Alan S. Kaplinsky

Alan S. Kaplinsky

Ballard Spahr LLP

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Trade groups comment on CFPB arbitration proposal

The American Bankers Association, the Consumer Bankers Association and The Financial Services Roundtable (Associations) have filed a joint letter commenting on the CFPB’s proposed rule regulating consumer arbitration...more

8/23/2016 - Arbitration Arbitration Agreements CFPB Class Action Class Action Arbitration Waivers Consumer Contracts Consumer Financial Products Dodd-Frank Financial Sector Financial Services Industry Mandatory Arbitration Clauses Service Contracts

Pew’s issue brief in support of the CFPB’s proposed arbitration rule: a flawed presentation

The Pew Charitable Trusts has released an issue brief, “Consumers Want the Right to Resolve Bank Disputes in Court,” in which it urges the CFPB to “expeditiously finalize” its proposed arbitration rule. The CFPB’s proposal...more

8/19/2016 - Arbitration Arbitration Agreements Banking Sector Banks CFPB Class Action Class Action Arbitration Waivers Consumer Contracts Consumer Financial Products Consumer Lenders Dodd-Frank Financial Services Industry Pew Foundation

Democratic lawmakers urge adoption of CFPB arbitration proposal

A total of 102 Democratic lawmakers, consisting of 37 Democratic Senators joined by Independent Senator Bernie Sanders and 65 House members, have signed on to letters sent to Director Cordray expressing support for the CFPB’s...more

8/5/2016 - Arbitration Arbitration Agreements CFPB Class Action Class Action Arbitration Waivers Comment Period Consumer Contracts Consumer Financial Products Dodd-Frank Financial Sector Financial Services Industry Service Contracts

CFPB Previews Debt Collection Rule in SBREFA Outline

The Consumer Financial Protection Bureau (CFPB) has moved a step closer to issuing a debt collection rule by releasing an outline of the proposals it is considering in preparation for convening a small business review panel....more

8/1/2016 - CFPB Debt Buyers Debt Collection Debt Collectors Dodd-Frank FDCPA Financial Sector SBREFA Small Business Third-Party Service Provider Time-Barred Debt

High Praise for WSJ Editorial, with a Small Caveat

A recent editorial in the Wall Street Journal is a “must read” for those who will be affected if the CFPB’s May 5, 2016 proposed rule banning class action waivers in consumer financial services arbitration agreements becomes...more

5/23/2016 - Arbitration Arbitration Agreements CFPB Class Action Class Action Arbitration Waivers Consumer Contracts Consumer Financial Products Dodd-Frank Financial Sector Financial Services Industry Mandatory Arbitration Clauses Service Contracts Wall Street Journal

CFPB Issues Proposed Regulations To Prohibit Class Action Waivers in Consumer Arbitration Agreements

Yesterday, the Consumer Financial Protection Bureau (CFPB) announced at a field hearing in Albuquerque, New Mexico, that it is proposing regulations that would prohibit covered providers of certain consumer financial products...more

5/6/2016 - Arbitration Arbitration Agreements AT&T Mobility v Concepcion Class Action Class Action Arbitration Waivers Consumer Contracts Dodd-Frank Federal Arbitration Act Financial Services Industry Service Contracts

CFPB to hold May 5 field hearing on arbitration

The CFPB has announced that it will hold a field hearing in Albuquerque, New Mexico about arbitration on May 5, 2016.  We expect the field hearing to coincide with the release of the CFPB’s proposed rule on the use of...more

4/21/2016 - Arbitration Banking Sector CFPB Class Action Class Action Arbitration Waivers Dodd-Frank Financial Services Industry SBREFA

Director Cordray acknowledges industry-wide application of consent orders

In his prepared remarks to the Consumer Bankers Association yesterday, Director Cordray attempted to defend the CFPB’s “regulation by enforcement” approach that has been widely criticized by industry. Director Cordray’s...more

3/11/2016 - CFPB Consent Order Consumer Financial Products Dodd-Frank ECOA Enforcement Actions UDAAP

Federal Reserve Repeals Regulation AA, Proposes Repeal of Regulation C

The Federal Reserve Board (Board) is repealing Regulation AA, which includes the Board's credit practices rule, effective March 21, 2016. The Board is also proposing to repeal its Regulation C, which historically implemented...more

2/19/2016 - Banks CFPB Comment Period Dodd-Frank Federal Reserve FTC Act HMDA Mortgages Regulation AA Regulation C

Legal Framework of Mobile Payments Presented in Pew Center White Paper

As consumers increasingly turn to mobile devices to pay their bills, shop online, and order rides and other services, a number of legal and practical questions emerge. Who regulates mobile financial services offered by...more

2/18/2016 - Corporate Counsel Dodd-Frank Financial Services Industry FTC Act Mobile Payments Mobile Services Parental Consent Popular Truth in Lending Act (TILA) Virtual Currency Young Lawyers

FTC Can Regulate Cybersecurity Practices, Third Circuit Rules

The Federal Trade Commission (FTC) can regulate cybersecurity policies and procedures as “unfair” acts or practices under Section 5 of the FTC Act, the U.S. Court of Appeals for the Third Circuit has ruled in a very important...more

9/1/2015 - Appeals Banking Sector Banks Best Practices COPPA Cyber Attacks Cyber Crimes Cybersecurity Cybersecurity Framework Data Protection Data Security Dodd-Frank FCRA Financial Institutions Fraudulent Charges FTC FTC Act FTC v Wyndham Gramm-Leach-Blilely Act Hackers Jurisdiction Motion to Dismiss NIST Section 5 Unfair or Deceptive Trade Practices Wyndham

