Consumer Finance Monitor

Ballard Spahr LLP
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The Consumer Financial Services industry is changing quickly. This weekly podcast from national law firm Ballard Spahr focuses on the consumer finance issues that matter most, from new product development and emerging technologies to regulatory compliance and enforcement and the ramifications of private litigation. Our legal team—recognized as one of the industry's finest— will help you make sense of breaking developments, avoid risk, and make the most of opportunity.

  1. 16h ago

    Reciprocal Deposits, the 21st Century ROAD to Housing Act, and the Future of Banking: A Conversation with Rob Blackwell of IntraFi

    The recently enacted 21st Century ROAD to Housing Act contains important provisions affecting community and regional banks that have received considerably less attention than the legislation's broader housing-related initiatives. Among the most significant are provisions expanding the treatment of reciprocal deposits under federal banking law and creating a new framework for certain custodial deposits. These changes could have meaningful implications for banks seeking stable sources of funding and for businesses, municipalities, and other depositors seeking the security of expanded FDIC insurance coverage. In this week's episode of the Consumer Finance Monitor Podcast being released today, Alan Kaplinsky (founder, former leader for 25 years and now Senior Counsel of the Consumer Financial Services Group) is joined by Rob Blackwell, Chief Content Officer and Head of External Affairs and host of the podcast show, Banking with Interest (on which Alan was a recent guest to discuss developments at the CFPB at IntraFi and former Editor-in-Chief of American Banker. Rob brings a particularly valuable perspective to the discussion, having spent nearly two decades covering the banking industry and Washington before moving to IntraFi, where he has played an important role in advocating for the recent legislative changes affecting reciprocal deposits. Key Topics Discussed: ·       Overview of IntraFi's business and the reciprocal deposit network it pioneered ·       Principal users of reciprocal deposits and why these deposits are fundamentally different from traditional brokered deposits ·       The 21st Century ROAD to Housing Act and its amendments to the federal treatment of reciprocal deposits ·       The proposed CLARITY Act, which would establish a comprehensive federal regulatory framework for cryptocurrency and allocate regulatory responsibilities between the SEC and CFTC ·       The growing role of artificial intelligence in banking, including the potentially transformative implications of agentic AI ·       The longer-term implications of quantum computing, including the potential threat it poses to existing data security and encryption systems This episode offers listeners a particularly informative perspective on the intersection of banking, technology, legislation, and public policy. Rob's experience as both a leading banking journalist and an industry participant provides a valuable vantage point on the legislative developments and emerging challenges facing financial institutions.   Consumer Finance Monitor is hosted by Alan Kaplinsky, Senior Counsel at Ballard Spahr, and the founder and former chair of the firm's Consumer Financial Services Group. We encourage listeners to subscribe to the podcast on their preferred platform for weekly insights into developments in the consumer finance industry.

  2. Nov 5

    New Jersey Signals Aggressive Enforcement Against "Junk Fees": What Businesses Need to Know

    New Jersey is signaling a more aggressive approach to the regulation of so-called "junk fees." In a recent enforcement statement issued by the New Jersey Attorney General and the New Jersey Division of Consumer Affairs, state regulators outlined how they intend to use the New Jersey Consumer Fraud Act to address business practices involving fees that they consider deceptive, unconscionable, or abusive. The enforcement statement was issued in conjunction with Governor Mikie Sherrill's Executive Order No. 19, which directed state agencies to review and recommend measures to eliminate or reduce junk fees across a broad range of industries. Although the enforcement statement does not create new legal obligations, it provides important insight into how New Jersey regulators intend to interpret and enforce existing law. Businesses operating in New Jersey should pay close attention. To explore the enforcement statement and its potential implications, Alan Kaplinsky (founder, former chair for 25 years and now Senior Counsel of the Consumer Financial Services Group) was joined on the Consumer Finance Monitor podcast by Beverly Brown Ruggia, Financial Justice Program Director at New Jersey Citizen Action (NJCA). NJCA is a statewide grassroots nonprofit organization focused on social, economic, and racial justice. Beverly has long been involved in consumer financial protection advocacy, including efforts to strengthen the Consumer Financial Protection Bureau, and participated in providing input into the development of New Jersey's enforcement statement. Alan and Beverly's discussion examined the meaning of junk fees, the distinction between permissible fees and potentially unlawful charges, and how the New Jersey initiative could affect businesses in the consumer financial services industry. Key Points Discussed:  What constitutes a junk fee? Earned wage access and overdraft fees Credit card late fees and the limits of disclosure All-in pricing and mandatory versus optional charges Payday lending and buy now, pay later What does the New Jersey initiative mean for businesses? Alan's conversation with Beverly was particularly useful because it explored both the consumer advocates' perspective and some of the difficult legal and practical questions raised by New Jersey's initiative. Alan and Beverly did not agree on every aspect of what should qualify as a junk fee, and Alan pressed Beverly on several issues where he believes the distinction between an unlawful fee and a junk fee matters. Those differences make the discussion especially worthwhile for financial institutions, nonbank financial services companies, and their counsel. Consumer Finance Monitor is hosted by Alan Kaplinsky, Senior Counsel at Ballard Spahr, and the founder and former chair of the firm's Consumer Financial Services Group. We encourage listeners to subscribe to the podcast on their preferred platform for weekly insights into developments in the consumer finance industry.

