The Fintech Approach to Bank Partnerships & National Charter
By: Catherine M. Brennan and Katherine C. Fisher of Hudson Cook, LLP
For many years, banks have partnered with Fintech companies to offer online loans to consumers. Some of these bank partnerships have been challenged by consumer advocates through so-called “true lender” litigation in state and federal court, by state regulators, and through criminal prosecutions. The crux of the true lender challenge is that at the time a loan is originated, the lender on the face of the loan paper, the bank, is not the true lender.
Predicting Comptroller Otting's Impact on Fintech
By: Scott M. Pearson and Daniel L. Delnero, Ballard Spahr LLP
Joseph M. Otting was sworn in as Comptroller of the Currency on November 27, 2017. Mr. Otting is a seasoned bank executive who held senior positions at institutions such as CIT Bank, OneWest Bank, U.S. Bancorp, and Union Bank of California. We anticipate that he will continue the approach of Acting Comptroller Keith Noreika, balancing the OCC’s consumer protection mission with its parallel duty to preserve the safety and soundness of the banking system and the institutions the OCC regulates.
Data and Analytics for Understanding Consumers
By: Steve Hotz, Principal, The Lead Group
As a continued series providing highlights from this year’s LEND360 Forum Sessions, one of the more intriguing and highly attended panels was “Successful Customer Acquisition Strategies for Consumer Lending.” These discussions come at a time when borrower preferences are moving away from traditional financial institutions such as banks, credit card products, etc. and towards credit that is more accessible and convenient.
Key Learnings from the LEND360 State Listening Session
By: Michael Day, LEND360
While a significant focus at this year’s LEND360 was on policy at the federal level, I had the opportunity to lead a very interesting listening session examining the innovative work taking place in our state capitals. LEND360 has long recognized the important role states play in growing the industry but this discussion was especially key given the fact that in the past year almost a third of the states have enacted over 20 new laws impacting the fintech industry. From loan caps and licensing to enhanced reporting and regulatory requirements there has been a huge amount of change in lending at the state level.
Adapting to the Changes Facing the Fintech Industry
By: Michael Day, LEND360
With LEND360 just around the corner, we have an incredible conference in store reflecting the industry’s tremendous growth. Online lenders currently originate approximately $40 billion in consumer and small business loans in the U.S., doubling every year since 2010. As the industry becomes more established this creates a whole new landscape. Now is the perfect time for our industry to come together. It’s our goal at LEND360, through the 150 plus speakers and over 45 sessions planned, to help you adapt to the changes facing the fintech industry, including: