The Conference of State Bank Supervisors (“CSBS”), which represents state chartered banks nationwide, filed suit against the Office of the Comptroller of Currency (“OCC”) in the US district court of the District of Columbia in April, 2017, regarding the OCC’s issuance of a new non-bank “fintech charter”. The complaint alleges that the OCC is over-reaching […]
Continue reading →Does the Consumer Financial Protection Bureau (“CFPB”) have jurisdiction over “commercial credit”? Rep. Emanuel Cleaver II, raised certain concerns in a recent letter to the CFPB (the “Cleaver Letter”) , which can help us answer this question. As we know, fintech lending is based upon the use of algorithms to determine whether to provide commercial […]
Continue reading →Harriet B. Alexson will be the moderator for a panel on “Funding Emerging, Growth and Recovering Businesses” on May 16, 2017 at noon at Orange County Bar Association (“OCBA”) Headquarters in Newport Beach, Ca. The program is sponsored by the OCBA Banking and Lending Section. This program will discuss the business and legal requirements of […]
Continue reading →On March 15, 2017, the Office of the Comptroller of the Currency (“OCC”), the regulator and chartering authority for national banks and federal savings associations, issued a draft supplement to the Comptroller’s Licensing Manual entitled Evaluating Charter Applications from Financial Technology Companies (“Manual”). The Manual describes the process through which financial technology (“fintech”) companies may […]
Continue reading →Strategic Alliances are contractual agreements between business entities, or in some cases individuals to share business assets, including but not limited to intellectual property, licensing, etc. contribute funds and to some extent share technology and employees to achieve a mutual financial goal. These arrangements are well-known in the real estate industry as joint ventures and […]
Continue reading →There is some confusion in the marketplace with respect to new loan products and services in the banking industry. My definition of “FINTECH” is broad and encompasses computer programs, applications and other technology used to provide banking and financial services. Perhaps you have noticed that many retail bank services have been streamlined through on-line payment, […]
Continue reading →The Trump Administration circulated a memorandum on January 20, 2017 (the “January 2017 Memo”) to the heads of executive departments and agencies, initiating a regulatory review to be headed by the Director of the Office of Management and Budget (“OMB”). The January 2017 Memo states in relevant part, “[S]end no regulation to the Office of […]
Continue reading →My firm specializes in transactions, regulations, strategic alliances and mixed collateral loan transactions in the real estate and financial services industries. We are positioned in a unique space in that my many years in big firm law and my expertise in complex mixed collateral transactions, mergers and acquisitions, private funds, fintech and bank regulation allow […]
Continue reading →Financial Institution Letter FIL-81-2016 The FDIC is seeking comment on a handbook developed to facilitate the process of establishing new banks. Applying for Deposit Insurance – A Handbook for Organizers of De Novo Institutions provides an overview of the business considerations and statutory requirements that de novo organizers will face as they work to establish […]
Continue reading →The Dodd-Frank statute also led to the adoption of Regulation 15G of the Securities and Exchange Act of 1934 (15 U.S.C.A. § 78o-11), which requires the sponsor in a CMBS securitization to retain a 5% stake in the credit risk of the underlying commercial real estate asset. The purported purpose of the regulations is to […]
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