  3. Oct 29

    Digital Commercial Law in the Age of Digital Assets

    In this week's episode of the Consumer Finance Monitor podcast, our host, Alan Kaplinsky (founder, practice group leader for 25 years and now Senior Counsel of the Consumer Financial Services Group) is joined by two leading commercial law scholars, Christopher Odinet, Professor at Texas A&M University School of Law, and Andrea Tosato, Professor at SMU Dedman School of Law. Chris and Andrea are the co-authors of the recently published book Digital Commercial Law: Private Law in the Age of Tokens, Platforms, and Automation, which examines how traditional commercial law principles apply to digital assets and why those principles remain indispensable in an increasingly digital economy. The book makes a compelling case that the emphasis on public law regulation, while understandable, has obscured fundamental questions of private law. As Andrea explains during our discussion, private law governs the relationships among individuals and businesses, including their contractual obligations, property rights, and rights against third parties. These rules operate alongside financial regulation, not in opposition to it. Without a sound private law foundation, regulatory requirements alone cannot provide the legal certainty that digital financial markets need. Key Topics Discussed:  Property Rights Versus Contractual Rights Digital Asset Custody and Bankruptcy Risk Stablecoins and the GENIUS Act Tokenization and Secured Transactions The CLARITY Act and the Future of Digital Commercial Law The central takeaway from the conversation is straightforward: Digital finance cannot operate on regulation and technology alone. Clear rules governing property, contracts, custody, secured lending, and insolvency are essential to determining who owns digital assets, what rights attach to them, and who bears the risk when things go wrong. The book, Digital Commercial Law: Private Law in the Age of Tokens, Platforms, and Automation, is available on AMAZON. Consumer Finance Monitor is hosted by Alan Kaplinsky, Senior Counsel at Ballard Spahr, and the founder and former chair of the firm's Consumer Financial Services Group. We encourage listeners to subscribe to the podcast on their preferred platform for weekly insights into developments in the consumer finance industry.

  4. Oct 22

    The Future of Consumer Reporting with CDIA President Dan Smith

    The consumer reporting system is undergoing rapid change, raising important questions for financial institutions, consumer reporting agencies, data furnishers, and consumers. In this week's episode of the Consumer Finance Monitor podcast, our host Alan Kaplinsky (founder, former practice group leader for 25 years and now Senior Counsel of our Consumer Financial Services Group) is joined by Dan Smith, President and CEO of the Consumer Data Industry Association (CDIA), and Adam Maarec, a member of our Consumer Financial Services Group, for an in-depth discussion of the legal, regulatory, and technological developments reshaping the consumer reporting ecosystem. Key Topics Discussed:  The broad reach of consumer reporting, including its role in underwriting, tenant and employment screening, fraud prevention, identity verification, and other activities that affect consumers' everyday lives. The Fair Credit Reporting Act (FCRA) and the obligations of consumer reporting agencies and data furnishers to maintain accurate information and investigate consumer disputes. The effects of the growing use of artificial intelligence The CFPB's recent changes to its consumer complaint portal The distinction between the FCRA's formal dispute process and complaints submitted to the CFPB The expanding role of alternative data in credit underwriting Section 1033 of the Dodd-Frank Act Regulatory outlook for the consumer reporting industry This episode offers a timely and practical examination of an industry in transition. For financial institutions, fintech companies, consumer reporting agencies, data furnishers, and their counsel, understanding these developments is increasingly important to navigating compliance obligations, evaluating emerging underwriting tools, and preparing for the next generation of consumer reporting. Consumer Finance Monitor is hosted by Alan Kaplinsky, Senior Counsel at Ballard Spahr, and the founder and former chair of the firm's Consumer Financial Services Group. We encourage listeners to subscribe to the podcast on their preferred platform for weekly insights into developments in the consumer finance industry.

  5. Oct 15

    The Supreme Court Opinions in Trump v. Slaughter and Trump v. Cook: What Do They Mean for the Future of the Administrative State?

