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 Conversation with Nicholas Smyth, Senior Deputy Attorney General and Assistant Director for Consumer Financial Protection in the Pennsylvania Office of Attorney General
We discuss recent and ongoing enforcement activity of the PA AG involving consumer financial services. Our conversation focuses on activity directed at: auto title lenders for alleged violations of PA usury law; national banks for alleged CARD Act violations; furniture retailers for alleged “hang tag” law violations; home sellers for alleged violations of mortgage laws arising from the use of contracts for deed; and phone scams.
Alan Kaplinsky, Ballard Spahr Senior Counsel, hosts the conversation.
Congress Overrides the OCC’s True Lender Rule: What Are the Risks for Banks and Their Loan Program Nonbank Partners?
The OCC’s true lender rule intended to create a bright line test for when a national bank or federal savings association should be considered the “true lender” in the context of third party partnerships. Congress overturned the rule. We examine the Congressional override’s implications for future federal true lender rulemaking, its impact on existing law, key federal/state court challenges and decisions, state legislative and administrative developments, and risk mitigants for bank/nonbank partnersh
Preparing for the CFPB Debt Collection Rule’s November 30, 2021 Effective Date
We discuss practical issues related to the rule’s rapidly-approaching effective date, including: the prospects for further CFPB rulemaking or guidance; the aspects of the rule that should be prioritized by third-party collectors and debt buyers; the rule’s impact on creditors (for internal collections and third-party collector/debt buyer oversight), state law considerations, and steps being taken to mitigate risk; and greatest risks for third-party collectors and creditors once the rule is effective.
NACHA’s Meaningful Modernization Rule: A Close Look at the Changes for Consumer Debit Authorizations and more
This episode covers upcoming changes to the NACHA Operating Rules as part of the Meaningful Modernization rule which takes effect September 17, 2021. We discuss the payments environment leading to the changes, new disclosures for consumer ACH authorizations, use cases and requirements for Standing Authorizations and changes for Oral Authorizations. We also touch on the amendments related to proofs of authorization and Written Statements for Unauthorized Debits.
A look at the enforcement challenges facing lenders arising out of the federal paycheck protection lending program (PPP), with special guest Louis Bruno, a partner in EisnerAmper’s advisory practice
We discuss: the compliance challenges that could give rise to enforcement actions against PPP lenders and current and potential future investigatory activity; fair lending guidance for PPP lenders, key fair lending risks, and steps to mitigate fair lending risk; the status of examinations and reviews related to PPP loans; sources of compliance risk for PPP lenders; and suggested best practices for risk mitigation.
The CFPB’s Summer 2021 Supervisory Highlights: A Close Look At Credit Reporting, Debt Collection, Fair Lending and Mortgage Loan Origination and Servicing Issues
We look at the practices found to be unlawful by CFPB examiners in these markets, discuss what the findings signal for future scrutiny of these markets by the “new CFPB”, and share practical takeaways for companies operating in these markets. Issues highlighted in our conversation include the CFPB’s findings regarding “unreliable furnishers,” furnisher handling of “frivolous or irrelevant” disputes, interest accrual on debts in collection, and more.
Nerd out on consumer finance legal issues
This was very helpful information and explained in a way that was easy to understand. Thank you!