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In this podcast, we are joined by Scott Ferris, CEO of Attunely, a provider of machine learning (ML) and artificial intelligence (AI) technology to the debt collection industry.  We look at how changes in consumer behavior have impacted collections, technology’s role in collections, state law’s/GDPR’s impact on ML/AI and compliance strategies, how ML/AI can improve…

In May 2019, a New York federal district court denied the OCC’s motion to dismiss a lawsuit filed by the New York Department of Financial Services (NYDFS) seeking to block the OCC’s issuance of special purpose national bank (SPNB) charters to fintech companies.  In doing so, the court found that the term “business of banking”…

In this podcast, Paul Watkins, Director of the CFPB’s Office of Innovation, joins us to discuss the CFPB’s final trial disclosures, no-action letter, and FinTech sandbox policies.  Topics covered include the elements of each policy and the protection from liability available, the role of pre-application discussions between the CFPB and applicants, and the CFPB’s plans…

A group of small businesses and their individual owners have filed a putative class action lawsuit in a New York federal district court against online lender Kabbage, Inc. that alleges Kabbage engaged in a “rent-a-charter” scheme to make loans at interest rates that were usurious under state law.

According to the complaint, Kabbage entered…

Paul Watkins, Director of the CFPB’s Office of Innovation, joined Ballard Spahr partners Alan Kaplinsky and James Kim yesterday for a discussion of the CFPB’s final innovation policies.  Alan leads the firm’s Consumer Financial Services Group and James is a co-leader of the firm’s inter-disciplinary Fintech Team.

Last month, the CFPB finalized its proposed…

Last week, the CFPB finalized its proposed revisions to its trial disclosures and no-action letter policies and also finalized its proposal to create a new FinTech sandbox policy.  It also announced the creation of the American Financial Innovation Network (ACFIN), a network of federal and state regulators to facilitate innovation, and issued its first no-action…

Two recent Circuit Court opinions have significantly undermined the FTC’s powers under Section 13(b) of the Federal Trade Commission Act (FTCA).  These pivotal decisions may ultimately require the U.S. Supreme Court to clarify Section 13(b)’s boundaries.

First, in FTC v. Shire Viropharma, Inc., the Third Circuit Court of Appeals held that in order to…

The D.C. federal district court has granted the OCC’s motion to dismiss the lawsuit filed by the Conference of State Bank Supervisors (CSBS) to block the OCC from issuing special purpose national bank (SPNB) charters to fintech companies.

The CSBS lawsuit was the second lawsuit filed by CSBS attempting to block the OCC from issuing…

On August 21, 2019 the Conference of State Bank Supervisors (“CSBS”) launched three new online tools designed to help non-bank financial services companies navigate state regulations and protect against cyber security risks: a State Regulatory Guidance Portal, a State Survey Map of Money Transmission Laws, and Cybersecurity 101: A Resource Guide for Financial Sector Executives.…

A new CFPB blog post titled “An update on credit access and the Bureau’s first No-Action Letter” provides a boost to lenders using alternative data and machine learning in their underwriting models.

The Bureau issued its first (and so far only) no-action letter in September 2017 to Upstart Network Inc. stating that the…