ARTICLE
18 December 2015

Loan To San Bernardino Attacker Generates New Focus On Online Marketplace Lending And Terrorism Financing

MF
Morrison & Foerster LLP

Contributor

Known for providing cutting-edge legal advice on matters that are redefining industries, Morrison & Foerster has 17 offices located in the United States, Asia, and Europe. Our clients include Fortune 100 companies, leading tech and life sciences companies, and some of the largest financial institutions. We also represent investment funds and startups.
On December 10, 2015, Chairman Hensarling announced that such legislation will be a top priority for the coming year and that a bill will be introduced in early 2016.
United States Finance and Banking

News that an online marketplace lender extended a $28,500 loan to Syed Rizwan Farook, one of the alleged San Bernardino attackers, just two weeks before the attack, has spurred House Financial Services Committee Chairman Jeb Hensarling (R-TX) to announce plans to propose new terrorist financing legislation in the coming months. On December 10, 2015, Chairman Hensarling announced that such legislation will be a top priority for the coming year and that a bill will be introduced in early 2016. A day earlier, the House Financial Services Committee voted to reestablish its Task Force to Investigate Terrorism Financing ("Task Force"), and the Task Force requested information from the U.S. Department of the Treasury about the regulation of online lenders in the wake of the attack.

Read our client alert.

Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Morrison & Foerster LLP. All rights reserved

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More