Scott M. Pearson

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The Office of the Comptroller of the Currency (OCC) has filed a renewed motion to dismiss the lawsuit filed by the Conference of State Bank Supervisors (CSBS) in D.C. federal district court challenging the OCC’s authority to grant special purpose national bank (SPNB) charters to fintech companies.  The OCC had filed the motion several days earlier but was required to file a renewed motion to reduce the number of footnotes. … Continue Reading

Democratic Senator Mark Warner has introduced a bill, S.1642, that would override the Second Circuit’s decision in Madden v. Midland Funding.  (In Madden, the Second Circuit ruled that a nonbank that purchases loans from a national bank could not charge the same rate of interest on the loan that Section 85 of the National Bank Act allows the national bank to charge.) … Continue Reading

Acting Comptroller of the Currency Keith Noreika, in remarks on July 19 to the Exchequer Club, confirmed that the OCC is continuing to consider its proposal to allow financial technology (fintech) companies to apply for a special purpose national bank (SPNB) charter.  Since the departure of the SPNB proposal’s architect, former Comptroller Thomas Curry, who Mr.… Continue Reading

In a notice published in today’s Federal Register, the CFPB announced that it has extended the comment period on its small business lending RFI until September 14, 2017.

The CFPB issued the RFI, together with a white paper on small business lending, in May 2017 in conjunction with a field hearing on small business lending. … Continue Reading

The CFPB announced today that it has issued a final rule that prohibits covered providers of certain consumer financial products and services from using an agreement with a consumer that provides for arbitration of any future dispute between the parties to bar the consumer from filing or participating in a class action with respect to the covered consumer financial product or service. … Continue Reading

Congressman Emanuel Cleaver, II announced last week that he had launched an investigation into small business financial technology (fintech) lending by sending a letter to the CEOs of several fintech small business lenders.  The letter includes 10 questions and asks for responses to be provided by no later than August 10, 2017.… Continue Reading

The OCC announced that its Office of Innovation will host office hours for national banks, federal savings associations, and financial technology (fintech) companies from July 24 through July 26, 2017 at the OCC’s district office in New York City.  According to the OCC, the office hours are intended to “provide an opportunity for meetings with OCC officials to discuss financial technology, new products or services, partnering with a bank or fintech company, or other matters related to financial innovation.”… Continue Reading

The Office of the Comptroller of the Currency has issued a new bulletin (2017-21) containing fourteen frequently asked questions to supplement OCC Bulletin 2013-29 entitled “Third-Party Relationships: Risk Management Guidance.”   The 2013 bulletin provided updated guidance for managing operational, compliance, reputation, strategic, and credit risk presented by third-party business relationships of national banks and federal savings associations.… Continue Reading

Tom Dresslar, the Deputy Commissioner for Policy and Planning at the California Department of Business Oversight, California’s state bank regulator, has retired.  Mr. Dresslar joined the DBO in late 2014 after a long career in California state government and, before that, as the Sacramento Bureau Chief for the Daily Journal, Los Angeles’s daily legal newspaper. … Continue Reading

The New York Department of Financial Supervision (DFS) has filed a complaint in a New York federal district court to stop the Office of the Comptroller of the Currency (OCC) from implementing its proposal to issue special purpose national bank (SPNB) charters to fintech companies.  The lawsuit follows the filing of a similar action earlier this month by the Conference of State Bank Supervisors (CSBS) in D.C.… Continue Reading