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Financial Services Weekly News - August 2016 #3

Editor's Note - MetLife Fights On. MetLife continued to fight its designation as a nonbank systemically important financial institution (SIFI) this week as the insurer filed its reply brief in the Financial Stability...more

GAO report shows continuing CFPB employee concerns related to fair treatment

A report last month issued by the Government Accountability Office (GAO) found that a survey of nonexecutive CFPB employees revealed “heightened concerns related to fair treatment, trust that employees can raise concerns...more

Class Action Roundup: Spring 2016

Welcome to the second 2016 edition of Class Action Roundup! The first quarter of the year witnessed a few key Supreme Court decisions, even with the passing of Justice Scalia, and several settlement cases decided. The issue...more

Reputation Matters: Don’t Lose Opportunities Due to Inaccurate Personal Data

Consumers may be injured by inaccurate data that they cannot review or correct. There’s a hole in the bucket, dear Congress. The children’s song, “There’s a Hole in the Bucket,” exemplifies the conundrum many consumers...more

What Employers Need to Know About the New State Garnishment Laws, Part I: Michigan and Georgia

The requirements and processes applicable to employers handling garnishments are primarily governed by state laws. Therefore, in addition to the federal Consumer Credit Protection Act (CCPA), multistate employers need to be...more

Financial Services Weekly News - June 2016 #3

Regulatory Developments - OFAC Updates Frequently Asked Questions Regarding Lifting Sanctions on Iran - On June 8, the Office of Foreign Assets Control of the U.S. Department of the Treasury (OFAC) updated its...more

Financial Services Weekly News - June 2016 #2

Regulatory Developments - CFPB Proposed Rule to Limit Payday Lending and Other High Cost Loans - On June 2, the Consumer Financial Protection Bureau (CFPB) proposed a rule designed to limit payday loans, auto title...more

Your daily dose of financial news The Brief – 6.6.16

Some thoughts about why the relatively dismal May employment numbers (just 38k jobs added) isn’t really as bad as it would seem on first glance...more

Financial Services Weekly News - June 2016

Regulatory Developments - SEC Staff Updates 2014 Money Market Fund Reform FAQs - On May 23, the staff of the Securities and Exchange Commission’s (SEC) Division of Investment Management published additional...more

Financial Services Weekly News - May 2016 #4

Breaking News - Solicitor General Files Brief in Madden v. Midland Funding - On May 24, the U.S Solicitor General (SG) filed a brief with the U.S. Supreme Court (the Court) in the matter of Madden v. Midland...more

Orrick's Financial Industry Week in Review

CFPB Proposes Prohibition on Mandatory Consumer Arbitration Clauses - On May 5, 2016, the Consumer Financial Protection Bureau (CFPB) issued and sought comment on proposed rules prohibiting mandatory arbitration clauses...more

New Guidance Issued on FCRA Compliance in Employee Screening

The Federal Trade Commission (FTC) has issued new guidance to help background screening companies comply with the Fair Credit Reporting Act (FCRA) when conducting background checks on current or prospective employees. The new...more

FTC issues new FCRA guidance for employment background screening companies

The Federal Trade Commission (FTC) issued new guidance for employment background screening companies containing information on how to comply with the Fair Credit Reporting Act (FCRA). One of the key elements of this new...more

FTC Releases Updated FCRA Guidance On Background Checks

On May 10, 2016, the Federal Trade Commission (FTC) released a new publication related to background checks and the Fair Credit Reporting Act (FCRA) titled What Employment Background Screening Companies Need to Know About the...more

FTC Publication for Background Screeners

The Federal Trade Commission (FTC) just issued guidance for companies providing employment screening services. According to the FTC, they have “created new guidance for businesses aimed at giving employment background...more

Congress Considers Changes to FCRA to Expand Consumer Credit Files and Limit Use of Credit Reports for Employment Decisions

The Fair Credit Reporting Act (FCRA) regulates consumer reporting agencies (CRAs) and the use of consumer reports. The FCRA’s stated purpose includes requiring CRAs to adopt reasonable procedures for meeting the needs of...more

Pending California Legislation Threatens to Eviscerate Consumer and Employment Contractual Choice of Law and Venue Provisions

Out-of-state companies doing business in California would be well-advised to look closely at a new bill pending in the California State Legislature. If you are concerned about defending litigation cases in the most...more

Asset Finance & Leasing Newsletter

New GAP Insurance Rules - The FCA published new rules in June governing the sale of addon Guaranteed Asset Protection (GAP) insurance. The rules came into force on 1 September 2015 and apply to commercial customers as well...more

CFPB Accused of Discriminating Against Its Own Employees

Some of the recent items on the Consumer Financial Protection Bureau’s (CFPB) agenda have involved efforts to eliminate alleged discriminatory disparities amongst auto lenders and in connection with other private companies as...more

The Battle Over Fiduciary Status for Brokers Giving Retirement Advice Wages On

The battle over the DOL’s efforts to implement a new law that will impose a fiduciary standard on anyone giving retirement advice continues with some now questioning whether critics of the law really believe its effects will...more

Proposed Amendments to Fair Credit Reporting Act

Two new bills affecting credit reporting and the use of credit reports for employment purposes are working their way through Congress. If passed, the bills would amend the Fair Credit Reporting Act (FCRA). The first, The...more

Congress Considers Changes to FCRA to Expand Consumer Credit Files and Limit Use of Credit Reports for Employment Decisions

Two bills amending the Fair Credit Reporting Act (FCRA) intended to benefit consumers are making their way through Congress. H.R. 4172, "The Credit Access and Inclusion Act of 2015," has bipartisan support, although it is...more

California Law and Background Screening

Happy post-Thanksgiving! News flash for the background screening industry as well as users of background checks in California. The California Supreme Court has agreed to consider whether the Investigative Consumer Reporting...more

ARB Rejects CFPA Whistleblower Claim On Protected Activity Grounds

On November 6, 2015, the DOL’s Administrative Review Board affirmed the dismissal of Consumer Financial Protection Act (“CFPA”) whistleblower claims of a terminated mortgage broker, concluding that the complainant did not...more

CFPB Takes Action Under FCRA Against Employment Background Check Providers

On October 29, 2015, the Consumer Financial Protection Bureau (CFPB) announced the settlement of an enforcement action against two of the country’s largest employment background screening report providers for failing to...more

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