Consumer Financial Products

News & Analysis as of

Alan Kaplinsky to represent industry at May 5 CFPB arbitration field hearing

Alan Kaplinsky, who leads Ballard Spahr’s Consumer Financial Services Group, has been asked by the CFPB to testify as an industry representative at the CFPB’s May 5 field hearing on arbitration. We expect the hearing to...more

CFPB Issues Report on Payday and Installment Loans; Director Cordray Weighs in on Online Lending Industry

On April 20, the CFPB issued a report titled “Online Payday Loan Payments,” which covers an 18-month period in 2011 and 2012 and examines how online lenders’ attempts to recover debts are affecting consumers. Also on April...more

CFPB Identifies Hidden Costs and Fees Associated With Online Payday Loans

On April 20, 2016, the Consumer Financial Protection Bureau (CFPB) issued a report regarding online payday lenders’ efforts to debit payments from a borrower’s checking account. Based on an 18-month observation period, the...more

OCC Releases Risk Appetite Statement

On April 12, the OCC released its Risk Appetite Statement (Statement) summarizing the agency’s largely conservative approach toward managing risks to the OCC’s mission, the financial system, and consumers. The Statement sets...more

CFPB Monthly Complaint Snapshot Highlights Issues Related to Debt Collection

On March 29, the CFPB released its most recent complaint report focusing on complaints related to debt collection. According to the report, as of March 1, 2016, consumers have submitted approximately 834,400 complaints across...more

California Releases Marketplace Lending Data

The California Department of Business Oversight (DBO) has issued a summary report of aggregate data provided by the companies that responded to the DBO's online survey sent to 14 marketplace lenders engaged in online consumer...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

PRIIPs - ESA published the final draft Regulatory Technical Standards on Key Information Documents

On 7 April 2016, the Joint Committee of the European Supervisory Authorities - ESMA, EBA ed EIOPA - has published the final draft Regulatory Technical Standard (RTS) in accordance with Regulation (EU) No 1286/2014 of the...more

CFPB representatives confirmed for 21st Annual PLI Consumer Financial Services Institute Chicago session

The CFPB representatives who will be participating in the Chicago session of the 21st Annual Consumer Financial Services Institute, sponsored by the Practicing Law Institute, have now been confirmed. The Chicago session will...more

Latest CFPB Report Highlights Consumer Debt Collection Complaints

On March 29, the Consumer Financial Protection Bureau (CFPB) released its monthly report summarizing consumer complaints received through February 2016. Overall to date, the CFPB has received over 834,400 complaints....more

OCC White Paper Promotes Framework for Supporting Responsible Innovation

Following the trend of federal agency interest in fostering (and potentially regulating) innovation in the field of financial technology (FinTech), the Office of the Comptroller of the Currency (OCC) released the white paper...more

CFPB Issues Annual Complaint Report Specific to the Military Community

On March 22, the CFPB released its fourth annual report highlighting complaints the agency received in 2015 from servicemembers, veterans, and their families. According to the report, debt collection complaints continue to be...more

CFPB Releases Monthly Complaint Report for March 2016

On March 29, 2016, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report for March 2016, which provides an overview of three-month trends in consumer complaints. This Monthly Report...more

CFPB releases 2015 complaint report

The CFPB’s Consumer Response Annual Report analyzing complaints handled in 2015 indicates that volume rose 8% from 250,700 complaints in 2014 to 271,600 in 2015. The report provides data on the most common types of complaints...more

OSHA Continues to Turn Up the Volume on Whistleblowing

Rushing to put final rules in place before the current Administration’s term ends, on March 17, 2016, the Occupational Safety and Health Administration (OSHA) published its final rule for implementing the whistleblower...more

FinCEN Supplements 2011 FAQs Regarding Prepaid Access

On March 24, FinCEN issued FIN-2016-G002 to supplement guidance issued in 2011 regarding aspects of its Prepaid Access Final Rule. FIN-2016-G002 provides answers to a list of frequently asked questions related to the...more

Final Guidelines on Product Oversight and Governance Arrangements for Retail Banking Products Translated Into Official EU...

The European Banking Authority published translations of its final guidelines on product oversight and governance arrangements for retail banking products. The retail banking products included are mortgages, personal loans,...more

Fourth Circuit Rules FDCPA Does Not Apply to Consumer Finance Company Collecting Debt on Its Own Behalf, Even if It Acquired the...

Reed Smith secured a precedential victory in the Fourth Circuit for client Santander Consumer USA Inc., holding that the Fair Debt Collection Practices Act (“FDCPA”) does not apply to a consumer finance company trying to...more

US Federal Financial Institution Regulatory Agencies Release Guidance to Issuing Banks on Applying Customer Identification Program...

The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, National Credit Union Administration, Office of the Comptroller of the Currency and Financial Crimes Enforcement Network issued...more

Further delay of final prepaid card rule reported

Politico has reported that the CFPB is not expected to issue a final prepaid card rule until this May or June “according to two sources familiar with the talks.” In November 2014, the CFPB issued a proposed rule for prepaid...more

Senator Murray Sponsors Bill to Expand and Strengthen the SCRA

On March 17, Senator Patty Murray (D-WA) sponsored the SCRA Enhancement and Improvement Act of 2016 (the Act). The Act focuses especially on student loan servicers, but encompasses all financial institutions covered by the...more

NY DFS Brings First Data Security Action

The New York State Department of Financial Services (DFS) has announced that it has entered into a consent order with an online payday loan lead generator and its chief executive officer (CEO) (collectively, respondents) to...more

Massachusetts AG Healey Continues Subprime Auto Loan Review; Lenders to Pay $7.4 Million in Consumer Relief

On March 16, Massachusetts AG Maura Healey announced that two national auto lenders, based in South Carolina and California respectively, agreed to collectively pay $7.4 million in relief to more than two thousand...more

CFPB’s Denial of Civil Investigative Demand Appeal Demonstrates Expansive Product Reach

Last month, the Consumer Financial Protection Bureau’s (“CFPB”) Director denied J.G. Wentworth’s (“JGW”) petition to set aside or modify a CFPB civil investigative demand (“CID”) that required JGW to produce 14 documents,...more

Payments regulations in flux - Recent changes in Hong Kong, China and Singapore

WHAT'S GOING ON IN HONG KONG STORED VALUE FACILITIES AND RETAIL PAYMENT SYSTEMS The new regulatory regime for Stored Value Facilities ("SVF") and Retail Payment Systems ("RPS") in Hong Kong under the Payment Systems...more

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