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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