Developments and Commentary

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 ...

CARD Act Report: The CFPB Departs from Precedent

Editors’ Note: The following is one part of DWT’s ongoing coverage of the 2017 CARD Act Report.  Other parts include our prior PLA post The Consumer Credit Market: The CFPB’s 2017 CARD Act Report and a recent FSR webinar. This article also appears in The Review of Banking & Financial Services. On ...

CSBS Takes Another Step Towards Multi-State Licensing for New MSB Applicants

The Conference of State Bank Supervisors (“CSBS”) has announced a multi-state framework for state regulators to process an application by a person to become a licensed money services business (“MSB”).  The announcement forms part of the ongoing development of Vision 2020 for supervising non-depository financial institutions engaged in financial technology.  ...

State Regulatory Enforcement Initiatives: Cooperation and Conflict

On January 30, 2018, DWT payments team member Andy Lorentz moderated a panel at ACI’s 18th National Forum on Prepaid Card Compliance, in Washington, D.C., entitled “Update on State Regulatory Enforcement Initiatives Affecting the Prepaid Card Industry.” The discussion focused in particular on examples of state and federal cooperation on enforcement matters.   To ...

The Consumer Credit Market: The CFPB’s 2017 CARD Act Report

The Consumer Financial Protection Bureau recently published its biennial assessment of the consumer credit card market, titled “The Consumer Credit Card Market.” This report is based in part on responses provided by market participants to the CFPB’s request for information on the consumer credit card market, which we discussed here. ...

Resource Updates

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 ...

UDAAP Update: Reflections on Recent Cases & the Future of State AG & Consumer Advocate Activity

On Tuesday May 16th, 2017, Adam Maarec and Joseph Rodriguez participated in a panel at the Conference on Consumer Finance Law’s Annual Meeting in Chicago titled UDAAP Update: Recent Cases and the Future of State AG & Consumer Advocate Activity. Andrew Dougherty from the Illinois Attorney General’s Consumer Fraud Bureau ...

The OCC Fintech Charter: A New Model for Tech-Enabled Financial Services?

On February 21, DWT Payments team members Andy Lorentz and Tom Scanlon took part in a discussion organized by NYPAY that focused on the prospects of the OCC special purpose fintech charter. The questions discussed included, “Will the concept survive the many challenges it can be expected to attract, including from fellow ...