Legal Seminar, Denver, CO

Legal & Regulatory Developments

1. Madden v. Midland Funding (2d Cir. 2015) 2. OCC Fintech Charter and OCC Revised Small Dollar Guidance  3. Congressional Proposals Seek to Preempt State Law  • HR 3299 & S 1642 – overturns Madden ruling on “valid when made” • HR 4399 ‐ overturns True Lender case law 4. State‐level responses and developments • NY DFS Report on Online Lending:  https://on.ny.gov/2zxGpSQ • Enforcement actions, e.g. MA, NH, CA, and others • "Sandbox" bills, e.g. AZ, IL, and NY (2018) • Colorado AG Lawsuits

• State suits against Avant and Marlette Funding • Suits against state by WebBank & Cross River Bank

Additional Resources & Information

• U.S. Treasury Report (2016) – “Opportunities and Challenges in Online Marketplace  Lending”: http://bit.ly/27bRLDC • Congressional testimony of Adam Levitan on “Valid When Made” & “True Lender”:  https://bit.ly/2uuPrL • Letters from Civil and Consumer Groups: – Opposition to HR 3299, https://bit.ly/2z7gq2I and HR 4399, https://bit.ly/2Jv9n5q – Consumer and Civil Rights Letter Re: Bank Payday Lending (May 2018):  https://bit.ly/2NXCUbA – CRL Comments to the OCC on Fintech Charter  • Fintech and Civil Rights: – Panel Discussion (2017) – “Fintech: How Can Innovation Advance Civil Rights?” http://bit.ly/CRLfintech – Federal Trade Commission Report (2016) – “Big Data: A Tool for Inclusion or  Exclusion?”   http://bit.ly/1n52gG6 1. January 2017: http://bit.ly/2vdanoL 2. April 2017: http://bit.ly/2wlJBOH