General Business Finance & Banking Consumer Protection

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Director Cordray responds to questions on proposed arbitration rule

Director Cordray has sent a letter to Senator Jeff Flake responding to a series of questions posed by the Senator on the CFPB’s proposed arbitration rule. The comment period on the proposed rule closed on August 22, 2016. ...more

CFPB/NY AG lawsuit against RD Legal Funding may signal greater scrutiny of non-loan financial products such as merchant cash...

The CFPB and the New York Attorney General this week filed an action against RD Legal Funding, LLC, two of its affiliates, and their principal (collectively, “RD”), alleging that a litigation settlement advance product...more

The CFPB's Prospect RESPA Consent Orders: Eight Key Takeaways

The Consumer Financial Protection Bureau (CFBP) on January 31, 2017, issued consent orders settling enforcement claims that a major mortgage lender violated the Real Estate Settlement Procedures Act (RESPA) in connection with...more

President Trump issues an executive order on core principles for regulating the financial system

On February 3, 2017, the President issued an Executive Order titled “Core Principles for Regulating the United States Financial System.”  The Executive Order is a high-level policy statement consisting of a series of Core...more

Inaccurate TILA Disclosures Not Enough to Create Standing

A district court from New York recently ruled that even assuming a creditor’s initial TILA disclosures fell short under the statutory requirements, the plaintiff must show an injury in fact in order to have standing under...more

EU/U.S. Covered Agreement: What’s Next?

On January 13, 2017, representatives of the European Union and the United States of America issued a joint statement announcing that they had successfully concluded negotiation of an agreement (the “Agreement” or “Covered...more

Financial Services Weekly News - February 2017

Editor's Note - President Trump Signs Executive Order to Reduce Regulation and Control Regulatory Costs. On January 30, President Trump signed an executive order (Executive Order) designed to reduce the regulatory...more

Trump's "Two for One" Regulation Order Excludes SEC, Maybe All of Dodd-Frank

The White House clarified that Trump’s January 30 “two for one” Executive Order doesn’t apply to the SEC and other independent regulatory agencies, Reuters reported. ...more

Your Daily Dose of Financial News

The CFPB has ordered UniRush (purveyor of the RushCard prepaid debit card) and its payment processor, MasterCard, to fork over $13 million in fines after a breakdown last year that blocked thousands of customers from...more

SEC 2017 Examination Priorities Focus on Retail Investors, Seniors and Retiring Investors, and Market-Wide Risk Assessment

The Office of Compliance Inspections and Examinations (OCIE) of the U.S. Securities and Exchange Commission (SEC) on January 12, 2017 announced its examination priorities for the current year. The priorities extend to nearly...more

SEC Office of Compliance Inspections and Examinations Issues Risk Alert on Multi-Branch Adviser Initiative

Investment advisers registered with the U.S. Securities and Exchange Commission (SEC) may use a variety of business and organizational models, which may include structures with one or more branch offices. In announcing its...more

Corporate E-Note - January 2017

The IRS has announced it will begin treating certain syndicated conservation easement transactions and “substantially similar” transactions as “listed transactions.” Notice 2017-20 published on December 23, 2016 (the...more

FTC Announces Annual HSR Premerger Notification Threshold and Clayton Act Interlocking Directorate Thresholds Adjustments

The Federal Trade Commission (FTC) has announced that the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) thresholds will be increased. The FTC also announced that it has revised the thresholds that trigger...more

FCRA Disclosure Revisited

In these unsettled days of a new administration, it is almost soothing to see the courts focus on statutory language alone. Almost. The Fair Credit Reporting Act (“FCRA”) requires that, before a prospective employer (or...more

Ninth Circuit Confirms That Liability Waiver in FCRA Disclosure Triggers Liability

In a case presenting a question of first impression in the federal courts of appeals, the Ninth Circuit has held that a prospective employer violates the Fair Credit Reporting Act (FCRA) when it procures a job applicant's...more

Republican members of House Financial Services Committee release new report on CFPB’s auto finance actions

Republican members of the House Financial Services Committee recently released a report, prepared by the Republican Staff of the Committee, titled “Unsafe at Any Bureaucracy, Part III: The CFPB’s Vitiated Legal Case Against...more

ABA highlights error in cost of credit calculation method used in CFPB’s proposed payday loan rule

At the meeting earlier this month of the American Bar Association’s Consumer Financial Services Committee in Carlsbad, CA, attention was given to an issue highlighted by the American Bankers Association in the comment letter...more

Passive Debt Buyer May Delegate Dispute Communications to Third Party

A New York District Court recently addressed the issue of whether the FDCPA requires passive debt buyers to personally register disputes or whether they can delegate that obligation to their third party debt...more

CFPB Seeks Feedback on Proposed Third Party Debt Collection Rules

Editor’s Note: On November 3, 2016, Smith Debnam’s Jerry Myers attended a meeting with the CFPB to discuss the proposed rules for third party debt collection. Below, he shares his thoughts from the meeting....more

CFPB settles with military financing company for alleged TILA/EFTA disclosure violations

The CFPB announced that it has entered into a consent order with Military Credit Services, LLC, a company providing revolving credit to military consumers, to settle allegations that the company’s open-end credit agreements...more

Financial Services Weekly News - December 2016 #3

Editor's Note - The End of “Too Big to Fail”? On December 15, the Board of Governors of the Federal Reserve System (Federal Reserve Board) adopted a final rule to strengthen the ability of government authorities to...more

New York Puts Coal in Gift Card Issuers’ Stockings with New Rules

On September 26, 2016, New York Governor Andrew Cuomo signed legislation amending Section 396-i of the New York General Business Law to provide additional restrictions and limitations applicable to the issuance of gift...more

SEC Principal Trading Rule Exemption Set to Expire at Year’s End

The staff of the U.S. Securities and Exchange Commission (SEC) stated in August that it intends to permit the expiration of rule 206(3)-3T (Rule) under the Investment Adviser Act of 1940 (Advisers Act). The SEC originally...more

Servicers Beware: Courts Rule Non-Parties Cannot Invoke Jury Trial Waiver

In Florida, courts routinely enforce jury trial waiver provisions found in loan agreements, which are generally valid and enforceable. This is true even with respect to fair debt actions. However, because there is generally a...more

CFTC Issues Cross-Border Proposal

On October 11, 2016, the U.S. Commodity Futures Trading Commission (“CFTC”) issued proposed rules to address certain issues related to the cross-border application of Title VII of the Dodd-Frank Wall Street Reform and...more

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