100 episodes

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.

Consumer Finance Monitor Ballard Spahr LLP

    • News
    • 4.9 • 30 Ratings

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 Open Banking and the Role of Data Aggregators, with Special Guests Julian Alcazar, Payments Specialist, Federal Reserve Bank of Kansas City, and Adam Maarec, Senior Director and Associate General Counsel, Capital One

    A Close Look at Open Banking and the Role of Data Aggregators, with Special Guests Julian Alcazar, Payments Specialist, Federal Reserve Bank of Kansas City, and Adam Maarec, Senior Director and Associate General Counsel, Capital One

    After reviewing the roles of data aggregators and other key players in the data aggregation market, we discuss the implications of the transition from screen scraping to application programming interfaces (API), how aggregators can enhance consumer financial services, and the risks associated with data aggregators. We also discuss the CFPB’s Section 1033 rulemaking on providing data access to consumers, including the expected timetable and issues the CFPB is likely to address in its proposed rule, and potential larger participant rulemaking for aggregators.
    Alan Kaplinsky, Ballard Spahr Senior Counsel, hosts the conversation.

    • 51 min
    A Close Look at The FDIC’s Supervisory Guidance and Class Action Litigation Regarding Multiple Non-Sufficient Funds Fees Arising from Re-Presentment of the same Unpaid Transaction

    A Close Look at The FDIC’s Supervisory Guidance and Class Action Litigation Regarding Multiple Non-Sufficient Funds Fees Arising from Re-Presentment of the same Unpaid Transaction

    We discuss each of the three categories of risk identified in the guidance (consumer compliance, third-party, and litigation), plaintiffs’ legal theories in class actions challenging NSF fees, the role of arbitration clauses and contract language in defending class actions, the FDIC’s suggested risk mitigation practices, issues to consider in navigating FDIC expectations for remediation of self-identified NSF fee issues and plaintiffs’ demands in class action settlements, the position of other federal regulators on re-presentment NSF fees, and state focus on NSF fees.
    Alan Kaplinsky, Ballard Spahr Senior Counsel, hosts the conversation joined by Martin Bryce, a partner and senior litigator in the firm’s Consumer Financial Services Group, and Kristen Larson, Of Counsel in the CFS Group.

    • 47 min
    CFPB Director Chopra Speaks to the Media: A Look at the Takeaways, with Special Guest Jon Hill of Law360

    CFPB Director Chopra Speaks to the Media: A Look at the Takeaways, with Special Guest Jon Hill of Law360

    Jon Hill was among a group of reporters to whom Director Chopra recently gave a series of interviews in which he provided significant insights into his views on a range of topics. We review recent CFPB and other agency developments that provide context for Mr. Chopra’s comments, discuss what his comments reveal about his approach to use of CFPB authorities, and highlight the important takeaways for banks and other companies. Topics covered include entry of big tech into financial services, Section 1033 rulemaking, application of UDAAP to discrimination, Military Lending Act, bank/nonbank partnerships, buy-now-pay-later, payday lending, overdraft/NSF fees, and artificial intelligence/machine learning.
    Alan Kaplinsky, Ballard Spahr Senior Counsel, hosts the conversation joined by Michael Gordon and Ronald Vaske, partners in the firm’s Consumer Financial Services Group, and Mindy Harris, Brian Turetsky, and Rinaldo Martinez, Of Counsel to the Group.

    • 1 hr 12 min
    A Look at Recent Federal Trade Commission and Consumer Financial Protection Bureau Initiatives Concerning Privacy and Data Security

    A Look at Recent Federal Trade Commission and Consumer Financial Protection Bureau Initiatives Concerning Privacy and Data Security

    Our discussion examines the FTC’s Advanced Notice of Proposed Rulemaking relating to what it describes as “commercial surveillance” and the CFPB’s circular confirming that covered persons and service providers may violate the Consumer Financial Protection Act’s prohibition against unfair acts or practices when they fail to adequately safeguard consumer information.  We consider the ANPR’s scope, its areas of focus, and potential federal and state obstacles to the FTC’s initiative. After providing an overview of the CFPB’s circular, we look at the data security measures highlighted by the CFPB, the CFPB’s authority to address data security, precedents to which companies can look in assessing the adequacy of their data security measures and potential exposure, and steps to mitigate risk.
    Alan Kaplinsky, Ballard Spahr Senior Counsel, hosts the conversation, joined by Greg Szewczyk, Co-Leader of the firm’s Privacy and Data Security Group, and Tim Dickens, an associate in the firm’s Litigation Department focusing on privacy and data security.

    • 42 min
    The Third Circuit’s decision in Bibbs v. Trans Union: What it means for Fair Credit Reporting Act litigation

    The Third Circuit’s decision in Bibbs v. Trans Union: What it means for Fair Credit Reporting Act litigation

    In Bibbs, the Third Circuit ruled that in determining whether a credit report is inaccurate or misleading under the FCRA’s “maximum possible accuracy” requirement, a district court should apply a “reasonable reader” standard. After reviewing the background of Bibbs, we discuss the analysis that Bibbs’ requires a district court to perform in determining whether a credit report is inaccurate or misleading, how Bibbs broadly undercuts the claims of plaintiff’s lawyers in FCRA cases alleging pay status information is misleading, Bibbs’ implications for data furnishers that follow Metro 2 guidelines or other industry standards, and Bibbs’ impact on defendants’ litigation strategy and the threat of plaintiffs’ attorney fees.
    Dan McKenna, Co-Chair of Ballard Spahr’s Consumer Financial Services Group, hosts the conversation, joined by Abigail Pressler, Of Counsel in the Group.

    • 28 min
    A Deep Dive Into Buy-Now-Pay-Later With Special Guests Nikita Aggarwal, Postdoctoral Fellow, UCLA School of Law, and Chris Odinet, Professor of Law, University of Iowa, College of Law

    A Deep Dive Into Buy-Now-Pay-Later With Special Guests Nikita Aggarwal, Postdoctoral Fellow, UCLA School of Law, and Chris Odinet, Professor of Law, University of Iowa, College of Law

    Joined by two experts on the BNPL industry, we first review the types of BNPL products currently available, how they are accessed by consumers, how they generate revenue for industry participants, and potential consumer risks. We then discuss the federal and state laws applicable to BNPL, expectations for CFPB rulemaking or other action, how the U.S. regulatory approach to BNPL compares to the UK approach, and the growing nexus between BNPL and social media platforms.
    Alan Kaplinsky, Ballard Spahr Senior Counsel, hosts the conversation.

    • 57 min

Customer Reviews

4.9 out of 5
30 Ratings

30 Ratings

butterflysongs ,

Easy to Understand

Thanks for discussing legal issue in easily understood language!

Bendalina ,

Good stuff

Nerd out on consumer finance legal issues

zombiesniper1911 ,

Very helpful

This was very helpful information and explained in a way that was easy to understand. Thank you!

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