Search Results: Online

FDIC Issues Cease and Desist Demand Against Neobank

On March 24, 2023, the Federal Deposit Insurance Corporation (FDIC) announced that it had issued an advisory letter ​to a United States-based neobank, demanding that the company immediately cease and desist and take immediate corrective action to address allegedly false and misleading statements regarding the company’s insured status under the Federal Deposit…

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Massachusetts Division of Banks Enters into Consent Order with Online Consumer Lender

On February 10, 2023, the Massachusetts Division of Banks (DOB) announced that it entered into a consent order​​ with an online loan servicer headquartered in Chicago, Illinois.  The order resolves allegations that the company “engaged in the business of a small loan company from at least August 1, 2016 through May 31, 2019 in Masschusetts without the appropriate…

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Treasury Department Weighs in on Online Marketplace Lending

On May 10, 2016, the U.S. Treasury Department released a white paper entitled, “Opportunities and Challenges in Online Marketplace Lending.”  The white paper is the result of a request for information that elicited more than 100 industry responses, and it reviews the benefits and risks of online marketplace lending before making…

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U.S. Woos Businesses With New Cyber Security Intelligence Division

As the cyber security threat to the U.S. economy and national security has grown, U.S. states and businesses have taken increasing steps to prevent potential hacks from invading user privacy and U.S. intelligence activities.  Most recently, New York’s attorney general, proposed new rules to help safeguard consumer privacy and provide businesses with incentives…

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