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 ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Customer Lists ,
Cybersecurity ,
Debt Collection ,
Department of Justice (DOJ) ,
EU-US Privacy Shield ,
Fair Credit Reporting Act (FCRA) ,
Fair Lending ,
FDIC ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
HMDA ,
Mortgages ,
OCC ,
Payday Loans ,
Preemption ,
Securities and Exchange Commission (SEC) ,
TCPA ,
Truth in Lending Act (TILA)
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
On February 23, 2016, Consumer Financial Protection Bureau (“CFPB”) Director Richard Cordray signaled that the Bureau’s anticipated rulemaking on short-term lending is likely to closely resemble its March 2015 “Outline of...more
On February 22, 2016, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) published its Final Policy Statement (“Final Policy”) on No-Action Letters (“NALs”). The Final Policy follows a Proposed Policy on...more
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
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
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
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
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 ,
Consumer Financial Protection Bureau (CFPB) ,
Crowdfunding ,
Cybersecurity ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
HMDA ,
Preemption ,
Redlining ,
Securities and Exchange Commission (SEC) ,
Student Loans ,
TCPA ,
UDAAP ,
Virtual Currency
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 ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debit and Credit Card Transactions ,
Disclosure Requirements ,
Overdraft Fees ,
p2p ,
Prepaid Payment Products ,
Product Packaging ,
Proposed Regulation ,
Regulation Z ,
Visa Inc
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
BELTWAY -
Straight Out of the Seventh Circuit The Seventh Circuit recently affirmed a lower court’s ruling that the SEC cannot be sued in district court to stop it from bringing an administrative action. Bebo v. SEC, No....more
9/18/2015
/ Administrative Proceedings ,
Anti-Money Laundering ,
Arbitration ,
Bank Secrecy Act ,
Class Action ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Data Breach ,
Data Privacy ,
Data Protection ,
Data Security ,
Debt Collectors ,
Discrimination ,
Disparate Impact ,
Diversity and Inclusion Standards (D&I) ,
Dodd-Frank ,
eClosing Pilot Program ,
Electronic Payment Transactions ,
Facial Recognition Technology ,
Fair Credit Reporting Act (FCRA) ,
Fair Housing Act (FHA) ,
FDCPA ,
FDIC ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
FFIEC ,
Financial Institutions ,
GAO ,
HUD ,
Information Sharing ,
Military Lending Act ,
Mortgage Insurance ,
Mortgages ,
New Regulations ,
Non-Bank Lenders ,
NYDFS ,
Online Privacy Protection Act ,
Preemption ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Servicemembers Civil Relief Act (SCRA) ,
Student Loans ,
TCPA ,
Texas Dept of Housing v Inclusive Communities ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
UDAAP ,
Volcker Rule
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 ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Credit Cards ,
Creditors ,
Department of Defense (DOD) ,
Disclosure Requirements ,
Finance Charges ,
Lenders ,
Loans ,
Military Lending Act ,
Payday Loans ,
Regulation Z
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
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
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
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
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 ,
Consumer Bankruptcy ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Creditors ,
Debt Collection ,
Debtor-Creditor ,
Fair Lending ,
Federal Arbitration Act ,
Mobile Payments ,
Mortgages ,
TCPA
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
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
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
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
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
In This Issue:
- Beltway Report
- Bureau Report
- Mobile & Emerging Payments Report
- Mortgage & Fair Lending Report
- Operations Report
- Preemption Report
- Privacy...more
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