Developments and Commentary

U.S. Supreme Court Sides with Amex in Landmark Card Case

A divided U.S. Supreme Court sided with American Express Company and American Express Travel Related Services Company (Amex) over Ohio, sixteen other states and the United States based on the Court’s application of the theory of two-sided markets. Ohio v. American Express Co., No. 16-1454, slip op. at 2 (June ...

Washington State Updates Money Services Rules

On June 19, 2018, the Washington State Department of Financial Institutions (the “DFI”) amended the DFI’s money services rules to conform to updates to the Washington Uniform Money Services Act signed into law last year. According to the DFI, the changes are intended to, among other things, “take into account ...

Is Kraninger’s Nomination to Head Bureau a Tactical Choice to Continue Mulvaney’s Policy Trajectory?

President Trump formally nominated Kathy Kraninger to become the new head of the Consumer Financial Protection Bureau (the “Bureau”) on June 18, 2018. While this nomination was a surprise to many due to Kraninger’s apparent lack of financial or consumer regulatory experience, the timing of the nomination and associated tactical ...

What the Security Group Consent Order Suggests About the CFPB’s Direction

For many months, the Consumer Financial Protection Bureau (Bureau) has hinted it would focus its enforcement efforts on debt collection conduct. The Bureau’s settlement earlier this month with Security Group Inc., Security Finance Corporation of Spartanburg, and Professional Financial Services Corp. (collectively, “Security Group”) is the first sign that the ...

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 ...

Resource Updates

Insight on Third Party Risk Management

In a recent interview, as part of Venminder’s Thought Leadership Series, DWT payments team member and FinTech team co-leader, Andy Lorentz, sat down with Venminder Chief Risk Officer Branan Cooper to discuss a number of important aspects of managing third-party risk, including balancing commercial opportunities with compliance initiatives, cybersecurity, and ...

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 ...