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.
A Close Look at the CFPB’s Mortgage-Related Exam Findings in Summer 2020 Supervisory Highlights
Mortgage origination and servicing continue to be a supervisory focus. We review the CFPB’s findings in the following areas and discuss compliance implications: redlining based on nonbank lenders’ advertising practices, improper consideration of applicants’ public assistance income in determining eligibility for mortgage modifications, and servicing requirement violations relating to providing periodic statements to consumers in bankruptcy, force-placed insurance, escrow accounts, and servicing transf
Federal Banking Regulators and FinCEN Issue New Statements on Bank Secrecy Act/Anti-Money Laundering Enforcement: A Look at Highlights
Topics include how banking regulators and FinCEN will approach the decision whether to bring an enforcement action (including what BSA/AML program failures typically would (or would not) result in cease and desist orders), how the regulators’ statement differs from 2007 guidance, how the statements relate to recent updates to the BSA/AML examination manual, suggested practices for reducing compliance risk for institutions and individuals, and the Presidential election’s potential impact on enforcement.
The CFPB’s Past and Current Leadership: A Report Card
We are joined by Prentiss Cox, a University of Minnesota Law School Professor formerly of the MN AG’s office and the CFPB’s Consumer Advisory Board. After discussing whether the CFPB’s structure should change in the wake of SCOTUS’s Seila Law decision, we look at the different approaches of the CFPB’s past and current leadership to the use of its authorities, the merits and drawbacks of such approaches, and the skill sets of possible candidates to serve as the next Director in a Biden Administrati
A Look at COVID-19’s Impact on Credit Reporting, Credit Scoring, and Underwriting
We are joined by Kelly Cochran, Deputy Director of FinRegLab, a non-profit focused on the use of data and technology in financial services. We examine credit reporting, credit scoring, and underwriting issues arising from COVID-19 and CARES Act requirements, including use of comment codes by furnishers, treatment of forbearance-related information by creditors, and that are likely to arise in the transition from short-term forbearances to long-term arrangements.
A Special Edition to Mark Episode 100 of Consumer Finance Monitor Podcast: How the Consumer Financial Protection Bureau Has Changed under the Trump Administration and Could Change under a Biden Administration
After reviewing how the CFPB has changed since 2017 (and dispel some misconceptions), we share our expectations if Joe Biden becomes President. Topics discussed include the CFPB’s approach to enforcement and supervision (including possible new larger participant rules), the fate of the payday loan rule and ongoing rulemakings, possible candidates to serve as new Director, the CFPB’s position on new technologies, and lawmakers’ views on changing the CFPB’s leadership structure.
Consumer Arbitration in the Crosshairs (Again): Individual Public Injunctive Relief Claims, Other Threats, and Possible Responses
After a recap of industry’s successful history in defeating challenges to the use of arbitration agreements to limit class action exposure, we discuss the threat of public injunctive relief claims to the use of arbitration resulting from recent CA and 9th Cir. decisions, efforts to distinguish such claims from claims for other relief, drafting strategies to address the decisions, the decisions’ potential impact outside CA, and mass arbitrations and response strategies.
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This was very helpful information and explained in a way that was easy to understand. Thank you!