Amanda Mollo

Amanda Mollo

Morrison & Foerster LLP

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CFPB’s No. 2 to Resign, American Banker Reports

After two years in the CFPB’s No. 2 spot, Steven Antonakes is reportedly resigning from the Bureau. American Banker has reported that it obtained an internal agency memo in which the Deputy Director announced to staff that he...more

7/19/2015 - Administrative Resignation CFPB

Agencies Publish Diversity Standards for Financial Institutions

On June 10, 2015, six federal financial agencies (collectively, “Agencies”) jointly published a final Interagency Policy Statement, as required by Section 342 of the Dodd-Frank Act, outlining standards for assessing the...more

6/15/2015 - Diversity Dodd-Frank Financial Institutions

CFPB Proposes Suspending Quarterly Credit Card Agreement Submission Requirements

On February 26, 2015, the Consumer Financial Protection Bureau (“CFPB”) published a proposed rule (“Proposed Rule”) that would suspend for one year the requirement that credit card issuers submit their agreements to the CFPB...more

3/2/2015 - CARD Act CFPB Credit Cards Proposed Regulation Regulation Z TILA

CFPB Takes Action Against Carrier for Charging for Unwanted Services

On December 17, 2014, the Consumer Financial Protection Bureau (“CFPB”) announced that it had filed a lawsuit against a telecommunications carrier, alleging that the carrier was allowing third-party merchants to place...more

12/19/2014 - CFPB Cramming Enforcement Actions Fraudulent Charges Mobile Payments Sprint Telecommunications Third-Party UDAAP

CFPB Issues Final Privacy Notice Rule

The CFPB has finalized its proposal allowing financial institutions to forgo mailing annual privacy notices by posting such notices online. Unfortunately, despite numerous pleas from the industry that the proposal would do...more

11/9/2014 - CFPB Disclosure Requirements Financial Institutions Gramm-Leach-Blilely Act Notice Requirements Privacy Notice Rule

CFPB Forum on Access to Checking Accounts Raises Industry Trepidation

On October 8, 2014, the Consumer Financial Protection Bureau held a forum in Washington, D.C. on access to checking accounts. While the CFPB states that the purpose of the event was “to learn more about how the screening...more

11/7/2014 - Banks CFPB Checking Accounts Richard Cordray

CFPB Complaints Database Expands to Include Prepaid Cards and Nonbank Products

On July 21, 2014, the Consumer Financial Protection Bureau (“CFPB”) announced that it has further expanded its Consumer Complaint Database (“Database”) to include additional types of financial products. Specifically, the CFPB...more

7/23/2014 - CFPB Consumer Complaint System Credit Repair Services Debt Settlement Services Prepaid Payment Products

Bureau Proposes Sharing Consumer Narratives in Complaints Database

On July 17, 2014, the Consumer Financial Protection Bureau (“CFPB”) held a field hearing in El Paso, Texas to announce a new policy proposal (“Proposal”) that would expand the Consumer Complaint Database (“Database”) to allow...more

7/22/2014 - CFPB Consumer Complaint System

Individual Liability: What’s Behind The Headlines?

It’s been open season on financial institutions since the 2008-2009 financial crisis (“Financial Crisis”). State and federal prosecutors and regulators are competing with each other for press coverage of their latest consent...more

7/15/2014 - Banking Crisis Banking Sector C-Suite Executives CFPB Civil Monetary Penalty Consent Order D&O Insurance Directors DOJ FCA FDIC FinCEN FIRREA Individual Accountability Judge Rakoff Legislative Agendas Liability Liability Insurance Officers Personal Liability

CFPB Holds Field Hearing on Mobile Financial Services

Yesterday, at the historic Old U.S. Mint in New Orleans, Louisiana, the Consumer Financial Protection Bureau (“CFPB”) held a field hearing on mobile financial services in connection with its newly released formal Request for...more

6/16/2014 - CFPB Mobile Payments Public Forum Request For Information Smartphones

The Fed’s Report on Mobile Financial Services: Slow Growth in Mobile Payments

Earlier this year, the Board of Governors of the Federal Reserve System (“Board”) released a report on its third annual Survey of Consumers’ Use of Mobile Financial Services (the “2013 Survey”). The 2013 Survey are part of...more

5/27/2014 - Mobile Apps Mobile Banking Mobile Devices

Compliance Overseers Under Financial Regulatory Fire

In the wake of the financial crisis, federal and state regulators are increasingly taking action against individuals for alleged compliance lapses inside financial services companies, and recent reports indicate that...more

5/14/2014 - Chief Compliance Officers Compliance Enforcement Actions Financial Regulatory Reform Personal Liability

CFPB's Promise to Ease Privacy Notice Burdens Needs Clarification

The CFPB has proposed allowing financial institutions to forgo mailing annual privacy notices by posting such notices online, if the financial institution meets certain conditions. While the proposal is welcome, it needs...more

5/13/2014 - Banks CFPB Gramm-Leach-Blilely Act Notice Requirements Privacy Laws Proposed Amendments

Financial Regulatory Enforcers Expanding Claims Against Individuals

In the wake of the financial crisis, federal and state regulators are increasingly taking action against individuals for alleged compliance lapses inside financial services companies, and recent reports indicate that...more

5/1/2014 - Chief Compliance Officers Compliance Enforcement Enforcement Actions Officers Personal Liability

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