“Yes, there really are 50 of them” Online Lending State Licensing and Examination Challenges
The various online lending models don’t always fit neatly into existing state laws. State regulators and Attorneys General have taken various approaches to try to regulate online lending, sometimes through aggressive enforcement postures and other times through simply amending their laws. State regulators are partnering on multistate examinations, but is the multistate framework helping or hurting? FinTech 2020 and other initiatives indicate a desire by the states to harmonize their laws. Is this goal achievable and what is being done to start this process?
Member Robert Savoie (New Orleans) participated in a panel discussion on this topic titled “‘Yes, there really are 50 of them’ Online Lending State Licensing and Examination Challenges” at the ABA’s Consumer Financial Services Committee Business Law Section Spring 2018 Meeting in Orlando, Florida on Thursday, April 12. The panel talked about recent examples and discussed where the state regulation of online lending seems to be moving.