Jeremy Mandell

Jeremy Mandell

Morrison & Foerster LLP

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FinCEN Finalizes Customer Due Diligence Rule for Legal Entity Customers

On May 11th, 2016, the Financial Crimes Enforcement Network (“FinCEN”), a bureau of the Department of the Treasury, published a Final Rule (the “Rule”) on customer due diligence after a four-year rulemaking process. The Rule...more

5/17/2016 - Anti-Money Laundering Beneficial Owner Due Diligence Final Rules FinCEN Patriot Act

Treasury Issues White Paper on Online Marketplace Lending

On May 10, 2016, the U.S. Department of the Treasury (“Treasury”) issued a white paper, entitled “Opportunities and Challenges in Online Marketplace Lending” (“White Paper”). The White Paper describes Treasury’s review of...more

5/16/2016 - CFPB Online Marketplace Lending Private Sector Request For Information U.S. Treasury

OCC Announces Preliminary Framework on FinTech and Responsible Innovation

On March 31, 2016, the Office of the Comptroller of the Currency (“OCC”) released a white paper on financial technology innovation (“White Paper”), which lays out a preliminary framework for “responsible innovation.” The...more

4/7/2016 - Banking Sector CFPB FinTech Innovation OCC

Financial Services Report, Spring 2016

Why another law firm newsletter? Over ten years ago, Will Stern answered that question in the first Editor’s Note of the first Financial Services Report. Some things have changed since then—we no longer print and mail paper...more

3/9/2016 - Arbitration CFPB Credit Cards Customer Lists Cybersecurity Debt Collection DOJ EU-US Privacy Shield Fair Lending FCRA FDIC Federal Reserve FTC HMDA Mortgages OCC Payday Loans Preemption SEC TCPA Truth in Lending Act (TILA)

The CFPB Publishes Report on Prepaid Card Complaints

Today, the Consumer Financial Protection Bureau (“CFPB”) published its monthly complaint report, this time focusing on complaints about prepaid products. The complaint report notes that, as of February 1, 2016, the CFPB...more

3/2/2016 - CFPB Consumer Financial Products Credit Cards Prepaid Payment Products

CFPB Reminds Companies of Automatic Debit Authorization Requirements

The Consumer Financial Protection Bureau (“CFPB”) issued a compliance bulletin (“Bulletin”) reminding entities of their obligation to obtain consumer authorization prior to automatically debiting a consumer’s account for...more

1/11/2016 - CFPB E-SIGN EFTA Prior Authorization Regulation E

Higher One, Inc. Enforcement Actions Remind Nonbank Service Providers of Their Legal Obligations When Partnering With Banks

On December 23, 2015, the Federal Reserve Board (“Federal Reserve”) and the Federal Deposit Insurance Corp. (“FDIC” and, collectively with the Federal Reserve, the “Agencies”) announced settlements with Higher One, Inc....more

1/4/2016 - Enforcement Actions FDIC Federal Reserve FTC Act Nonbank Firms Section 5 Student Loans Third-Party Service Provider

Loan to San Bernardino Attacker Generates New Focus on Online Marketplace Lending and Terrorism Financing

News that an online marketplace lender extended a $28,500 loan to Syed Rizwan Farook, one of the alleged San Bernardino attackers, just two weeks before the attack, has spurred House Financial Services Committee Chairman Jeb...more

12/14/2015 - Anti-Money Laundering Bank Secrecy Act Online Marketplace Lending Patriot Act Suspicious Activity Reports Terrorist Acts Terrorist Financing Regulations

CFPB Releases Second CARD Act Report

On December 3, 2015, the Consumer Financial Protection Bureau ("CFPB" or “Bureau”) released its second biennial report on the consumer credit card market (“Report”), as required by the Credit Card Accountability...more

12/11/2015 - CARD Act CFPB Credit Access Credit Cards Debt Collection Deferred Interest Products Rewards Programs

Financial Services Report, Winter 2015

BELTWAY - Finally Faster than Amazon Prime - The Federal Reserve Board recently announced that banks and other financial institutions that use its payments system will have to be able to process same-day...more

12/8/2015 - Arbitration Automotive Loans CFPB Crowdfunding Cybersecurity Federal Reserve FTC HMDA Preemption Redlining SEC Student Loans TCPA UDAAP Virtual Currency

The CSBS Finalizes Model Framework for Virtual Currencies

On September 15, 2015, the Conference of State Bank Supervisors (“CSBS”) issued its final Model Regulatory Framework on virtual currency activities (“Final Framework”). The Final Framework follows the CSBS’s December 2014...more

9/29/2015 - Anti-Money Laundering Audits Bank Secrecy Act CSBS Cybersecurity FinCEN Investment Licenses NYDFS Policy Statement Recordkeeping Requirements Regulatory Agenda Regulatory Oversight Reporting Requirements Security Audits Third-Party Virtual Currency

