FTC to Host Small Business Financing Forum
The FTC recently announced that it will host a forum, "Strictly Business: An FTC Forum on Small Business Financing," on May 8, 2019 in Washington, DC. Like the FTC's previous "fintech" forums on marketplace lending, crowdfunding, and peer-to-peer payments, the purpose of the forum is to gather various stakeholders to discuss the benefits and potential consumer protection concerns related to a particular area of financial innovation. The May 8 forum will focus on small business financing, including term loans, lines of credit, and cash advances, offered through online lenders and other alternative, "non-traditional" financing sources.
New York Passes Student Loan Servicing Law
New York has become the latest state to enact a student loan servicing law, after several previous attempts to pass the law failed. The law, Article 14-A, covers student loan services of loans owed by New York residents. The law requires that certain services obtain a license from the New York Department of Financial Services, and puts in place requirements and prohibitions regarding certain servicing practices.
Regulatory Considerations for Point-of-Sale Financing: Part I: Risky RISAs
For decades, point-of-sale financing has been a common option for large consumer sales, including for appliances, furniture, and automobiles. In recent years, ecommerce, the availability of credit through alternative models, and perceived millennial aversion to traditional revolving credit cards have all contributed to a significant increase in various forms of POS financing. In addition, partnerships with fintech companies have allowed merchants to offer a user experience where application, approval, and funding can occur within seconds at the point of sale.
Generating Leads Legally: Regulatory and Litigation Quick Hits
Members of Venable's Consumer Financial Services and Advertising practice and LeadsCouncil hosted a jam-packed webinar on regulatory and litigation risks facing the lead generation industry today, and strategies for mitigating them. During the webinar, the speakers covered federal and state law enforcement priorities; TCPA, legislative, licensing, and regulatory developments; and more. Click here to listen to the recording and view the slides.
CFS Group Members Promoted to Partner
Venable is pleased to announce that Meredith Boylan and Alexandra Megaris have been promoted to partner. Meredith and Alex have helped lay the foundation for Venable's Consumer Financial Services Group, and along the way each has developed substantial experience and practices representing clients in complex investigations and enforcement actions by federal and state regulatory agencies.