News & Analysis as of

Consumer Financial Products

Carlton Fields

Third Circuit Finds Class Members’ Cash Advance Agreements May Fall Short of a True Assignment

by Carlton Fields on

On April 26, 2019, the Third Circuit Court of Appeals reversed in part and affirmed in part a district court order purporting to void cash advance agreements entered into by and between class members and litigation funding...more

Ballard Spahr LLP

Washington, D.C. Releases Annual Report Forms and Filing Deadlines

by Ballard Spahr LLP on

As recently reported, the Washington, D.C. Department of Insurance, Securities, and Banking (DISB) published a Bulletin in late April reminding those who service student education loans in the District of Columbia of their...more

Ballard Spahr LLP

CFPB relationship with Dept. of Education discussed in Kraninger letter on student loan servicer supervision

by Ballard Spahr LLP on

In a letter sent to Senator Elizabeth Warren regarding the CFPB’s supervision of student loan servicers, CFPB Director Kathy Kraninger discussed the Bureau’s relationship with the Department of Education....more

Hogan Lovells

CFPB enters consent order with student loan servicer for delayed account adjustments

by Hogan Lovells on

On 1 May 2019 the Consumer Financial Protection Bureau (CFPB) announced a consent order with student loan servicer Conduent Education Services LLC (CES) (the company), formerly ACS Education Services, for alleged violations...more

Polsinelli

The CFPB’s Long Awaited Debt Collection Rule is Certain to Shake Up the Industry

by Polsinelli on

On May 7, 2019, the Consumer Financial Protection Bureau (CFPB) issued a Notice of Proposed Rulemaking (the Proposed Rulemaking) to implement portions of the Fair Debt Collection Practices Act (FDCPA)....more

Ballard Spahr LLP

Minnesota Revises Its Residential Mortgage Originator and Servicer Licensing Act to Remove References to “Subprime”

by Ballard Spahr LLP on

Effective July 1, 2019, among other things, the definition of “subprime loan” set forth in Subdivision 27 of Section 58.02 of the Residential Mortgage Originator and Servicer Licensing Act is repealed. ...more

Ballard Spahr LLP

State AGs urge rejection of ALI’s draft Restatement of the Law, Consumer Contracts

by Ballard Spahr LLP on

Earlier yesterday, I published a blog post explaining why I believe the American Law Institute’s members should not approve the Tentative Draft of the Restatement of the Law, Consumer Contracts (the “Restatement”) on which...more

Ballard Spahr LLP

OCC wants its supervised financial institutions to play in a sandbox, too! But is it worth it?

by Ballard Spahr LLP on

The Office of the Comptroller of the Currency (OCC) has opened its own “sandbox” through a Proposed Innovation Pilot Program (Program) designed to promote its innovation initiatives, add value through proactive supervision,...more

Ballard Spahr LLP

Senator Sanders to introduce bill imposing 15% or lower consumer credit interest rate cap

by Ballard Spahr LLP on

Senator Bernie Sanders recently announced that he will be introducing a bill, the “Loan Shark Prevention Act,” that would amend the Truth in Lending Act (15 U.S.C. 1606) (TILA) to establish a “national consumer credit usury...more

Ballard Spahr LLP

ALI’s Restatement of the Law, Consumer Contracts: an ill-conceived and poorly implemented project

by Ballard Spahr LLP on

At the American Law Institute’s annual meeting next Tuesday in Washington, D.C., members will be voting on whether to approve a Tentative Draft of the Restatement of the Law, Consumer Contracts (the “Restatement”).  ...more

Ballard Spahr LLP

To call or not to call: the NPRM’s proposed call frequency and time/place limitations

by Ballard Spahr LLP on

In this blog post, we attempt to dissect and explore the Bureau’s proposed call frequency and time/place limitations in the recently-released debt collection NPRM. Proposed Call Frequency Limitations...more

American Conference Institute (ACI)

[Event] Consumer Finance Class Actions – Expert Strategies for Navigating Class Actions, Litigation and Government Enforcement...

