Developments and Commentary

California Near to Enacting Nation’s First Commercial Finance Disclosure Law

In the final days of its 2018 session, the California legislature sent a flurry of bills to Governor Jerry Brown’s desk on topics as diverse as net neutrality, school start times, and clean energy. But it is SB 1235, “Commercial financing; disclosures,” that may be of particular note for commercial lenders.  ...

States Diverge From Federal Regulators on Disparate Impact

Federal and state fair lending regulators are charting different courses for the future of “disparate impact” liability under the Equal Credit Opportunity Act and analogous state law. For its part, the federal policymaking apparatus is working to limit or eliminate disparate impact liability under ECOA, basing the change on the ...

OCC Accepting Charter Applications from Fintech Companies

Earlier this summer the Office of the Comptroller of the Currency issued the anticipated announcement that fintech companies engaged in the business of banking may apply for special purpose national bank charters. In conjunction with its announcement, the Comptroller of the Currency, Joseph Otting, adopted a Policy Statement describing how ...

Third Circuit Says CFPB May Investigate the Totality of a Target’s Business Conduct

Earlier this week, the Third Circuit rejected student loan servicer Heartland Campus Solutions, ECSI’s challenge to a CFPB civil investigative demand (CID), which sought information concerning ECSI’s “servicing of student loans, including processing payments, charging fees, transferring loans, maintaining accounts, and credit reporting[.]” While ECSI is the latest in a ...

Arizona Attorney General Launches Regulatory Sandbox Program for Fintech Companies

The financial technology company seeking to launch an innovative financial product or financial service—and in need of a group of consumers to test whether the idea even works—might consider working in Arizona’s FinTech Sandbox. The Arizona Attorney General, Mark Brnovich, has established the state’s Regulatory Sandbox Program (“Sandbox”), and the state’s AG Office ...

Resource Updates

Artificial Intelligence & Machine Learning: The Future Computed

On July 30, DWT payments member Robin Nunn spoke on a panel focused on Artificial Intelligence and Machine Learning at the National Bar Association’s (NBA) 93rd Annual Convention & Exhibits. The panel discussed a range of questions, including, “What is AI? How are existing laws affected by AI? Who should ...

Insight on Third Party Risk Management

In a recent interview, as part of Venminder’s Thought Leadership Series, DWT payments team member and FinTech team co-leader, Andy Lorentz, sat down with Venminder Chief Risk Officer Branan Cooper to discuss a number of important aspects of managing third-party risk, including balancing commercial opportunities with compliance initiatives, cybersecurity, and ...

ACC Releases 2018 State of Cybersecurity Report

The Association of Corporate Counsel recently released its 2018 ACC Foundation: The State of Cybersecurity Report, which details common preventative tactics, lessons learned from those who have experienced a breach (including how the breach occurred and who was affected), and more. DWT payments team member Robin Nunn contributed to the ...

DWT’s Project W Hosts Second FemTech Leaders Event of 2018

On April 19, DWT’s Project W hosted a FemTech Leaders panel discussion titled “Fundraising Demystified: Understanding the Challenges Faced by Female Founders and How to Surmount Them.” While we kicked off the year with our first event discussing “The Incubator/Accelerator Experience: How to Get Selected and How to Make the ...

Webinar: Exploring the Data Aggregation Market

Wednesday, November 29, 2017 2:00 p.m. – 3:00 p.m. EST We invite you to join us for a discussion that will explore how consumer financial data aggregators are driving innovation in financial technology and analyze how the CFPB’s recent principles on data aggregation will affect this growing market. We will be discussing: The mechanics of data ...