EDITOR’S NOTE -
So much for the lazy days of summer. It’s been a busy couple of months on both coasts. In a case of déjà vu all over again, a New York federal court found that the CFPB structure is unconstitutional and that...more
9/12/2018
/ Arbitration ,
BSA/AML ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Fair Credit Reporting Act (FCRA) ,
Fair Lending ,
Financial Services Industry ,
FinTech ,
Fixing America’s Surface Transportation Act (FAST Act) ,
Mortgages ,
OCC ,
RMBS ,
TCPA ,
U.S. Treasury ,
Volcker Rule
BELTWAY -
The Wayback Machine -
Congress passed, and on May 24, 2018, the president signed into law, the Economic Growth, Regulatory Relief, and Consumer Protection Act (S.2155). The law makes significant changes to...more
6/8/2018
/ Arbitration ,
Auto Lease ,
Banking Sector ,
BSA/AML ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Economic Growth Regulatory Relief and Consumer Protection Act ,
Fair Lending ,
FDCPA ,
FFIEC ,
FinTech ,
GAO ,
General Data Protection Regulation (GDPR) ,
HMDA ,
Securities and Exchange Commission (SEC) ,
SIFMA ,
TCPA
On March 29, 2018, the Consumer Financial Protection Bureau (CFPB or “Bureau”) issued a Request for Information (RFI) on the CFPB’s guidance and implementation support. The RFI is the tenth in a series that solicits public...more
On March 26, 2018, the Consumer Financial Protection Bureau (CFPB or “Bureau”) published a Request for Information (RFI) on the CFPB’s inherited regulations and inherited rulemaking authorities. The RFI is the ninth in a...more
On March 21, 2018, a Consumer Financial Protection Bureau (CFPB or “Bureau”) Request for Information (RFI) on the CFPB’s adopted regulations and rulemaking authorities was published in the Federal Register. This RFI is the...more
The 2018 Winter Olympics are over. We watched two 17-year-olds win gold medals in sports that didn’t exist when we were 17. The Garlic Girls, with nicknames from their favorite breakfasts, and the U.S. men’s team won medals...more
3/13/2018
/ Arbitration ,
BSA/AML ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Cybersecurity ,
Fair Lending ,
FDIC ,
Financial Services Industry ,
FinTech ,
Prepaid Payment Products ,
Restitution ,
TCPA ,
Vicarious Liability
On March 7, 2018, the Consumer Financial Protection Bureau (CFPB or “Bureau”) released a Request for Information (RFI) regarding the Bureau’s rulemaking process, the seventh RFI in its initiative to reexamine the Bureau’s...more
On February 14, 2018, the Consumer Financial Protection Bureau (CFPB or “Bureau”) issued a Request for Information (RFI) seeking comments on improvements to the CFPB’s supervision program and “how best to achieve meaningful...more
On January 25, 2018, the Consumer Financial Protection Bureau (CFPB or “Bureau”) finalized amendments (“2018 Amendments”) to its final Prepaid Accounts Rule (“Final Rule”), which was published in November 2016. The Bureau...more
On January 17, 2018, the Consumer Financial Protection Bureau (CFPB or “Bureau”) announced that it soon will begin issuing a series of Requests for Information (RFIs) to “ensure the Bureau is fulfilling its proper and...more
On December 27, 2017, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) released its biennial report on the consumer credit card market (“2017 Report” or “Report”), which summarizes its views on the state of the...more
EDITOR’S NOTE -
The holidays came early for the financial services industry. First, the Senate voted to repeal the CFPB’s rule banning class waivers in arbitration agreements in consumer financial contracts. Then,...more
12/12/2017
/ Arbitration ,
Biometric Information Privacy Act ,
BSA/AML ,
Consumer Financial Protection Bureau (CFPB) ,
Debt ,
ECOA ,
FDIC ,
FinCEN ,
HMDA ,
NYDFS ,
OCC ,
Payday Loans ,
TCPA ,
Trump Administration ,
U.S. Treasury ,
Virtual Currency
Following the Equifax security breach, it was reported that the Consumer Financial Protection Bureau (CFPB) started to focus on cardholder transaction controls, such as how they are being offered in the marketplace to aid in...more
On October 18, the Consumer Financial Protection Bureau (CFPB or Bureau) released a set of guiding principles for participants in the financial data sharing and aggregation industry. The publication of the consumer protection...more
On October 5, 2017, the Consumer Financial Protection Bureau released its final rule for short-term loans. The nearly 1,700 page rule appears to follow the proposed short-term lending rule with several notable changes. Most...more
On August 23, 2017, the Consumer Financial Protection Bureau (CFPB) announced the resolution of an administrative action under the Equal Credit Opportunity Act and its implementing regulation, Regulation B (collectively,...more
EDITOR’S NOTE -
Summer blockbuster season is officially upon us. Have you seen Wonder Woman yet? What about Guardians of the Galaxy Part 2? It’s déjà vu all over again with Baywatch, Pirates of the Caribbean, Alien,...more
6/20/2017
/ Arbitration ,
Blockchain ,
BSA/AML ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Card Surcharges ,
Credit Cards ,
Credit Reporting Agencies ,
Disclosure Requirements ,
Expressions Hair Design v Schneiderman ,
Fair Lending ,
FCC ,
FinTech ,
First Amendment ,
HERA ,
Lending ,
Money Laundering ,
Mortgages ,
OCC ,
Prepaid Payment Products ,
SCOTUS ,
Small Business ,
TCPA ,
Trump Administration
On June 15, 2017, the Consumer Financial Protection Bureau (“CFPB”) released proposed revisions to its final Prepaid Accounts Rule (“Final Rule”). The Final Rule was published in November 2016 and was subsequently amended to...more
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 8, 2017, the Financial CHOICE Act of 2017 (the “CHOICE Act”) was passed on a party line vote by the U.S. House of Representatives, with nearly all Republicans voting in support and nearly all Democrats voting against...more
6/13/2017
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Labor (DOL) ,
Dodd-Frank ,
Executive Orders ,
Fiduciary Rule ,
Financial CHOICE Act ,
Financial Regulatory Reform ,
Financial Services Committee ,
FSOC ,
Trump Administration
EDITOR’S NOTE -
In like a lion, out like a lamb—it works for weather; does it work for new administrations? We’ll have to wait and see. We’ll have to wait and see about the length of CFPB Director Richard Cordray’s...more
3/20/2017
/ Anti-Money Laundering ,
Arbitration Agreements ,
Bank Fraud ,
Bank Holding Company Act ,
Banking Sector ,
Banks ,
Civil Monetary Penalty ,
Consumer Financial Protection Bureau (CFPB) ,
Criminal Prosecution ,
Data Security ,
Distributed Ledger Technology (DLT) ,
Fair Credit Reporting Act (FCRA) ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Forfeiture ,
NIST ,
OCC ,
Office of Foreign Assets Control (OFAC) ,
Opt-In ,
Overdraft Fees ,
Preemption ,
Shaw v United States ,
Student Loans ,
TCPA ,
TLAC ,
True Lender
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
On February 16, 2017, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a Request for Information (RFI) regarding use of alternative data and modeling techniques in the consumer lending “credit process.” The...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)