MoFo Reenforcement

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Firm Profile: Morrison & Foerster LLP
425 Market Street
San Francisco, CA 94105-2482, United States
Phone: (415) 268-7000
Fax: (415) 268-7522
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Financial Services Report – Winter 2017

EDITOR’S NOTE - The holidays came early for the financial services industry. First, the Senate voted to repeal the CFPB’s rule banning class waivers in arbitration agreements in consumer financial contracts. Then, Richard…more
 /  Administrative Law, Business Organizations, Communications & Media Law, Consumer Protection, Finance & Banking

CFPB Encourages Financial Institutions to Provide Consumers with Greater Control over Payment Methods

Following the Equifax security breach, it was reported that the Consumer Financial Protection Bureau (CFPB) started to focus on cardholder transaction controls, such as how they are being offered in the marketplace to aid in…more
 /  Consumer Protection, Finance & Banking

Financing Fintech: ILC Charters

An ILC, or industrial loan company, is a form of bank that can be chartered in Utah, Nevada, and a few other states. ILCs are insured by the FDIC and have most traditional banking powers, but they cannot hold corporate checking…more
 /  Business Organizations, Finance & Banking, Science, Computers, & Technology

CFPB Makes HMDA Data Sharing Proposal

The CFPB announced on Wednesday, September 20th, 2017, proposed guidance to limit the Home Mortgage Disclosure Act (HMDA) data it shares publicly. The Bureau’s 2015 HMDA amendments revamped HMDA’s coverage and processes,…more
 /  Consumer Protection, Finance & Banking, Real Estate - Residential, Science, Computers, & Technology

CFPB and Card Issuers Resolve ECOA Action Involving Cards Offered in U.S. Territories and Cardholders with Spanish Language Preference

On August 23, 2017, the Consumer Financial Protection Bureau (CFPB) announced the resolution of an administrative action under the Equal Credit Opportunity Act and its implementing regulation, Regulation B (collectively,…more
 /  Business Organizations, Commercial Law & Contracts, Consumer Protection, Finance & Banking

CFPB Unveils Prototype Model Forms for Overdraft

On August 4, 2017, the Consumer Financial Protection Bureau (CFPB) released four “prototype” model overdraft disclosure forms styled under its “Know Before You Owe” initiatives with a press release. The CFPB said the forms were…more
 /  Consumer Protection, Finance & Banking

The CFPB Issues Its Final Arbitration Rule

Ending months of speculation and insider reading of tea leaves, on July 10, 2017, the Consumer Financial Protection Bureau (CFPB or Bureau) published a final rule regarding the use of arbitration agreements in specified consumer…more
 /  Alternative Dispute Resolution (ADR), Consumer Protection, Finance & Banking

DOL’s Fiduciary Rule Resource Page

The first phase of the Department of Labor’s (“DOL”) new fiduciary rule (“Fiduciary Rule”) was implemented on June 9, 2017. The Fiduciary Rule greatly expands the categories of persons who are deemed fiduciaries when dealing…more
 /  Commercial Law & Contracts, Labor & Employment Law

The Madden Saga Continues: On Remand, Madden Survives Summary Judgment and District Court Certifies Class

On February 27, 2017, the U.S. District Court for the Southern District of New York in part denied a renewed motion by Midland Funding, LLC (“Midland”) to dispose of claims brought by Saliha Madden (“Madden”) under the Fair Debt…more
 /  Business Organizations, Civil Procedure, Finance & Banking

D.C. Circuit Grants En Banc Review on the Constitutionality of the CFPB Leadership Structure

CFPB Director Richard Cordray has a little more job security this week than last week. On February 16, 2017, the U.S. Court of Appeals for the District of Columbia granted the CFPB’s request for an en banc review of its October…more
 /  Constitutional Law, Consumer Protection, Finance & Banking, Labor & Employment Law

Whither the CFPB? In Uncertain Times, Rep. Hensarling’s Vision May See New Life

Given the outcome of the presidential election, the focus is now on President-Elect Trump’s campaign promises to scale back the Dodd-Frank Act and pursue deregulation of financial services. As of now, little is known about…more
 /  Administrative Law, Consumer Protection, Elections & Politics, Finance & Banking

D.C. Circuit Rules CFPB Unconstitutional, and Wrong on RESPA

The D.C. Circuit held today that the single-director structure of the CFPB violates Article II of the United States Constitution, and added important substantive rulings on the Real Estate Settlement Procedures Act (RESPA)…more
 /  Administrative Law, Constitutional Law, Consumer Protection, Finance & Banking, Real Estate - Residential

CFPB and California Announce Enforcement Actions Against Online Lender

On Tuesday, September 27, 2016, the CFPB and the California Department of Business Oversight (“DBO”) announced separate enforcement actions against Flurish, Inc., an online lender that does business as “LendUp” in California and…more
 /  Business Organizations, Civil Remedies, Consumer Protection, Finance & Banking

FTC Announces FinTech Forum on Crowdfunding, Peer-to-Peer Payments

On August 3, 2016, the Federal Trade Commission (FTC) released two items in connection with its series of events on the implications of FinTech for consumers. First, the FTC announced it will be hosting the next event in the…more
 /  Antitrust & Trade Regulation, Commercial Law & Contracts, Finance & Banking, Consumer Protection, Science, Computers, & Technology

CFPB Relies on “Mystery Shoppers” in BancorpSouth Mortgage Discrimination Settlement

CFPB “mystery shoppers,” along with secret recordings, were part of the CFPB’s factual allegations in a recent mortgage discrimination settlement. The DOJ and CFPB announced a settlement with BancorpSouth Bank to resolve alleged…more
 /  Civil Rights, Consumer Protection, Finance & Banking, Real Estate - Residential
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