With the help of McGuireWoods, Funding Circle, the leading online small business loan platform in the United States, joins fintech companies Intuit, PayPal, and Square, to participate in the U.S. Small Business Administration’s (SBA) Paycheck Protection Program (PPP), which was
Consumer FinSights
Regulatory, enforcement and litigation insights on consumer financial and fintech issues
Consumer FinSights, published by McGuireWoods LLP, focuses on legal developments and regulatory guidance affecting consumer financial services. The blog covers topics such as federal and state banking regulations, cryptocurrency and digital asset custody and transactions, federal preemption of state laws in banking, enforcement of consumer financial protection laws, and risk management for financial institutions offering innovative financial products. It addresses regulatory agency actions, legislative proposals, and compliance challenges faced by banks, credit unions, and other financial service providers in areas including crypto-assets, stablecoins, and consumer protection enforcement.
Latest from Consumer FinSights - Page 7
Update – Fintech Lenders Approved to Participate in the Paycheck Protection Program
Fintech companies Intuit, PayPal and Square have officially been approved to participate in the U.S. Small Business Administration’s (SBA) $349 billion Paycheck Protection Program (PPP), which was enacted as part of the CARES Act last month. To recap, the PPP…
The Role of Fintech Lenders in the Paycheck Protection Program
The latest regulations coupled with the Treasury Department guidance have left many scratching their heads as to whether fintech companies will be able to provide small business loans under the recently enacted Paycheck Protection Program (PPP), a crucial part of…
Square Obtains FDIC Charter To Operate Its Own Bank As An Industrial Loan Company
On March 18, 2020, Square Inc., became the first U.S. fintech company to receive conditional approval of an Industrial Loan Company (“ILC”) charter from the Federal Deposit Insurance Corporation (“FDIC”), to pair with its prior charter approval on March 17,…
If the CFPB is Unconstitutional, Can Its Prior Actions be Unwound?
There are widespread expectations that the Supreme Court, following an oral argument last week, may rule that part of the law that created the CFPB is unconstitutional. As a result, many business executives, in particular, have been asking their lawyers…
Fintech Company Avoids Murky Regulatory Landscape by being the First U.S. Fintech Company to Acquire a Regulated Bank
For the first time, a U.S. fintech company is acquiring a regulated U.S. bank, which will give it access to a stable and cheaper source of funding – as well as a national bank charter.
On February 18th, LendingClub, one…
California and New York governors plan to expand consumer financial protection
California and New York are taking the lead to expand consumer financial protection, in part to smooth out the ebb and flow of federal policy and enforcement at the CFPB. Within a few days of each other, Governor Gavin Newsom…
FINRA 2.0: FINRA Releases Its 2020 Risk Monitoring and Examination Priorities
FINRA’s examination program has undergone its most significant reorganization in decades. As stated in a press release, Oct. 1, 2018, FINRA’s goal for the reorganization was to “consolidate its Examination and Risk Monitoring Programs, integrating three separate programs into…
SEC 2020 National Exam Program Examination Priorities
On January 7, 2020, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) released its 2020 examination priorities. OCIE is prioritizing practices, products, and services that it believes present heightened risks to investors or market integrity. …
Federal Court Clarifies Prejudgment Interest Rate Applicable to Texas Securities Act Claims
By Justin Opitz & Aaron Jaroff
This blog post originally appeared on our sister site, Subject to Inquiry
The U.S. District Court for the Western District of Texas recently clarified the applicable rate for the calculation of prejudgment interest under the Texas Securities Act (TSA). In…