    The Supreme Court's June 29, 2026 decisions in Trump v. Slaughter and Trump v. Cook raise fundamental questions about presidential power, the independence of federal agencies, and the constitutional structure of the administrative state. Although both cases involved the President's authority to remove federal officials, the Court's decisions appear to point in different directions. In our latest Consumer Finance Monitor podcast, our host, Alan Kaplinsky (founder and former practice group leader for 25 years and now Senior Counsel of our Consumer Financial Financial Services Group) discuss these decisions and their potentially far-reaching implications with Professor Lev Menand of Columbia Law School, one of the country's leading scholars on administrative law, constitutional structure, financial regulation, and the Federal Reserve System. In our discussion, Professor Menand questions the historical analogy between those early banks and the modern Federal Reserve Board, emphasizing the distinction between a bank (which is what the First and Second Banks of the United States were) and a government agency that regulates banks (which is a significant part of what the Federal Reserve Board does.) We explore whether Cook establishes a meaningful exception to Slaughter, how far that exception might extend, and whether other financial regulators, including the FDIC, might be able to invoke similar arguments to preserve their independence. The conversation also examines several other important issues: The future of independent agencies The Federal Reserve's constitutional status Justice Gorsuch's nondelegation concerns Potential responses by Congress and the courts What lies ahead for financial services regulation The discussion concludes with Professor Menand's assessment of where the law may be headed over the next five years and why the long-term consequences of these decisions remain difficult to predict. Listen to our latest Consumer Finance Monitor podcast for an in-depth discussion of these consequential decisions and their implications for the future of the administrative state and federal financial regulation. Consumer Finance Monitor is hosted by Alan Kaplinsky, Senior Counsel at Ballard Spahr, and the founder and former chair of the firm's Consumer Financial Services Group. We encourage listeners to subscribe to the podcast on their preferred platform for weekly insights into developments in the consumer finance industry. Postscript: Trump Establishes Committee to Reconsider Lisa Cook's Removal Since recording this podcast, President Trump has announced a new effort to remove Federal Reserve Governor Lisa Cook. On October 7, Trump established a three-member committee of inquiry to investigate allegations that Cook made false statements in connection with mortgage documents and to recommend whether there is "cause" for her removal under the Federal Reserve Act. The committee consists of Kevin Hassett, director of the National Economic Council; Keith Sonderling, acting director of the Office of Government Ethics; and Andrea Lucas, chair of the Equal Employment Opportunity Commission.  The committee is scheduled to hold a closed, transcribed hearing at the White House on November 5, at which Cook may respond to the allegations and present evidence and arguments through counsel. It must provide written findings and a recommendation to Trump after receiving any post-hearing submission from Cook, due November 10. The initiative follows the Supreme Court's June decision leaving in place an injunction against Cook's removal while litigation proceeds, with the Court emphasizing the need to provide her notice of the allegations and an opportunity to respond. Cook's attorneys have questioned whether the new process will be impartial, pointing to Trump's repeated statements that he has already decided to fire her. The committee's proceedings could therefore provide an important test of the procedural requirements governing a President's authority to remove a Federal Reserve governor for cause.

  6. Oct 14

    Consumer Financial Services Litigation Series - Episode 1: Pro Se Plaintiffs

    Artificial intelligence is increasingly changing single‑plaintiff consumer litigation, particularly by enabling pro se plaintiffs to file longer, more citation‑dense complaints more quickly, while simultaneously giving defense counsel tools to assess cases, identify weaknesses, and pursue early resolution or dismissal strategies. In the first episode of this series focusing on consumer financial services litigation, Joseph Schuster and Matthew Morr, partners at Ballard Spahr in our Consumer Financial Services Group, discuss both the tactical opportunities and the professional responsibility/ethics risks created by AI use in litigation. Key Topics Discussed: AI is driving higher volume and "more complete" pro se complaints: Complaints that were once handwritten and sparse are now often lengthy, AI‑generated filings that may include irrelevant material but appear more sophisticated Defense "jujitsu" strategy: attack AI tell‑tales early: A key defense tactic is verifying whether pro se plaintiffs' case citations are real and accurately stated; phantom or mischaracterized citations can support motions to strike, motions to dismiss, or requests for sanctions/show cause AI enables faster defense-side case assessment: Defense teams use AI for first‑pass complaint analysis, chronology building, allegation‑by‑allegation factual mapping, claim‑element matrices, missing record identification, and surfacing potential defenses Professional responsibility remains with counsel despite AI assistance: The transcript stresses that lawyers must verify both law and facts produced with AI, with courts criticizing parties who submit (or fail to flag) phantom cases and incorrect standards Privilege/work product issues are unsettled and fact‑dependent: The speakers describe an emerging debate about whether AI interactions are protected work product, including a Colorado ruling extending Rule 26 work product to AI‑assisted work and (in some circumstances) to pro se litigants, while also noting arguments that public generative AI use may waive confidentiality Concern about non-lawyers using AI as "agents": The transcript flags potential unauthorized practice of law where non‑lawyer companies use AI to negotiate or litigate on behalf of individuals, with anticipated defense efforts to investigate and challenge such conduct Overall, the conversation frames AI as both an equalizer for pro se litigants and a tool for defendants to more efficiently evaluate, rebut, and resolve claims where appropriate, while emphasizing that accuracy, diligence, and evolving privilege/ethics rules remain central litigation risks.

