A recent court ruling suggests that FinTech lenders may need to follow state usury laws, depending on their business model. On August 12, 2015, the U.S. Court of Appeals for the Second Circuit confirmed that LendingClub cannot bypass state usury
FinTech Update
Financial Services News for FinTech Companies and Lawyers
FinTech Update, published by Reed Smith LLP, focuses on legal developments and regulatory issues in the financial technology sector. The blog covers topics such as cryptocurrency regulation, securities law as applied to digital assets, initial coin offerings (ICOs), blockchain technology, fraud risk management in digital finance, and compliance with emerging financial regulations. It also addresses cross-border legal challenges, enforcement actions by regulatory bodies like the SEC, and the impact of technological innovation on banking and financial services. The content includes analysis of court decisions, regulatory guidelines, and industry best practices relevant to fintech companies and financial institutions.
Latest from FinTech Update - Page 12
CFPB Touts Benefits of Online Mortgage Closing Disclosures
On August 5, 2015, CFPB Director Richard Cordray lauded the results of a pilot project that explored online mortgage closings. The project found that consumers who closed their mortgage using an electronic platform were better off on measures of understanding,…
CFPB’s Vision for FinTech Payment Systems
On July 9, 2015, the Consumer Financial Protection Bureau continued its focus on payment processing and joined the Federal Reserve’s efforts to develop faster and more secure payment systems by releasing its “Vision of Consumer Protection in New Faster…