Join preeminent counsel, regulatory and compliance executives representing consumer financial service companies as they share their insights: • The Latest Activity of the CFPB • State Regulatory Developments, Investigations...more

Ballard Spahr LLP

Washington, D.C. Publishes Bulletin Reminding Student Loan Servicers of Annual Report

by Ballard Spahr LLP on

The Washington, D.C. Department of Insurance, Securities, and Banking (DISB) has published a Bulletin reminding those who service student education loans in the District of Columbia of their obligation to file an annual...more

Ballard Spahr LLP

CFPB issues plan for review of rules and launches review of overdraft rule

by Ballard Spahr LLP on

The CFPB has issued a plan for the periodic review of its rules that have a significant economic impact upon a substantial number of small business entities.  It also announced that it was launching the first such review,...more

Ballard Spahr LLP

House Financial Services Committee establishes financial technology and artificial intelligence task forces

by Ballard Spahr LLP on

Last week, the House Financial Services Committee established two task forces, one on financial technology and the other on artificial intelligence.  Both task forces were established pursuant to resolutions adopted by...more

Ballard Spahr LLP

Themes of FTC’s “Strictly Business” Forum on Small Business Financing

by Ballard Spahr LLP on

On Wednesday, May 8, the Federal Trade Commission hosted a special forum exploring small business lending practices, regulations, and policies....more

Ballard Spahr LLP

Why creditors and servicers should care about the CFPB’s proposed debt collection rules

by Ballard Spahr LLP on

The Bureau’s proposed debt collection rules, released last week, only apply to debt collectors, as defined under the Fair Debt Collection Practices Act.  So, why should creditors and servicers be interested in them?  Lots of...more

Burr & Forman

U.S. House of Representatives Launches FinTech and Artificial Intelligence Task Forces

by Burr & Forman on

On May 9, 2019, the House Financial Services Committee voted to establish two task forces dedicated to studying technological innovations that impact the financial services arena: a FinTech Task Force and an Artificial...more

Cadwalader, Wickersham & Taft LLP

Marketplace Lending Update #6: Is the Fintech Charter the Solution? Don’t Bank on It

Many have believed that the national bank “fintech charter” is an ideal solution to providing marketplace consumer loans on a 50-state basis. ...more

Hogan Lovells

You can't spell FinTech without FTC

by Hogan Lovells on

The Consumer Financial Protection Bureau (CFPB) is not the only consumer watchdog keeping a close eye on the financial sector and certainly not the only agency focused on FinTech. This is also a key area for the Federal Trade...more

Jones Day

NYDFS Creates "Powerhouse" Consumer Financial Protection Division

by Jones Day on

The New York Department of Financial Services makes good on a promise to fill the void left by the Consumer Financial Protection Bureau. On April 29, 2019, the New York Department of Financial Services ("DFS") announced...more

Ballard Spahr LLP

Maryland Amends Mortgage Lender Law Effective October 1, 2019

by Ballard Spahr LLP on

Among other things, Maryland has amended its mortgage lender law as follows: Tangible Net Worth required by activity - Mortgage broker: $25,000...more

Balch & Bingham LLP

CFPB Issues FDCPA Proposed Rule: A Detailed Overview

by Balch & Bingham LLP on

On May 7, 2019, the Consumer Financial Protection Bureau (CFPB) released a much anticipated proposed rule regarding the Fair Debt Collection Practices Act (FDCPA). ...more

Ballard Spahr LLP

CFPB publishes debt collection proposed rule

by Ballard Spahr LLP on

The CFPB has published its long-awaited notice of proposed rulemaking under the Fair Debt Collection Practices Act (FDCPA). ...more

Ballard Spahr LLP

South Carolina enacts Servicemembers Civil Relief Act

by Ballard Spahr LLP on

On April 26, the South Carolina Servicemembers Civil Relief Act (the “Act”) was signed into law and went into immediate effect. The Act seeks to “expand and supplement” the federal Servicemembers Civil Relief Act (“SCRA”),...more

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