Alan S. Kaplinsky

Alan S. Kaplinsky

Ballard Spahr LLP

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OCC Proposes to Grant National Bank Charters to Financial Technology Companies

For the first time, the Office of Comptroller of Currency (OCC) will allow financial technology (fintech) companies to apply for national bank charters. The OCC has invited public comment on the concept with a deadline for...more

12/9/2016 - Banks Financial Sector FinTech Innovative Technology OCC Online Marketplace Lending

Will the CFPB issue a final arbitration rule before Jan. 20?

Last week, the Wall Street Journal reported that the CFPB is pushing to finalize its arbitration rule before Donald Trump’s inauguration as President on January 20.  The comment period on the proposed rule closed on August...more

11/29/2016 - Arbitration Arbitration Agreements CFPB Class Action Class Action Arbitration Waivers Congressional Review Act Constitutional Challenges Consumer Contracts Consumer Financial Products Final Rules Financial Sector Financial Services Industry Payday Loans PHH Corp. v CFPB SBREFA Service Contracts Title Loans Trump Administration

CFPB asks for rehearing en banc in PHH case

As we expected, the CFPB filed a petition with the D.C. Circuit this past Friday asking it to grant a rehearing en banc of its decision in CFPB v. PHH Corporation.  Under D.C. Circuit rules, PHH may not file a response to the...more

11/21/2016 - CFPB Constitutional Challenges Dodd-Frank En Banc Review PHH Corp. v CFPB Removal For-Cause RESPA Single Director Statutory Interpretation

FTC seeks information on class action claims rates

The FTC has announced that to study the effectiveness of various class action settlement notice programs, it has issued orders to eight claims administrators requiring them to provide information on their procedures for...more

11/18/2016 - Arbitration Class Action Financial Sector FTC Notifications Settlement

Receiver for payday lenders sued by CFPB files malpractice lawsuit

The court-appointed receiver for a group of interrelated companies sued by the CFPB in September 2014 for engaging in allegedly unlawful online payday lending activities has filed a malpractice lawsuit against the law firm...more

11/18/2016 - Attorney Malpractice Breach of Duty CFPA CFPB Consumer Financial Products Contract Drafting EFTA Electronic Fund Transfer Act Fiduciary Duty Financial Sector Financial Services Industry Loans Nevis Online Marketplace Lending Payday Loans Truth in Lending Act (TILA) Unfair or Deceptive Trade Practices

FTC Seeks Information on Class Action Claims Rates

The Federal Trade Commission (FTC) has announced that to study the effectiveness of various class action settlement notice programs, it has issued orders to eight claims administrators requiring them to provide information on...more

11/18/2016 - Arbitration CFPB Class Action Financial Sector FTC Notifications Request For Information Settlement

FTC continues vigorous use of enforcement authority

As observers ponder the CFPB’s future in a Trump Administration, the Federal Trade Commission’s continuing role as an enforcer of federal consumer financial protection laws should not be overlooked. Over the approximately...more

11/18/2016 - CFPA CFPB CROA ECOA EFTA Enforcement Actions FCRA FDCPA Financial Sector FTC FTC Act Gramm-Leach-Blilely Act Military Lending Act Section 5 Truth in Lending Act (TILA) Unfair or Deceptive Trade Practices

CFPB post-election changes could increase state enforcement activity

Since last Tuesday’s election, there has been much discussion of how expected changes under a Trump Administration are likely to reduce the CFPB’s impact, particularly in the enforcement arena. Little attention, however, has...more

11/17/2016 - Attorney Generals CFPA CFPB Donald Trump Enforcement Actions Financial Services Industry Presidential Elections Trump Administration

Envelope’s Display of Barcode With Embedded Account Number Does Not Violate FDCPA, Court Rules

A federal district court in Florida has ruled that a debt collector did not violate the Fair Debt Collection Practices Act (FDCPA) by sending a collection letter in an envelope that allegedly revealed a barcode in which the...more

11/10/2016 - Article III Corporate Counsel Debt Collection Debt Collectors FDCPA Financial Sector Financial Services Industry Injury-in-Fact Spokeo v Robins Standing

Election results portend significant changes for CFPB

As a result of Donald J. Trump’s election as President, coupled with the Democrats’ failure to wrest control of the House or Senate from the Republicans, the CFPB can be expected to undergo significant changes that are likely...more

