March 4, 2020
Partner Catherine Brennan comments for deBanked article looking ahead in the alternative financing industry
deBanked recently published, "2020 and Beyond - a Look Ahead," an article of commentary collected from various alternative financing industry executives. According to the article, executives are bullish on the industry, but confidence is only slightly curtailed by regulatory, political and economic unknowns. One of these unknowns is the Madden aftermath. The FDIC and OCC recently proposed rules to counteract the negative effects of the 2015 Madden v. Midland Funding LLC case, which wreaked havoc in the consumer and business loan markets in New York, Connecticut, and Vermont.
Hudson Cook Partner Catherine Brennan told deBanked, "These proposals would clarify that the loan continues to be 'valid' even after it is sold to a nonbank, meaning that the nonbank can collect the rates and fees as initially contracted by the bank. . .2020 is going to be a very important year for bank and nonbank partnerships."
Catherine engages in credit due diligence on behalf of investors in fintech firms, bank partnership platforms, small business lenders, merchant cash advance companies, consumer finance companies, title loan companies and payday lenders. She assists national and state banks, investment banks, consumer and commercial finance companies, mortgage bankers, installment lenders and other licensed lenders in the development and maintenance of nationwide consumer and commercial lending programs. Catherine will be moderating a panel on bank-fintech partnerships at Comply2020 on May 6.
Click here to read the deBanked article.