On June 8, 2017, the Consumer Financial Protection Bureau (CFPB) held a Consumer Advisory Board (CAB) meeting, at which CFPB Director Richard Cordray discussed deferred-interest products. The CFPB also included in a press...more
On June 7, 2017, the Office of the Comptroller of the Currency (“OCC”) issued frequently asked questions (“FAQs”) that supplement the OCC’s 2013 guidance entitled “Third-Party Relationships: Risk Management Guidance” (“2013...more
On May 11, 2017, the Federal Deposit Insurance Corporation (FDIC) announced that it had reached settlements with Bank of Lake Mills (Bank) and two of its “institution-affiliated parties” (IAPs)—Freedom Stores, Inc. (FSI) and...more
On March 10, 2017, the Consumer Financial Protection Bureau (CFPB or Bureau) published a Request for Information (2017 RFI) regarding the consumer credit card market. In accordance with Section 502(a) of the Credit Card...more
3/16/2017
/ Banking Sector ,
CARD Act ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Creditors ,
Debt Collection ,
Deferred Interest Products ,
Innovation ,
Online Banking ,
Request For Information ,
Subprime Loans
On March 9, 2017, the Consumer Financial Protection Bureau (Bureau or CFPB) announced in a blog post a proposal to delay the effective date of the final rule on prepaid accounts (Final Rule) for six months to April 1, 2018....more
EDITOR’S NOTE -
Hope you survived all of those awkward Thanksgiving holiday conversations— amazing how divided people are on whether the court got it right in the PHH case, isn’t it? So on we go into the holiday season,...more
12/7/2016
/ Arbitration ,
Article III ,
Blockchain ,
CalOPPA ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Card Surcharges ,
Cybersecurity ,
Data Breach ,
Distributed Denial of Service ,
ECOA ,
FDCPA ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
FinTech ,
HMDA ,
HUD ,
LGBTQ ,
Military Lending Act ,
NYDFS ,
OCC ,
OIG ,
Prepaid Payment Products ,
Risk Management ,
Servicemembers Civil Relief Act (SCRA) ,
Spokeo v Robins ,
Truth in Lending Act (TILA)
On November 17, 2016, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) held a field hearing in Salt Lake City, Utah, and published a Request for Information (“RFI”) regarding access to consumer financial account...more
On October 26, 2016, the Office of the Comptroller of the Currency (“OCC”) issued its Recommendations and Decisions for Implementing a Responsible Innovation Framework (“Framework”). The Framework is a follow up to the OCC’s...more
The Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) made headlines in FinTech on October 24, 2016. First, the Bureau released its first-ever Project Catalyst report on promoting consumer-friendly innovation...more
On October 5, 2016, the Consumer Financial Protection Bureau (“CFPB”) issued its long-awaited final rule to further regulate prepaid card products, or “prepaid accounts” (the “Final Rule” or “Rule”). The Final Rule follows...more
Editor’s Note -
So much for summer! The weather is cooling, the kids are back to school, and we better not see you wearing white so long after Labor Day! For those of you having a little trouble getting back in the...more
9/21/2016
/ Anti-Money Laundering ,
Arbitration ,
Civil Monetary Penalty ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Digital Currency ,
EU ,
EU-US Privacy Shield ,
Fair Lending ,
FDIC ,
Federal Trade Commission (FTC) ,
FinCEN ,
Foreclosure ,
Homeowner Bill of Rights ,
Mortgage Lenders ,
Municipalities ,
OCC ,
Online Banking ,
Securities and Exchange Commission (SEC) ,
Standing ,
Tax Revenues ,
TCPA ,
Telemarketing ,
Volcker Rule
On July 28, 2016, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued its outline of proposals under consideration for the regulation of debt collection. This 117-page release, entitled “Small Business Review...more
On May 11th, 2016, the Financial Crimes Enforcement Network (“FinCEN”), a bureau of the Department of the Treasury, published a Final Rule (the “Rule”) on customer due diligence after a four-year rulemaking process. The Rule...more
On May 10, 2016, the U.S. Department of the Treasury (“Treasury”) issued a white paper, entitled “Opportunities and Challenges in Online Marketplace Lending” (“White Paper”). The White Paper describes Treasury’s review of...more
On March 31, 2016, the Office of the Comptroller of the Currency (“OCC”) released a white paper on financial technology innovation (“White Paper”), which lays out a preliminary framework for “responsible innovation.” The...more
Why another law firm newsletter? Over ten years ago, Will Stern answered that question in the first Editor’s Note of the first Financial Services Report. Some things have changed since then—we no longer print and mail paper...more
3/9/2016
/ Arbitration ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Customer Lists ,
Cybersecurity ,
Debt Collection ,
Department of Justice (DOJ) ,
EU-US Privacy Shield ,
Fair Credit Reporting Act (FCRA) ,
Fair Lending ,
FDIC ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
HMDA ,
Mortgages ,
OCC ,
Payday Loans ,
Preemption ,
Securities and Exchange Commission (SEC) ,
TCPA ,
Truth in Lending Act (TILA)
Today, the Consumer Financial Protection Bureau (“CFPB”) published its monthly complaint report, this time focusing on complaints about prepaid products.