  7. Oct 8

    What Are Class Action Waivers Worth? A New Study Looks to the Stock Market for Answers

    In the episode of the Consumer Finance Monitor podcast released today, the host of the show, Alan Kaplinsky (founder, former leader for 25 years, and now Senior Counsel of our Consumer Financial  Services Group) spoke with James Fallows Tierney, Associate Dean for Academic Affairs and Associate Professor of Law at Chicago-Kent College of Law, about his working paper, "The Value of Class Action Waivers: Evidence from Invalidation of the CFPB Arbitration Rule." Professor Tierney's research focuses on the intersection of law, financial markets and consumer finance.  His study uses financial-market data to examine how investors reacted to developments affecting the enforceability of consumer arbitration agreements containing class action waivers. Key Points Discussed: ·                 An Eight-Year Project ·                 Letting the Market "Speak" ·                 What Did the Study Find? ·                 What About Consumers? ·                 Important Limitations ·                 A Different Way of Looking at an Old Debate Listen to the full Consumer Finance Monitor podcast with Professor James Fallows Tierney to hear our discussion of his methodology, the 11 events examined in the study, the stock-market reaction to Congress's repeal of the CFPB arbitration rule, the study's limitations, and where this research could go next. Consumer Finance Monitor is hosted by Alan Kaplinsky, Senior Counsel at Ballard Spahr, and the founder and former chair of the firm's Consumer Financial Services Group. We encourage listeners to subscribe to the podcast on their preferred platform for weekly insights into developments in the consumer finance industry.

  8. Oct 1

    SpaceX's Novel Shareholder Dispute-Resolution Bylaws Could Have Far-Reaching Implications

    The SpaceX IPO generated enormous attention for obvious reasons. It was the largest IPO in history, and the company's stock price initially surged after trading began. But an important legal development associated with the IPO has received considerably less attention: SpaceX adopted an unusually comprehensive shareholder dispute-resolution regime (the "Regime") in its bylaws. In our Consumer Finance Monitor podcast released today, our host, Alan Kaplinsky (founder, former leader for 25 years, and now Senior Counsel of our Consumer Financial Services Group) spoke with Professor Mohsen Manesh of the University of Oregon School of Law about the Regime and the significant legal questions it raised.  Manesh is an authority on corporate, contract, and LLC law and has written extensively about arbitration provisions in corporate charters and bylaws. This was his second appearance on our podcast to discuss shareholder arbitration and the SEC's changing position on the subject. Key Topics Discussed: ·                 Why the SpaceX provisions are notable ·                 How the SpaceX dispute-resolution regime works ·                 The distinction under the federal securities laws ·                 The importance of the class action waiver ·                 The distinction between the two waivers ·                 Shareholder consent ·                 Broader competition between Delaware and Texas for corporate charters ·                 Professor Manesh's theory for why the FAA may not preempt Delaware's restrictions As Professor Manesh and I discussed, SpaceX's Regime is about much more than arbitration. It presents a novel test of the intersection between corporate law, federal arbitration policy, federal securities law, forum selection, and class action practice. The litigation that eventually tests these provisions could shape the development of shareholder dispute resolution for years to come. Consumer Finance Monitor is hosted by Alan Kaplinsky, Senior Counsel at Ballard Spahr, and the founder and former chair of the firm's Consumer Financial Services Group. We encourage listeners to subscribe to the podcast on their preferred platform for weekly insights into developments in the consumer finance industry.

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About

The Consumer Financial Services industry is changing quickly. This weekly podcast from national law firm Ballard Spahr focuses on the consumer finance issues that matter most, from new product development and emerging technologies to regulatory compliance and enforcement and the ramifications of private litigation. Our legal team—recognized as one of the industry's finest— will help you make sense of breaking developments, avoid risk, and make the most of opportunity.

Information

  • Creator
    Ballard Spahr LLP
  • Years Active
    2018 - 2026
  • Episodes
    100
  • Rating
    Clean
  • Copyright
    ©2022 Ballard Spahr LLP
  • Show Website
    Consumer Finance Monitor

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