A circuit split regarding the SEC’s administrative law judges, an internal CFPB playbook and memo on their examination process, and a recent field hearing on small business lending are at the forefront of the May 18 edition of Venable’s Consumer Financial Services Digest.
In this issue, we highlight the circuit split between the Tenth Circuit
Members of Venable’s Consumer Financial Services Practice, along with Paula-Rose Stark, a former attorney at the CFPB, now with Chain Bridge Partners, LLC, recently discussed the current and evolving state of federal and state consumer financial protection law and policy. They outlined what you and your company need to know about what’s ahead and shared their experiences from the front lines, offering insights and strategies to help companies navigate the evolving legal and political landscape.
Topics included:
Continue Reading Consumer Finance Enforcement Activity in a New Administration
Despite facing significant legal challenges and a shifting political landscape, the Consumer Financial Protection Bureau (CFPB) is virtually unrestrained in its ability to launch investigations and threaten enforcement actions. We’ve obtained through a Freedom of Information Act (FOIA) request the most recent official CFPB Enforcement Policies and Procedures Manual Version 2.0. The Enforcement Policies
Business lending, negative option programs, and enterprise risk management are at the forefront of the April 13 edition of Venable’s Consumer Financial Services Digest.
In this issue, we discuss CFPB Director Cordray’s recent appearance before Congress where he noted that the CFPB has started engaging in supervisory activity regarding small business lending.Continue Reading Consumer Financial Services Update
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er data, UDAAP, debt collection, and fintech licensing are at the forefront of the March 30 edition of Venable’s Consumer Financial Services Digest.
In this issue, we discuss the importance of the Federal Trade Commission’s activities in the consumer finance world and the big changes on the horizon for credit reporting of public records data.Continue Reading Consumer Financial Services Update
With all eyes on the CFPB and its future fate, it’s easy to overlook the FTC’s activities in the consumer finance world. But that would be a mistake. The FTC, led by the Division of Financial Practices, continues to share enforcement jurisdiction with the CFPB over many industries touching consumer finance, including credit reporting, debt collection, and consumer lending; the major difference between the jurisdiction of the FTC and CFPB is that the FTC does not have authority over financial institutions regulated by federal banking regulators.
Importantly, as an independent agency with a bipartisan commission, the FTC is more insulated from the political trade winds that executive agencies confront. And, whereas the CFPB—also an independent agency—is a young agency born out of and directly caught up in the hyper partisanship that defines Washington, the FTC has a 100+ year track record. If the CFPB’s authority is significantly curtailed, we can expect the FTC to step up to partially fill the void.Continue Reading FTC Remains on Consumer Finance Enforcement Beat
From the ABA Antitrust Section bi-annual Consumer Protection Conference in Atlanta, Acting FTC Chairman Maureen Ohlhausen made her first keynote address in her newly elevated roll. To the backdrop of playful beluga whales in the ballroom of the Atlanta Aquarium, she outlined three consumer protection priorities she will put in force during her time in the driver’s seat. All will likely be welcome news to our readers and some may even jump and twist for joy like these guys:
Continue Reading Chairman Ohlhausen Announces a Whale of an Agenda for Consumer Protection
Advertisers and marketers of consumer financial services have been asking, “What’s next?” As the CFPB works its way through court challenges, and an evolving legal and political landscape unfolds, companies have been waiting for signs from the CFPB, Congress, and the President of what to expect in 2017. Members of Venable’s Consumer Financial Services Practice recently presented “Consumer Financial Services 2017 Outlook: Post-Inauguration Day Insights,” a Venable Webinar.
The webinar reviewed the current state of federal and state consumer financial protection law and policy and discussed what what’s ahead. The speakers share their experiences from the front lines and offer strategies to help companies navigate the evolving legal and regulatory landscape.Continue Reading What’s Next for Advertisers of Consumer Financial Services? Webinar: “Consumer Financial Services 2017 Outlook: Post-Inauguration Day Insights”
State attorneys general have become increasingly involved in consumer financial services investigations and enforcement, a trend that is expected to continue into the next presidential administration. Whether involving a single state attorney general or multiple attorneys general, investigations and litigation can lead to high costs, administrative burdens, distractions, and reputation damage. Often there may be parallel investigations by federal agencies, and risks and exposure from private litigation.
On Friday, December 9, 2016 at 3 – 4 pm ET, lawyers from Venable will present a webinar (with CLE*) on the “Present and Future Role of State Attorneys General in Consumer Financial Services Regulation and Enforcement.”Continue Reading What Advertisers of Consumer Financial Services Need to Know About State Attorneys General – a Venable hosted Webinar
Since the election, several questions have emerged about the near future of the consumer financial services federal regulatory landscape. We’ve gathered some of the most common questions below. The FAQs, based on input received from members of our consumer financial services team, are intended to help provide basic information to help place the results into perspective.
Who will President Trump be listening to as he develops his consumer financial services policies?
It is difficult to predict how a Trump administration will proceed specifically with policy issues regarding consumer financial services. While these issues did not play a significant role in the debates or the campaign discussions, we know that the challenges facing the industry have been front and center for Congress.
In the short term, we expect a Trump administration to be influenced by the legislative efforts to date of the House Financial Services Committee (expected to be led by Chairman Jeb Hensarling) and Senate Banking Committee (expected to be led by Senator Mike Crapo).Continue Reading Post-Election Consumer Financial Services Regulatory Landscape FAQs