Heather Cantua Phillips

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Reed Smith has issued the first comprehensive white paper discussing the comments submitted in response to Treasury’s July 2015 Request for Information (RFI) on marketplace lending. The RFI, entitled “Public Input on Expanding Access to Credit through Online Marketplace Lending,” sought public comment on the FinTech business models applicable to online lending, the potential for marketplace lending to expand access to credit, and how the financial regulatory framework should evolve to support the safe growth…
Reed Smith has issued the first comprehensive white paper discussing the comments submitted in response to Treasury’s July 2015 Request for Information (RFI) on marketplace lending. The RFI, entitled “Public Input on Expanding Access to Credit through Online Marketplace Lending,” sought public comment on the FinTech business models applicable to online lending, the potential for marketplace lending to expand access to credit, and how the financial regulatory framework should evolve to support the safe growth…
Starting of 2016 right, Reed Smith has partnered with accounting firm BPM to present “Consumer Protection Regulation : FinTech Friend or Foe?” We have a great Keynote Speaker, Panel, and Networking Event lined up to discuss regulatory interest in FinTech business models and other changes to consumer financial services generally. We will question if existing consumer protection regulations actually benefit consumers, or stifle innovation. Come join the fun. Registration is free, use the buttons below.   Please…
JPMorgan Chase & Co. and OnDeck Capital Inc. announced a partnership to speed up the process of providing loans to some of JPMorgan’s 4 million small-business customers. The partnership joins JP Morgan’s client base and OnDeck’s technology to provide a better product to more people, according to a quote in BloombergBusiness from Jennifer Piepszak, JP Morgan’s head of business banking: We’re working with OnDeck to build a new Chase lending product that will be launching in 2016…
A recent opinion from the Southern District of California suggests that now there is no bright-line rule regarding what qualifies as human intervention for purposes of determining whether an autodialer was used. In denying a motion for summary judgment filed by Yahoo, the court found that: “there are genuine issues of fact as to whether the [Messenger platform] is an ATDS. A reasonable jury could conclude that the welcome text is produced and sent by an…
A recent opinion from the Southern District of California suggests that now there is no bright-line rule regarding what qualifies as human intervention for purposes of determining whether an autodialer was used. In denying a motion for summary judgment filed by Yahoo, the court found that: “there are genuine issues of fact as to whether the [Messenger platform] is an ATDS. A reasonable jury could conclude that the welcome text is produced and sent by…
In case you have some down time, we thought you’d enjoy this poem posted on CSTMR’s blog titled: “The Night Before Fintech Christmas“. Here’s a sampling of the first couple stanzas: Twas the night before Christmas, And money was flowing to Big Finance and Big Banks With no sign of slowing When up popped a startup Then two and then three Nibbling at the edges Where the Banks’ business should be “We don’t need to worry”…
On December 16, 2015, the Office of the Comptroller of the Currency (OCC) issued its semiannual risk assessments for federally chartered financial institutions (PDF here). Relevant to FinTech, the OCC noted: Banks are increasingly adopting innovative products, services, and processes in response to the evolving needs for financial services and growing competition from other banks and financial technology firms. Doing so often involves assuming unfamiliar risks, an expanded reliance on third-party relationships, and the need…
With its last opinion of 2015, the Supreme Court added DIRECTV v. Imburgia to the ever-growing line of decisions reversing California courts refusal to enforce provisions in arbitration agreements that barred class arbitration. Imburgia presents the Court’s second look at the hostility of California law to waivers of class wide arbitration. Three years ago, after California courts refused to enforce provisions in arbitration agreements that barred class arbitration (on the ground that the provisions were…
The increased use of Yelp reviews, Facebook “likes” and other social media interactions to determine a borrower’s creditworthiness has caught the attention of regulators in US Department of Treasury, amid concerns that the data is too subjective and could result in discriminatory lending patterns if not used properly. On October 29, Antonio Wiess, an advisor to Treasury Secretary Jacob Lew, gave remarks at the Information Management Network Conference on Marketplace Lenders. Just because a credit…