Uncategorized – Page 2 – Consumer Financial Services Watch

K&L Gates Adds Leading FinTech Partners

Aug 01 2016

Global law firm K&L Gates welcomes Judith Rinearson and Linda C. Odom as partners in the firm’s FinTech and Consumer Financial Services practices. Rinearson joins K&L Gates’ New York and London offices, and Odom, joins the Washington, D.C. office. “Judie Rinearson and Linda Odom are highly respected authorities in numerous key regulatory and commercial areas within the FinTech ecosystem,” stated Robert Zinn, co-leader of K&L Gates’ global corporate and transactional practice area as well as of the firm’s market-leading global FinTech practice.

To read our full press release please click here.

Massachusetts issues guidelines for using third-party robo-advisers

Jul 21 2016

By Susan P. Altman and C. Todd Gibson

In April 2016, the Massachusetts Securities Division issued a policy statement with respect to the fiduciary obligations of state-registered advisers providing robo-advice. The MSD has now issued further regulatory guidance in a new Policy Statement with respect to the use of third-party robo-advisers by state-registered investment advisers. The MSD noted the significant growth in popularity of third-party robo-advisers and the increasing number of state-registered investment advisers working with third-party robo-advisers.

Bank of England Launches FinTech Accelerator

Jul 21 2016

By Jonathan Lawrence

On 17 June 2016 the Governor of the Bank of England announced that the Bank is launching a FinTech Accelerator to work in partnership with FinTech firms to harness innovations for its own requirements as a central bank. In return, it will offer firms the chance to demonstrate their solutions for issues facing policymakers. The Accelerator will deploy innovative technologies on issues that matter to the Bank’s mission and operations. The Accelerator will appoint FinTech firms to run short Proof of Concept (POC) projects in a number of priority areas.

Bridging the Great Divide: Collaboration Considerations for Banks and Marketplace Lenders

Jul 20 2016

By Anthony R.G. Nolan, Edward Dartley, Sonia R. Gioseffi, Joseph A. Valenti, Christopher J. Scully and Christopher H. Bell

Marketplace lending has grown dramatically over the last several years, but it still remains a nascent industry. As it continues to expand its reach, players in the industry and the traditional banking/investment sector are discovering the mutual benefits of cooperation. While marketplace lending often has been heralded as a disruptor of traditional banking, industry participants are being presented with opportunities to collaborate with banking institutions as the industry matures.

To read the full alert, click here.

Hot Topics in FinTech Litigation

Jun 30 2016

As the FinTech ecosystem continues to grow, buoyed in part by the growing surge in innovation, regulation and globalization, there has been an uptick in litigation concerns impacting FinTech companies.

Please join two of our seasoned financial services litigators for a webinar addressing hot topics in FinTech litigation, from marketplace lending to blockchain technology and more.

Thursday, August 4,2016 at 1:00 EDT

The webinar will wrap up with our thoughts on anticipated litigation trends and time for Q&A.

K&L Gates Invitation: Brexit Q&A Conference Call

Jun 30 2016

Following the UK referendum vote on June 23rd to leave the European Union, businesses and individuals around the world are closely monitoring the emerging political, business and economic situation.

K&L Gates will be hosting the first in a series of Brexit Q&A Conference Calls on Tuesday July 5th 2016 at 5:00 pm BST (09:00 am PDT, 12:00 pm EDT) where we will be providing answers to the multi-disciplinary challenges faced by our clients dealing with the legal implications of Brexit negotiations.

The Financial CHOICE Act; Legislative Text Revealed

Jun 28 2016

By Daniel F. C. Crowley, Bruce J. Heiman, William A. Kirk, Karishma Shah Page, Mark A. Roszak and Eric A. Love

On June 23, 2016, House Financial Services Committee Chairman Jeb Hensarling (R-TX) released as a “discussion draft” legislative text of the Financial CHOICE Act (“FCA”), a proposal to reform the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”).

Importantly, the FCA is more than just another Dodd-Frank reform proposal; it is the culmination of several years of House Financial Services Committee activity. Many of its provisions enjoy bipartisan support at a time when Brexit focuses attention on global financial regulatory reform. Therefore, we anticipate that the bill is likely to be marked up before the election, and it could be a road map for post-election reform. In addition, some of its provisions could be enacted in year-end omnibus legislation.

To read the full alert, click here.

BREXIT Vote to Leave Expected to Lead to a Period of Uncertainty

Jun 24 2016

London – The UK’s historic vote to leave the European Union (EU) will have significant consequences throughout the UK, the EU, and in the global economy. The referendum vote is expected to lead to a high degree of uncertainty and disruption as businesses come to terms with the new normal of a post-Brexit environment. Businesses, governments, and regulatory bodies will need to take measures to adjust to the legal, financial, regulatory and technical ramifications of the referendum.

To fully prepare clients for the legal and business implications and potential disruption to their companies, K&L Gates LLP is directing clients and others to a suite of resources it has created to bridge any concerns brought on by the vote to leave.

Supreme Court Vacates and Remands Ninth Circuit Decision on Article III Injury-in-Fact in Spokeo

May 16 2016

By Andrew C. Glass, Brian M. Forbes, Gregory N. Blase, Robert W. Sparkes III, and Roger L. Smerage

On Monday, the United States Supreme Court issued its long-awaited decision in Spokeo, Inc. v. Robins, — U.S. — (No. 13-1339). In rendering its decision, the Court reiterated that to establish Article III standing, a plaintiff must plead an injury-in-fact that is both particular to the plaintiff and concrete. The Court explained that whether a plaintiff has pleaded sufficient facts to allege a concrete injury requires more than just examining whether the plaintiff has pleaded that the defendant violated a federal statute. In particular, the Court held that “a bare procedural violation, divorced from any concrete harm,” does not suffice to “satisfy the injury-in-fact requirement of Article III.” Slip op. at 9-10. As such, the Spokeo plaintiff’s allegation that the defendant’s actions had violated the Fair Credit Reporting Act, 15 U.S.C. §§ 1681, et seq., would not, by itself, demonstrate a plausible injury-in-fact. Rather, “Article III standing requires a concrete injury even in the context of a statutory violation.” Slip op. at 9.

Treasury releases white paper on marketplace lending

May 16 2016

By Sean P. Mahoney

On May 10, 2016, the US Treasury issued its much anticipated white paper on marketplace lending. The whitepaper follows Treasury’s July 2015 request for information. The white paper highlighted some keys risks and made six concrete recommendations for future action.

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