Treasury Department Seeks Information on Online Marketplace Lending

The U.S. Department of the Treasury has issued a request for information (RFI) regarding online marketplace lending. The RFI reflects the Treasury Department’s recognition that online marketplace lending “is a rapidly...more

7/21/2015 - CFPB Dodd-Frank Financial Institutions Lending Loans Online Marketplace Lending Popular Request For Information U.S. Treasury

Trade groups comment on CFPB final arbitration study results

The American Bankers Association, the Consumer Bankers Association and The Financial Services Roundtable (Associations) have filed a joint letter commenting on the final results of the CFPB’s arbitration study released in...more

7/15/2015 - Arbitration CFPB Dodd-Frank Trade Associations

CFPB finalizes rule to supervise nonbank auto finance companies and releases auto finance examination procedures for banks and...

The CFPB issued a final rule on June 10, 2015 allowing it to supervise nonbank companies that qualify as “larger participants of a market for automobile financing.” Relatedly, it adopted simultaneously a separate rule...more

6/12/2015 - Auto Lease Automotive Industry Automotive Loans CFPB Consumer Financial Products Consumer Lenders Dodd-Frank Final Rules Nonbank Firms Supervision

Final Diversity and Inclusion Standards Issued Jointly by Six Federal Agencies

Pursuant to a mandate contained in Section 342 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank or Act), six federal agencies jointly issued new Diversity and Inclusion (D&I) Standards today. These...more

6/11/2015 - Diversity Diversity and Inclusion Standards (D&I) Dodd-Frank Employer Mandates Hiring & Firing OMWI Regulatory Standards

The CFPB Announces Final Diversity Standards under Dodd-Frank Section 342 Are Completed

On April 29, 2015, the Office of Minority and Women Inclusion (OMWI) of the Consumer Financial Protection Bureau (CFPB or Bureau) released its third Annual Report for 2014, as mandated by Section 342(e) of the Dodd-Frank Act...more

5/6/2015 - CFPB Diversity Dodd-Frank Federal Contractors OMWI

CFPB speaks (again) at PLI’s Annual Consumer Financial Services Institute

Key members of the CFPB’s enforcement, regulatory and supervision offices spoke yesterday at PLI’s 20th Annual Consumer Financial Services Institute in Chicago. As was the case during the New York City version which took...more

4/29/2015 - Arbitration CFPB Dodd-Frank Nonbank Firms Professional Conferences Rulemaking Process SBREFA Whistleblower Protection Policies

CFPB Releases Final Arbitration Study Results

The Consumer Financial Protection Bureau has released final results of its study of consumer arbitration as mandated by Section 1028 of the Dodd-Frank Act. Section 1028 provides that the CFPB, “by regulation, may prohibit or...more

3/10/2015 - Arbitration CFPB Consumer Financial Products Dodd-Frank

Regulators Adopt Risk Retention Rule with Few Changes

A final credit risk retention rule was recently issued with respect to asset-backed securities (ABS) by the prudential bank regulators (the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance...more

10/29/2014 - Asset-Backed Securities Collateralized Loan Obligations Dodd-Frank FDIC Federal Reserve OCC Risk Retention SEC Securities

New Larger Participant Rule Enhances Supervision of Remittance Transfer Rule Requirements

The Consumer Financial Protection Bureau recently finalized a larger participant rule for nonbank international money transfer providers and left it largely unchanged from the rule as originally proposed in January. The new...more

9/17/2014 - CFPB Dodd-Frank EFTA Money Transfer Nonbank Firms Regulation E

Another state AG files lawsuit using Dodd-Frank authority

A lawsuit filed in May 2014 by the Mississippi Attorney General against Experian in Mississippi state court alleging widespread federal and state law violations was removed last week by Experian to a federal district court in...more

6/18/2014 - Dodd-Frank Enforcement Enforcement Actions Experian FCRA UDAAP

Illinois AG wins motion to add Dodd-Frank UDAAP claim to complaint against for-profit college

Earlier this month, an Illinois state court granted the motion of the state’s Attorney General to further amend her complaint in a lawsuit filed against a for-profit college and its owners to add new counts alleging that the...more

5/22/2014 - CFPA Colleges Dodd-Frank UDAAP Universities

CFPB arbitration study to be completed this year

We have previously blogged about the ongoing arbitration study which the CFPB is conducting under Section 1028 of Dodd-Frank. Yesterday, Will Wade-Gery (who is managing the study for the CFPB) spoke at the 19th Annual...more

4/30/2014 - Arbitration CFPB Dodd-Frank

Hearing on New York DFS lawsuit postponed until May 12

We reported last week about the novel lawsuit brought by the New York Department of Financial Services (“DFS”) against a large subprime auto finance company and its president and CEO. The DFS relied on Section 1042 of...more

4/30/2014 - Department of Financial Services Dodd-Frank Enforcement Actions Injunctions UDAAP

CFPB official confirms larger participant rule for auto finance coming soon

Today is the final day of CBA Live 2014, which is being held at the Gaylord Hotel in National Harbor, MD. I spoke at a program yesterday about the CFPB’s ongoing arbitration study under Section 1028 of Dodd-Frank. Based on...more

4/3/2014 - Automotive Industry Automotive Loans CFPB Dodd-Frank

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