Heather Cantua Phillips

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Marketplace Lending : Summary of Industry Comments

Reed Smith has issued the first comprehensive white paper discussing the comments submitted in response to Treasury’s July 2015 Request for Information (RFI) on marketplace lending. The RFI, entitled “Public Input on Expanding Access to Credit through Online Marketplace Lending,” sought public comment on the FinTech business models applicable to online lending, the potential for … Continue Reading

Reed Smith & BPM Presents : Consumer Protection Regulation and FinTech

Starting of 2016 right, Reed Smith has partnered with accounting firm BPM to present “Consumer Protection Regulation : FinTech Friend or Foe?” We have a great Keynote Speaker, Panel, and Networking Event lined up to discuss regulatory interest in FinTech business models and other changes to consumer financial services generally. We will question if existing consumer protection … Continue Reading

Coopetition 101 : JP Morgan and OnDeck

JPMorgan Chase & Co. and OnDeck Capital Inc. announced a partnership to speed up the process of providing loans to some of JPMorgan’s 4 million small-business customers. The partnership joins JP Morgan’s client base and OnDeck’s technology to provide a better product to more people, according to a quote in BloombergBusiness from Jennifer Piepszak, JP Morgan’s head … Continue Reading

“Human Intervention” a Question of Fact for Jury

A recent opinion from the Southern District of California suggests that now there is no bright-line rule regarding what qualifies as human intervention for purposes of determining whether an autodialer was used. In denying a motion for summary judgment filed by Yahoo, the court found that: “there are genuine issues of fact as to whether … Continue Reading

The Night Before FinTech Christmas

In case you have some down time, we thought you’d enjoy this poem posted on CSTMR’s blog titled: “The Night Before Fintech Christmas“. Here’s a sampling of the first couple stanzas: Twas the night before Christmas, And money was flowing to Big Finance and Big Banks With no sign of slowing When up popped a startup Then … Continue Reading

Banks and FinTech : More Than Meets the Eye

On December 16, 2015, the Office of the Comptroller of the Currency (OCC) issued its semiannual risk assessments for federally chartered financial institutions (PDF here). Relevant to FinTech, the OCC noted: Banks are increasingly adopting innovative products, services, and processes in response to the evolving needs for financial services and growing competition from other banks and … Continue Reading

Treasury Unsure of Use of Facebook ‘Likes’ in Lending Decisions

The increased use of Yelp reviews, Facebook “likes” and other social media interactions to determine a borrower’s creditworthiness has caught the attention of regulators in US Department of Treasury, amid concerns that the data is too subjective and could result in discriminatory lending patterns if not used properly. On October 29, Antonio Wiess, an advisor … Continue Reading

Breath of Fresh Air in Dismissal of ‘Silly’ TCPA Litigation

After the FCC’s omnibus ruling drastically increasing the scope of the TCPA’s definition of autodialer, TCPA litigation has become a fight about consent. This has resulted in plaintiffs creating novel theories of consent–that it only applied to certain calls, or at certain time periods, etc. If adopted, such a rule would create a headache for any … Continue Reading

OCC Aims To Understand FinTech

The Office of the Comptroller of the Currency has announced a new initiative to keep pace with innovation in the financial. On August 7, 2015, in remarks before the Federal Home Loan Bank of Chicago, the Comptroller of the Currency, Thomas J. Curry discussed the OCC’s efforts to develop a framework to evaluate new and … 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

Peer-to-Peer Lenders May Need to Follow State-by-State Usury Laws

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 laws. For example, LendingClub Corp., and other peer-to-peer lending services have been making a loan … Continue Reading

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, efficiency, and feeling empowered. In addition, Cordray noted that eClosings hold much promise of greater … Continue Reading

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 Payment Systems”. The CFPB recognized the added benefits to consumers that evolving payment technology provides, including: … Continue Reading