A proposed settlement in the Madden vs Midland case has been filed that would provide $9.8 million in cash and debt relief to as many as 58,000 consumers; if accepted that would bring to an end the lawsuit that has become a thorn in the side of the online lending industry; however, the issues brought up by Madden are still very much alive and many online lenders have curtailed their lending in second circuit states; while a bill was proposed in the last Congress the general consensus is that nothing will be passed by Congress this year that would provide any regulatory relief. Source.
Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.