Regulation

CFPB Still Has Not Begun Collecting Small Business Loan Complaints

January 20, 2018
Article by:

CFPB Logo

Two years ago, the Consumer Financial Protection Bureau (CFPB) announced that they planned to collect small business lending complaints. However, there is still no option to complain about a small business loan on their website. “Subject to an assessment of feasibility, the Bureau’s consumer response team will build the infrastructure to intake and analyze small […]

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CFPB to ‘Reconsider’ Payday Loan Restrictions, is Applauded by CBA

January 17, 2018
Article by:

CFPB Logo

The Consumer Financial Protection Bureau (CFPB) will be taking a closer look at the Payday Rule. The legislation, which was finalized in October by former CFPB head Richard Cordray, mandates that lenders must certify that borrowers can afford a loan via background checks before issuing them. Also, the amount of loans to a single customer […]

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An Online Lending Task Force is Coming to New York (Revised)

January 3, 2018
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Governor Cuomo - Creative Commons by Diana Robinson https://www.flickr.com/photos/dianasch/14236386367/in/photolist-nG2cFn-qETiBv-dHsEZB-ppgKaC-p7PmmV-dph8Da-T2tCQR-gog3yw-ppinHZ-pp22Ge-dphibL-pdTxan-praQTR-T2wuHn-doYj7P-digdDd-ppiobH-pngpK1-digrHV-nYoey7-o5D3RB-dyQgQm-p7NadM-doYjiV-8Js81k-o5D4ZC-p7Nuc9-SmVGC7-digrPi-qEVfke-cWLem7-p7NajD-o5E1Zr-doYtD3-8NzKMi-p7P4Ww-pngpxs-h68S52-p7NaoB-dphhZs-q7QHWJ-p7Nawn-ppinUv-p7Pm8P-ppgKp5-8JvbZd-doYjbe-doYtkm-o5D52S-mYCSDF

Update: 1/5/18 The final amended version of the law that passed is now online. Read here. Update: 1/4/18 Although the bill was signed by the Governor, a last minute change eliminated the task force portion of the task force bill. Instead the DFS, NY’s financial services regulator, is tasked with conducting its own study of […]

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Cleveland Fed Retracts Their Report on P2P Lending

November 18, 2017
Article by:

Federal Reserve Bank of Cleveland

Here’s something you don’t see every day. A paper published by the Federal Reserve Bank of Cleveland about peer-to-peer lending was so dubious, that it has been taken down. Since working paper no. 17-18 and related commentary on peer-to-peer lending were posted on our website on November 9, the authors have received several questions about […]

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CFC on the Front Lines of the MCA Regulation Battle

November 6, 2017
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Capitol Building

As the US Senate attempts to reach a bipartisan agreement on relaxing some of the rules in the Dodd Frank legislation of 2010 that would treat banks more favorably, the MCA industry is having to fend off legislation and regulation of its own at the state and federal levels that could position funders in a […]

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House Small Business Committee to Hold Hearing on Online Lending

October 22, 2017
Article by:

capitol building

On Thursday, October 26th, a House subcommittee on Economic Growth, Tax and Capital Access will be holding a hearing about online lending’s role in improving small business capital access. The two witnesses scheduled to testify are Kate Fisher, a partner at Hudson Cook, and William Phelan, the president and co-founder of PayNet. deBanked will attempt […]

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CFPB’s Small Business Lending RFI is Now Closed

September 18, 2017
Article by:

Rich Cordray CFPB

The window to share your two cents on the CFPB’s quest to collect data on small business lending has closed. The extended deadline to respond to the RFI was September 14th. The agency received 2,668 comments, 650 of which you can read online. Most responses that deBanked reviewed asked the CFPB to exempt certain businesses […]

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Senate Banking Committee to Hold Hearing on Fintech

September 12, 2017
Article by:

US Senate

The US Senate Committee on Banking, Housing, & Urban Affairs held a hearing entitled “Examining the Fintech Landscape” on Tuesday morning at 10 AM. You can watch it below The witnesses include: Mr. Lawrance Evans Director, Financial Markets U.S. Government Accountability Office Mr. Eric Turner Research Analysis S&P Global Market Intelligence Mr. Frank Pasquale Professor […]

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Was Section 1071 of Dodd-Frank a Massive Mistake?

August 23, 2017
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CFPB Questions

Did Congress make a huge mistake by thinking small business loans were easily commoditized? Pursuant to Section 1071 of Dodd-Frank, the CFPB is planning to collect data from companies engaged in small business finance in order to potentially screen for discrimination against women and minorities. Before deciding how exactly they’re going to do that, they’ve […]

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The Employee Suing SoFi Only Worked There for Three Months

August 15, 2017
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Courtroom

On Monday, several news outlets reported that a former employee of SoFi was suing for wrongful termination after he not only reported sexual harassment in the workplace, but also exposed an internal loan cancellation scheme designed to pad the bonuses of certain employees. According to the complaint, which you can read for yourself here, plaintiff […]

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