Developments and Commentary

Bureau’s Proposal for a “Disclosure Sandbox”

On September 10, 2018, the Bureau of Consumer Financial Protection (the “Bureau”) published a notice of proposed policy guidance to create a “Disclosure Sandbox.” The proposed policy to provide a Disclosure Sandbox would be designed to allow a covered person to apply for a “trial disclosure program waiver” that, generally speaking, ...

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 ...

Resource Updates

DWT’s Project W Hosts FinTech Women Event: FI Perspective on the FinTech Ecosystem

On November 6, 2018, DWT’s Project W hosted the third FinTech Women event of the year, featuring a panel discussion titled “State of the FinTech Ecosystem: the FI Perspective.” The panelists represented a wide cross-section of financial institutions engaged in the FinTech ecosystem, including a large national bank, a growing ...

State of Regulation: Focus on FinTech

On Thursday, November 8, DWT FinTech team co-leader Andy Lorentz took part in the Commerce.Innovated Class 8 Demo Day in New York City. Andy led a discussion on legal developments in FinTech, with a focus on federal regulatory rollbacks, an update on federal enforcement activities, a discussion of the regulatory ...

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 ...