The complaint report notes that, as of February 1, 2016, the CFPB...more
The Consumer Financial Protection Bureau (“CFPB”) issued a compliance bulletin (“Bulletin”) reminding entities of their obligation to obtain consumer authorization prior to automatically debiting a consumer’s account for...more
On December 23, 2015, the Federal Reserve Board (“Federal Reserve”) and the Federal Deposit Insurance Corp. (“FDIC” and, collectively with the Federal Reserve, the “Agencies”) announced settlements with Higher One, Inc....more
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...more
On December 3, 2015, the Consumer Financial Protection Bureau ("CFPB" or “Bureau”) released its second biennial report on the consumer credit card market (“Report”), as required by the Credit Card Accountability...more
BELTWAY -
Finally Faster than Amazon Prime -
The Federal Reserve Board recently announced that banks and other financial institutions that use its payments system will have to be able to process same-day...more
12/8/2015
/ Arbitration ,
Automotive Loans ,
Consumer Financial Protection Bureau (CFPB) ,
Crowdfunding ,
Cybersecurity ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
HMDA ,
Preemption ,
Redlining ,
Securities and Exchange Commission (SEC) ,
Student Loans ,
TCPA ,
UDAAP ,
Virtual Currency
On September 15, 2015, the Conference of State Bank Supervisors (“CSBS”) issued its final Model Regulatory Framework on virtual currency activities (“Final Framework”). The Final Framework follows the CSBS’s December 2014...more
9/29/2015
/ Anti-Money Laundering ,
Audits ,
Bank Secrecy Act ,
CSBS ,
Cybersecurity ,
FinCEN ,
Investment ,
Licenses ,
NYDFS ,
Policy Statement ,
Recordkeeping Requirements ,
Regulatory Agenda ,
Regulatory Oversight ,
Reporting Requirements ,
Security Audits ,
Third-Party ,
Virtual Currency
BELTWAY -
Straight Out of the Seventh Circuit The Seventh Circuit recently affirmed a lower court’s ruling that the SEC cannot be sued in district court to stop it from bringing an administrative action. Bebo v. SEC, No....more
9/18/2015
/ Administrative Proceedings ,
Anti-Money Laundering ,
Arbitration ,
Bank Secrecy Act ,
Class Action ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Data Breach ,
Data Privacy ,
Data Protection ,
Data Security ,
Debt Collectors ,
Discrimination ,
Disparate Impact ,
Diversity and Inclusion Standards (D&I) ,
Dodd-Frank ,
eClosing Pilot Program ,
Electronic Payment Transactions ,
Facial Recognition Technology ,
Fair Credit Reporting Act (FCRA) ,
Fair Housing Act (FHA) ,
FDCPA ,
FDIC ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
FFIEC ,
Financial Institutions ,
GAO ,
HUD ,
Information Sharing ,
Military Lending Act ,
Mortgage Insurance ,
Mortgages ,
New Regulations ,
Non-Bank Lenders ,
NYDFS ,
Online Privacy Protection Act ,
Preemption ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Servicemembers Civil Relief Act (SCRA) ,
Student Loans ,
TCPA ,
Texas Dept of Housing v Inclusive Communities ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
UDAAP ,
Volcker Rule
Earlier today, the Consumer Financial Protection Bureau (“CFPB”) released a series of consumer protection principles for the development of new payment systems (“Principles”). The CFPB’s stated purpose in releasing the...more