Developments and Commentary

Debtors Lose? Third Circuit Rejects “Discovery Rule,” Restricts Period to Assert Federal Debt Collection Actions in Break With Fourth and Ninth Circuits

In an en banc decision issued last Tuesday, the Third Circuit held that civil actions alleging violations of the Fair Debt Collection Practices Act (FDCPA) must be filed within one year from the date of the violation’s occurrence – and not when the violation was discovered. The Third Circuit’s decision ...

Fintech Sandboxes – Update on State Approaches

Arizona’s Fintech Sandbox Last month Arizona became the first U.S. state to enact a law allowing for the establishment of a fintech regulatory sandbox program (H.B. 2434) to facilitate the growth of innovative financial products and services. The Arizona law charges the Attorney General to “establish a regulatory sandbox program” which ...

Federal Regulatory Agencies Advise on Cyber Insurance for Information Security Programs

Federal regulatory agencies, acting through the Federal Financial Institutions Examination Council (FFIEC), have issued guidance for financial institutions about the role of cyber insurance in risk management of information technology systems. See, e.g., FDIC FIL-16-2018 (April 10, 2018); OCC Bulletin 2018-8 (April 11, 2018). The agencies—principally responsible for supervising banks, savings associations, and credit unions—adopted ...

Discrimination and Algorithms in Financial Services: Unintended Consequences of AI

It’s troubling enough when facial recognition software couldn’t recognize Asian faces, the crime prediction algorithm targeted black neighborhoods, the job bank was more likely to show men highly paid executive jobs, and the criminal recidivism model had racial bias. But what about the day when the online lending platform uses ...

Rumors of UDAAP’s Demise May be Exaggerated

New Priorities at the CFPB… On February 12, 2018, Acting Director of the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) and Director of the Office of Management and Budget (“OMB”), Mick Mulvaney, released two documents that provide further insight into the future of the Bureau. But while one describes an ...

Resource Updates

ACC Releases 2018 State of Cybersecurity Report

The Association of Corporate Counsel recently released its 2018 ACC Foundation: The State of Cybersecurity Report, which details common preventative tactics, lessons learned from those who have experienced a breach (including how the breach occurred and who was affected), and more. DWT payments team member Robin Nunn contributed to the ...

DWT’s Project W Hosts Second FemTech Leaders Event of 2018

On April 19, DWT’s Project W hosted a FemTech Leaders panel discussion titled “Fundraising Demystified: Understanding the Challenges Faced by Female Founders and How to Surmount Them.” While we kicked off the year with our first event discussing “The Incubator/Accelerator Experience: How to Get Selected and How to Make the ...

Webinar: Exploring the Data Aggregation Market

Wednesday, November 29, 2017 2:00 p.m. – 3:00 p.m. EST We invite you to join us for a discussion that will explore how consumer financial data aggregators are driving innovation in financial technology and analyze how the CFPB’s recent principles on data aggregation will affect this growing market. We will be discussing: The mechanics of data ...

Regulatory Alert: Debt Collection

Among the announcements in its Spring 2017 rulemaking agenda, which was just released on July 20, the Consumer Financial Protection Bureau (CFPB) announced that later this year it plans to issue a Notice of Proposed Rulemaking (NPRM) regarding debt collectors’ communications and disclosure practices. The CFPB’s guidance is notable both for ...

Second Circuit Holds That Printing of Expiration Date Is a Bare Procedural Violation of FACTA That Is Inadequate Under Spokeo to Confer Standing to Sue

Addressing the issue of when “a bare procedural violation of a statutory right constitute[s] an injury in fact sufficient for standing to bring suit in federal court”, the U.S. Court of Appeals for the Second Circuit has joined the Seventh Circuit in holding, in the specific context of the Fair ...