Benjamin Saul

Benjamin Saul

White & Case LLP

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Latest Publications


What Now for the OCC's Fintech Proposal?

On October 26, the Office of the Comptroller of the Currency ("OCC") announced plans to open an Office of Innovation in the first quarter of 2017. The new office is intended to provide innovators with a central point of...more

11/21/2016 - Banking Sector CFPB Chief Innovation Officer Financial Services Industry FinTech Innovation OCC Popular

Regulators Diverge on How Best to Manage Growing Cybersecurity Risks

On October 19, the Federal Reserve Board, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency (the Agencies) issued an advance notice of proposed rulemaking (ANPR) seeking to enhance cyber...more

11/9/2016 - Advanced Notice of Proposed Rulemaking (ANPRM) Banks Cyber Threats Cybersecurity Department of Financial Services FDIC Federal Reserve Financial Institutions OCC Popular Public Comment Risk Assessment Risk Mitigation

CFPB: The Quarterly Review, Q3 2016

White & Case’s Financial Institutions Advisory (FIA) practice is pleased to share its most recent quarterly newsletter on the Consumer Financial Protection Bureau’s ("CFPB” or "Bureau”) oversight of the consumer financial...more

10/18/2016 - Arbitration Agreements Banks CFPB Congressional Reports Credit Unions Debt Collection Enforcement Actions Incentive Compensation Loans Military Lending Act Mortgages Payday Loans PHH Corp. v CFPB Privacy Laws Proposed Amendments SBREFA Student Loans

US Terminates Burma Sanctions Program, Accompanied by Limited FinCEN Relief

On October 7, 2016, President Obama signed an Executive Order terminating the national emergency with respect to Burma (Myanmar), revoking the Burma sanctions Executive Orders, and waiving other statutory blocking and...more

10/15/2016 - Anti-Money Laundering Barack Obama Burma Economic Sanctions Executive Orders Financial Transactions FinCEN Imports OFAC Patriot Act SDN List US Department of State

CFPB Finalizes Prepaid Card Rule …and the Clock is Ticking

On October 5, 2016, the Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) released its long-awaited final rule on prepaid cards (the “Final Rule”). The 1689-page Final Rule will fundamentally change how...more

10/12/2016 - CARD Act CFPB Disclosure Requirements EFTA Final Rules Notice Requirements Overdraft Fees Prepaid Payment Products Truth in Lending Act (TILA)

Regtech rising: Automating regulation for financial institutions

Regulatory compliance is timeconsuming and expensive for both financial institutions and regulators. The volume of information that parties must monitor and evaluate is enormous. The rules are often complex and difficult to...more

9/26/2016 - Analytics Banking Sector Basel Committee Big Data Cloud Computing Compliance Costs Digital Data Dodd-Frank EU Financial Conduct Authority (FCA) Financial Institutions FinTech General Data Protection Regulation (GDPR) Popular Privacy Laws RegTech Regulatory Agencies SEC Solvency II Technology

Payment Processor Risk: Do You Know It When You See It? Red Flags for the Unwary

Recent litigation and enforcement activities of the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) spotlight the heightened regulatory focus on payment intermediaries, i.e. processors, and their role as...more

9/16/2016 - CFPB Covered Person Dodd-Frank Enforcement Actions Jurisdiction Payment Processors Third-Party Service Provider UDAAP

Translating the success of UK fintech measures to the US

The successful growth of fintech within a region depends on myriad factors, but an unquestionably material one is the regulatory environment. Regulatory regimes that foster innovation and exercise oversight in a purposeful,...more

8/10/2016 - APIs Banking Regulators Banks CFPB Financial Conduct Authority (FCA) Financial Services Industry FinTech HM Treasury Innovation International Banks No-Action Letters OCC Popular Prudential Regulation Authority Standard Chartered Bank UK

CFPB Opts to Split Debt Collection Rulemaking Process

On July 28, 2016, the Consumer Financial Protection Bureau (“CFPB”) released a partial outline of debt collection proposals under consideration (“Proposals”), focusing on the third-party debt collection industry. Despite the...more

8/5/2016 - Advanced Notice of Proposed Rulemaking (ANPRM) Banks CFPB Creditors Debt Collection Disclosure Requirements FDCPA SBREFA Third-Party Service Provider Time-Barred Debt UDAAP

CFPB: The Quarterly Review - July 2016

In This Issue: •The CFPB Speaks •Rulemaking •Debt Collection •Payday Lending •Mortgages •Upcoming in 2016 - In the second quarter of 2016, the CFPB continued its strong pace of activity, initiating two...more

7/22/2016 - Administrative Authority Automotive Loans CFPB Class Action Arbitration Waivers Debt Collection Enforcement Actions Fair Lending FDCPA Gramm-Leach-Blilely Act Mortgages NPRM Payday Loans Regulatory Agenda Richard Cordray SBREFA Spokeo v Robins Title Reports UDAAP

Madden Uncertainty Remains for Secondary Loan Market

The US Supreme Court last week delivered another blow to the unsteady secondary loan market industry by denying a request for certiorari in an important case for banks and buyers and sellers of loans and other debt...more

7/11/2016 - Banking Sector Choice-of-Law Credit Cards Debt Buyers Federal v State Law Application Interest Rates Madden v Midland Funding National Bank Act OCC Petition for Writ of Certiorari Preemption Secondary Markets Solicitor General Usury

CFPB Proposes Framework For Payday, Title and Other Installment Loans

On June 2, 2016, the Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) released a 1,340-page Notice of Proposed Rulemaking on short-term lending (the “Proposal”). Our initial, high-level observations on the...more

6/13/2016 - CFPB Dodd-Frank Installment Agreements Lenders NPRM Payday Loans Short-Term Loans UDAAP

Marketplace Lending Update: Recent Developments Place Pressure on Industry

Following a spate of heightened regulatory, enforcement and legislative scrutiny, investor concerns around industry practices, and bad press, the marketplace lending industry is at a crossroad. Some companies will...more

5/25/2016 - Bad Actors Capital Markets CFPB DOJ Fair Lending Financial Regulatory Reform FinCEN GAO Investors Loan Servicing Madden v Midland Funding Online Marketplace Lending SEC U.S. Treasury

CFPB Proposes Ban on Class-Action Limitations in Arbitration Agreements

On May 5, 2016, the Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) issued a long anticipated Notice of Proposed Rulemaking for arbitration agreements (the “Proposal”) that, if finalized as proposed, is...more

5/19/2016 - Arbitration Agreements CFPB Class Action Dodd-Frank Non-Delegation Doctrine NPRM Pre-Dispute Arbitration SBREFA

CFPB: The Quarterly Review - April 2016

If the first quarter is any indication, 2016 is going to be a busy year for the CFPB and market participants alike. The CFPB Speaks - Regulation by enforcement - On March 9, during his prepared remarks to...more

4/29/2016 - Automotive Loans Banks CFPB Consumer Complaint Database Corporate Counsel Data Privacy Debt Collection Deposit Accounts DOJ Enforcement Actions FDCPA HELP Act Lenders Military Service Members Mortgages No-Action Letters Popular UDAAP Young Lawyers

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