Obrea O. Poindexter

Obrea O. Poindexter

Morrison & Foerster LLP

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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

CFPB Takes Action Against Lead Aggregators

On December 17, 2015, the Consumer Financial Protection Bureau (“CFPB”) announced that it has taken action against lead aggregators that resold sensitive personal information to lenders and debt collectors. In a complaint...more

12/23/2015 - CFPB Debt Collectors Enforcement Actions Lead Generators Lenders Personal Data UDAAP

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

Members of Congress Recommend Changes to the CFPB’s Proposed Prepaid Account Rule

The comment period to the CFPB’s Notice of Proposed Rulemaking for Prepaid Accounts (the “Proposed Rule”) closed in March, but 43 Members of Congress (42 Republicans and 1 Democrat) recently sent a letter to Director Cordray...more

10/8/2015 - Apple Pay CFPB Consumer Financial Products Debit and Credit Card Transactions Disclosure Requirements Overdraft Fees p2p Prepaid Payment Products Product Packaging Proposed Regulation Regulation Z Visa Inc

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

Department of Defense Adopts Significant Changes to Its Military Lending Act Regulations

On July 22, 2015, the Department of Defense (DOD) published sweeping changes to its rules that implement the Military Lending Act (MLA). The amended rules significantly expand the scope of the MLA provisions by covering both...more

8/3/2015 - Active Duty Amended Regulation Borrowers CFPB Consumer Reporting Agencies Credit Cards Creditors Department of Defense (DOD) Disclosure Requirements Finance Charges Lenders Loans Military Lending Act Payday Loans Regulation Z

DOD Adopts Sweeping Changes to Rules Implementing Military Lending Act Provisions

On July 21, 2015, the Department of Defense (DOD) adopted sweeping changes to its rules that implement the Military Lending Act (MLA). The amended rules significantly expand the scope of the MLA provisions by covering both...more

7/22/2015 - Active Duty Borrowers Credit Cards Creditors Department of Defense (DOD) Final Rules Military Lending Act Military Service Members Regulation Z

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 Files Proposed Consent Orders Related to Wireless Billing Practices

On May 12, 2015, the Consumer Financial Protection Bureau (the “CFPB”) filed proposed consent orders in federal courts that would settle allegations that two wireless carriers unfairly permitted their customers to be charged...more

5/15/2015 - Billing CFPB Consent Order Third-Party UDAAP Wireless Industry Wireless Internet Service Providers

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)

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

NACHA White Paper Discusses Mobile Payments with ACH

On March 10, 2015, the Payments Innovation Alliance of NACHA—The Electronic Payments Association (“Alliance”) released a white paper, entitled “Leveraging the Mobile Channel for ACH Payment Innovation.” The white paper...more

3/13/2015 - ACH Payments COPPA Mobile Banking Mobile Devices Mobile Payments NACHA TCPA

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

CFPB Weighs in on Department of Defense Military Lending Act Proposed Rule

On December 29, 2014, the Consumer Financial Protection Bureau (CFPB) released a report, entitled “The Extension of High-Cost Credit to Servicemembers and Their Families” (“Report”). According to the CFPB, the Report provides...more

1/2/2015 - CFPB Consumer Lenders Department of Defense (DOD) Lenders Military Lending Act Military Service Members

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

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

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