Protection Act (TCPA) was intended to deter. Highlights within the ruling include: An Expansive Definition of “Automatic Telephone Dialing System” or “Autodialer” Liability for Calling Reassigned/Wrong Wireless Numbers With Only a Strict “One Call” Exception Revocation of Consent Can Be Made By “Any Reasonable Means” Text…
On July 10, 2015, the Federal Communications Commission (FCC) finally released its long awaited TCPA Omnibus Declaratory Ruling and Order, which resolved 21 petitions involving a wide variety of issues regarding the enforcement and interpretation of the Telephone Consumer Protection Act (TCPA). The FCC had voted in favor of the Ruling June 18 at an Open Meeting of the Agency’s five Commissioners, but the details of the Ruling were only summarized at the time. See…
On July 10, 2015, the Federal Communications Commission (FCC) finally released its long awaited TCPA Omnibus Declaratory Ruling and Order, which resolved 21 petitions involving a wide variety of issues regarding the enforcement and interpretation of the Telephone Consumer Protection Act (TCPA). The FCC had voted in favor of the Ruling June 18 at an Open Meeting of the Agency’s five Commissioners, but the details of the Ruling were only summarized at the time. See…