11/10/2016 - Administrative Proceedings Arbitration Automotive Loans Banking Sector CFPB Dodd-Frank Donald Trump Fair Lending Payday Loans PHH Corp. v CFPB Popular Presidential Nominations Removal For-Cause Richard Cordray Single Director

Federal Court Enjoins U.S. Agency’s Nursing Home Arbitration Agreement Ban

The Centers for Medicare and Medicaid Services (CMS), an agency within the U.S. Health and Human Services Department, recently issued a final rule prohibiting nursing homes and other long-term care facilities from utilizing...more

11/9/2016 - Arbitration Arbitration Agreements Binding Arbitration CMS Contract Terms Federal Arbitration Act Health Care Providers Healthcare HHS Long Term Care Facilities Long-Term Care Medicaid Medicare Nursing Homes Skilled Nursing Facility

Dept. of Ed. Bans Pre-Dispute Arbitration Agreements by Title IV Schools

The U.S. Department of Education has issued a final rule that broadly addresses the ability of a student to assert a school's misconduct as a defense to repayment of a federal student loan. The final rule includes a ban on...more

11/4/2016 - Arbitration Agreements Borrowers CFPB Consumer Financial Products Department of Education Educational Institutions Federal Arbitration Act Federal Student Loans Higher Education Act Loans Misrepresentation Program Participation Agreements (PPAs) Title IV

DC Circuit Hears TCPA Oral Arguments

Oral arguments were recently held before the U.S. Court of Appeals District of Columbia Circuit in a consolidated case, spearheaded by ACA International, challenging the Federal Communications Commission's (FCC) recent order...more

10/27/2016 - Arbitrary and Capricious ATDS Auto-Dialed Calls Cell Phones Declaratory Rulings FCC Financial Sector Reassigned Phone Numbers Robocalling Safe Harbors Smartphones TCPA

Hensarling seeks assurance of CFPB compliance with limits on executive agencies

Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee, has sent a letter to Director Cordray asking him to provide written assurance by October 26, 2016 that, as a result of the D.C....more

10/21/2016 - Administrative Proceedings Article II Banking Sector CFPB Constitutional Challenges Dodd-Frank Financial Services Committee OIRA PHH Corp. v CFPB Removal For-Cause Richard Cordray Single Director Statutory Interpretation

Federal Banking Agencies Propose New Requirements for Managing Cyber Risk

Three federal banking agencies have announced plans to develop new rules that would establish cyber risk management and resiliency standards for large interconnected entities under the agencies' supervision, as well as those...more

10/21/2016 - Advanced Notice of Proposed Rulemaking (ANPRM) Cyber Attacks Cybersecurity FDIC Federal Reserve FFIEC Financial Institutions Financial Sector Financial Services Industry Hackers Handbooks Incident Response Plans OCC Risk Management

CFPB Deputy Enforcement Director mum on whether CFPB will seek further review of PHH decision

During the “Developments at the CFPB” panel this morning at the Pennsylvania Bar Institute Consumer Financial Services & Banking Law Update program in Philadelphia, Jeffrey Ehrlich, the CFPB’s Deputy Enforcement Director,...more

10/19/2016 - Administrative Proceedings Article II Banking Sector CFPB Constitutional Challenges Dodd-Frank Due Process HUD Insurance Industry Kickbacks Mortgage Insurance Mortgages PHH Corp. v CFPB Referral Fees Reinsurance Removal For-Cause RESPA Single Director Statute of Limitations Statutory Interpretation

Supreme Court to Resolve Circuit Split Over Filing Bankruptcy Proof of Claim on Time-Barred Debt

The U.S. Supreme Court granted certiorari last week in Midland Funding, LLC v. Aleida Johnson, a decision of the 11th Circuit that held that Midland’s filing of a proof of claim in the plaintiff’s bankruptcy case on a...more

10/18/2016 - Bankruptcy Code Certiorari Consumer Bankruptcy FDCPA Financial Sector Financial Services Industry Midland Funding Time-Barred Debt