CFPB Lays Out Consumer Protection Principles for New Payment Systems

Earlier today, the Consumer Financial Protection Bureau (“CFPB”) released a series of consumer protection principles for the development of new payment systems (“Principles”). The CFPB’s stated purpose in releasing the...more

7/10/2015 - CFPB Data Protection Federal Reserve Fraud Payment Systems Transaction Costs Transparency

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

The NYDFS Finalizes its BitLicense Proposal

On June 3, 2015, the New York Department of Financial Services (“NYDFS”) issued a final rule regarding its “BitLicense” regulatory regime (“Final Rule”). The Final Rule follows an initial proposal from July 2014 and a revised...more

6/12/2015 - Bitcoin BitLicense Department of Financial Services Licensing Rules Reporting Requirements Virtual Currency

Financial Services Report, Summer 2015

In This Issue: - Arbitration Report - Beltway Report - Bureau Report - Mobile & Emerging Payments Report - Mortgage & Fair Lending Report - Operations Report - Preemption Report -...more

6/9/2015 - Arbitration Agreements CashCall CFPB Consumer Bankruptcy Consumer Financial Products Creditors Debt Collection Debtor-Creditor Fair Lending Federal Arbitration Act Mobile Payments Mortgages TCPA

“Firsts” for the World of Virtual Currencies

There have been two recent virtual currency-related actions worthy of note: (1) the Financial Crimes Enforcement Network (“FinCEN”) announced its first civil enforcement action against a virtual currency exchanger, and (2)...more

5/28/2015 - Bank Secrecy Act Bitcoin BitLicense FinCEN Money Services Business NYDFS Virtual Currency

CFPB Finalizes Rule Suspending Quarterly Submission of Credit Card Agreements

On April 15, 2015, the Consumer Financial Protection Bureau (“CFPB”) announced a final rule (“Final Rule”) that suspends for one year the requirement under the Truth in Lending Act and implemented by Regulation Z that credit...more

4/21/2015 - Banking Sector CFPB Consumer Lenders Credit Card Agreements Final Rules Regulation Z Truth in Lending Act (TILA)

The CFPB Outlines an Approach to So-Called “Debt Trap” Products

At a field hearing in Richmond, Virginia on March 26, the Consumer Financial Protection Bureau (CFPB) outlined the proposal it is considering to regulate payday lending. The proposal would cover short- and long-term payday...more

4/7/2015 - Ability-to-Repay CFPB Consumer Financial Products Consumer Lenders Payday Loans Proposed Regulation Title Loans

CFPB Initiates Second CARD Act Review

On March 19, 2015, the Consumer Financial Protection Bureau (“CFPB”) published a notice and request for information (“2015 RFI”) regarding the impact of the Credit Card Accountability Responsibility and Disclosure Act of 2009...more

3/27/2015 - CARD Act CFPB Consumer Lenders Credit Cards Request For Information

Financial Services Report - Spring 2015

In This Issue: - Beltway Report - Bureau Report - Mobile & Emerging Payments Report - Mortgage & Fair Lending Report - Operations Report - Preemption Report - Privacy...more

3/10/2015 - Arbitration Banking Sector Consumer Financial Products FIRREA Mobile Banking Mortgages Payment Systems

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 Truth in Lending Act (TILA)

State Virtual Currency Regulatory Developments

On February 4, 2015, the New York Department of Financial Services (“NYDFS”) issued for public comment a revised proposed rule to implement a “BitLicense” regulatory regime (the “2015 Proposal”). As discussed below, the 2015...more

2/11/2015 - Bitcoin BitLicense CSBS NYDFS Public Comment Regulatory Agenda Virtual Currency

Financial Services Report - Winter 2014

In This Issue: - Beltway Report - Bureau Report - Mobile & Emerging Payments Report - Mortgage & Fair Lending Report - Operations Report - Preemption Report - Privacy...more

12/19/2014 - Arbitration Banking Sector Banks Consumer Financial Products Dodd-Frank Fair Lending Federal Reserve Mobile Payments Mortgages Payment Systems Privacy Laws Regulation AA Structured Financial Products TCPA

Overview of the CFPB Prepaid Account Proposed Rule

On November 13, 2014, the Consumer Financial Protection Bureau (“CFPB”) issued a proposed rule to regulate prepaid accounts (the “Proposed Rule”). The Proposed Rule follows the CFPB’s May 2012 advance notice of proposed...more

11/24/2014 - Banking Sector Banks CFPB Prepaid Payment Products Proposed Regulation Regulation E Regulation Z Rulemaking Process Truth in Lending Act (TILA)

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