David Reidy

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FSB Eyeing Global Stability of FinTech Companies

Financial Stability Board chairman Mark Carney has announced that global regulators are evaluating potential stability implications that emerging financial technology poses to the global financial system and hinted that a regulatory framework in some form is all but inevitable. The announcement came in a February 22, 2016 letter from Carney to the G20 Finance Ministers … Continue Reading

Democrats Push for Regulatory Oversight of Marketplace Lenders

As reported in Bloomberg, a group of Democratic Senators has issued a letter to Treasury Secretary Jack Lew and SBA Head Maria Contreras-Sweet asking for clarification on the regulatory oversight of marketplace lenders.  The letter, from Sherrod Brown (D-Ohio), Jeanne Shaheen (D-N.H), and Jeff Merkley (D-Ore.) inquires about whether consumers are adequately protected in online … Continue Reading

CFPB Moves to Ban Class Action Waivers in Consumer Financial Services Contracts

In a move long anticipated by the industry, the Consumer Financial Protection Bureau (CFPB) on October 7, 2015 proposed to ban class action waivers in consumer financial contracts. Although the proposed ban would not take effect for a few years, it could lead to an increase in consumer class action lawsuits—some of which  have been … Continue Reading

Treasury Seeks Comments on FinTech Lending

On August 14, 2015, the U.S. Department of the Treasury extended the comment period to give the public more time to respond to a Request for Information (RFI) on marketplace lending titled “Public Input on Expanding Access to Credit through Online Marketplace Lending.” The public now has through September 30, 2015 to provide comments. What’s … Continue Reading