What the D.C. Circuit’s PHH decision means for CFPB rulemaking

In its decision last week in PHH Corporation v. CFPB, the D.C. Circuit ruled that the CFPB’s single-director-removable-only-for-cause structure is unconstitutional. While the D.C. Circuit (in footnote 19) noted that it “need...more

10/18/2016 - Administrative Proceedings Article II Banking Sector CFPB Constitutional Challenges Dodd-Frank Due Process HUD Insurance Industry Kickbacks Mortgage Insurance Mortgages PHH Corp. v CFPB Referral Fees Reinsurance Removal For-Cause RESPA Rulemaking Process Single Director Statute of Limitations Statutory Interpretation

SBA Office of Advocacy submits comment letter asking CFPB to reconsider payday loan proposal

The Small Business Administration’s Office of Advocacy has submitted a comment letter on the CFPB’s proposed payday loan rule that raises concerns about the proposal’s economic impact on small businesses and encourages the...more

10/17/2016 - Ability-to-Repay Banking Sector CFPB Consumer Financial Products Consumer Lenders Native American Issues Online Marketplace Lending Payday Loans Regulatory Flexibility Act Roundtable SBA SBREFA Small Business Small Entity Representatives (SERs) Tribal Loans

FTC Obtains $1.3 Billion Judgment Against Individual Who Operated Payday Lenders

The Federal Trade Commission (FTC) has obtained a $1.3 billion judgment against the individual operator of several payday lenders and related servicing and marketing companies in a lawsuit filed in a Nevada federal district...more

10/17/2016 - Banking Sector Consumer Financial Products Disclosure Requirements Finance Charges Financial Institutions FTC Native American Issues Online Marketplace Lending Payday Loans Summary Judgment Tribal Loans Truth in Lending Act (TILA)

FTC Targets Auto Dealers, Alleges Deceptive Financing Practices

The Federal Trade Commission (FTC) has filed an action against nine auto dealerships and their individual owners in a California federal court that the FTC described as its "first action against an auto dealer for 'yo-yo'...more

10/14/2016 - Advertising Automotive Industry Automotive Loans Banking Sector Car Dealerships Consumer Financial Products Consumer Lenders False Advertising FTC Regulation M Regulation Z Retail Installment Sales Contracts Title Loans Unfair or Deceptive Trade Practices

D.C. Circuit Holds CFPB Structure Unconstitutional, Interpretation of RESPA Not Entitled to Deference

The D.C. Circuit yesterday issued its long-awaited decision in PHH Corporation v. CFPB. In reversing the decision of Consumer Financial Protection Bureau (CFPB) Director Cordray to impose an enhanced penalty of $109 million...more

10/13/2016 - Administrative Proceedings Article II Banking Sector CFPB Constitutional Challenges Dodd-Frank Due Process HUD Insurance Industry Kickbacks Mortgage Insurance Mortgages PHH Corp. v CFPB Referral Fees Reinsurance Removal For-Cause RESPA Single Director Statute of Limitations Statutory Interpretation

DOJ Settles Fair Lending Claims Based on Bank's Pricing Policy for Vehicle-Secured Loans

The U.S. Department of Justice (DOJ) has announced a proposed consent order with Charter Bank to settle charges that the bank violated the Equal Credit Opportunity Act (ECOA) by discriminating on the basis of national origin...more

10/11/2016 - Banking Sector Banks Consent Order Consumer Financial Products Consumer Lenders Discretionary Functions Discrimination Disparate Treatment DOJ ECOA FDIC Interest Rates Loans National Origin National Origin Discrimination

California Enacts New Licensing Requirements for Student Loan Servicers

Student loan servicers located in California servicing loans made to residents of any state and those located elsewhere servicing loans made to California residents will be subject to a new licensing requirement created by...more

10/10/2016 - Borrowers CFPB Consumer Financial Products Consumer Lenders Financial Services Industry Licensing Rules Student Loans Students

CFPB Finalizes Sweeping Expansion of Prepaid Account Regulations

The Consumer Financial Protection Bureau (CFPB) has issued its long-anticipated final rule for general purpose prepaid accounts. As expected, the new regulations expand the products covered by Regulation E, introduce...more

10/7/2016 - CFPB Consumer Financial Products Final Rules Financial Sector Financial Services Industry Overdraft Fees p2p Prepaid Payment Products Regulation E Regulation Z

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