Regulatory and Economic Challenges Facing Banks: A Conversation with Special Guest Keith Noreika, Executive Vice President and Chairman of Patomak Global Partners’ Banking Supervision and Regulation Group, and Former Acting Comptroller of the Currency

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... by Consumer Finance Monitor

73 min listen

A Close Look at The Federal Trade Commission’s Proposed Rule For Motor Vehicle Dealers, With Special Guests Sanya Shahrasbi and Daniel Dwyer, Staff Attorneys, FTC Bureau of Consumer Protection, Division of Financial Practices: The FTC’s proposal would impose a number of new substantive and disclosure requirements on motor vehicle dealers in connection with the car buying or leasing process. The topics we cover include: the FTC’s statutory authority for the proposal and... by Consumer Finance Monitor

40 min listen

Regulatory and Economic Challenges Facing Banks: A Conversation with Special Guest Keith Noreika, Executive Vice President and Chairman of Patomak Global Partners’ Banking Supervision and Regulation Group, and Former Acting Comptroller of the Currency: In our discussion of regulatory challenges, we consider the continuing impact of “true lender” challenges on bank-nonbank partnerships, how regulators approach industry innovation, and whether regulators should face stronger challenges from... by Consumer Finance Monitor

56 min listen

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... by Consumer Finance Monitor

42 min listen

Recent Enforcement Activities of State Attorneys General, with Special Guest Shennan Kavanaugh, Division Chief, Consumer Protection Division (CPD), Massachusetts Attorney General's Office: While most attention is focused on the CFPB, state attorneys general are very active in investigating and enforcing state laws relating to consumer financial services (and often federal laws when incorporated into state law or when using their... by Consumer Finance Monitor

66 min listen

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... by Consumer Finance Monitor

29 min listen

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 and NSF Fee Class Actions: 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... by Consumer Finance Monitor

48 min listen

The Federal Trade Commission’s Proposed Rule for Auto Dealers from the Perspective of Auto Dealers and Auto Finance Companies, with Guests Paul Metrey, National Automobile Dealers Association, and Richard Hackett, Consumer Financial Protection Bureau: The FTC’s proposal would impose a number of new substantive and disclosure requirements on auto dealers in connection with the car buying or leasing process. We first discuss NADA’s comment letter to the FTC on the proposal, including NADA’s... by Consumer Finance Monitor

58 min listen

Use of the FDIC Name and Logo: Proceed With Caution: We discuss the FDIC’s final rule on misuse of the FDIC name or logo, advisory to insured banks on deposit insurance and dealings with crypto companies, and cease and desist letters to five crypto companies alleging they made false and misleading... by Consumer Finance Monitor

42 min listen

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... by Consumer Finance Monitor

52 min listen

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... by Consumer Finance Monitor

57 min listen

The Consumer Financial Protection Bureau’s Report on Buy-Now-Pay-Later (BNPL): What are the Takeaways and the CFPB’s Expected Next Steps?: The CFPB’s growing interest in and scrutiny of BNPL comes at a time when the BNPL industry is experiencing rapid growth. That makes it imperative for both companies currently offering BNPL products and companies considering whether to enter into the... by Consumer Finance Monitor

63 min listen

How the U.S. Supreme Court Will Decide the Threat to CFPB's Funding and Structure: Part I, with Adam J. White, a Renowned Expert on Separation of Powers and the Appropriations Clause and a Close Follower of the U.S. Supreme Court: The eyes of the consumer finance world are now on the Supreme Court as it decides whether to grant the CFPB’s certiorari petition in CFSA v. CFPB. In the decision, a Fifth Circuit panel held the CFPB’s funding mechanism violates the Appropriations... by Consumer Finance Monitor

60 min listen

Fifth Circuit Rules that the Consumer Financial Protection Bureau is Unconstitutionally Funded: What Does the Decision Mean? A Deep Dive with Special Guest Isaac Boltansky, Managing Director and Director of Policy Research, BTIG: In a decision with enormous potential implications, a unanimous three-judge panel of the U.S. Court of Appeals for the Fifth Circuit has ruled that the manner in which the CFPB is funded violates the Appropriations Clause of the U.S. Constitution.... by Consumer Finance Monitor

63 min listen

A Look at the Metaverse’s Legal Implications, with Special Guest Samantha Green, Director of Content Marketing, Epiq: After discussing what the Metaverse is and its possible uses by providers of legal and other services, we look at an array of legal issues that should be considered by lawyers and their clients operating in the Metaverse or contemplating doing so.... by Consumer Finance Monitor

43 min listen

A Look at the Consumer Financial Products Offered by Fintechs and the Regulatory Issues They Raise, with Special Guests Penny Lee, Financial Technology Association (FTA), and Gerron Levi, American Fintech Council (AFC): We begin with a discussion of the goals and themes of FTA’s recent summit and AFC’s advocacy regarding retention of the strategic plan option under the Community Reinvestment Act. We then discuss consumer benefits of buy-now-pay-later (BNPL) and... by Consumer Finance Monitor

66 min listen

The Consumer Financial Protection Bureau’s Final Section 1071 Rule on Small Business Data Collection: What You Need to Know, Part I: At the end of March 2023, the CFPB issued its long-awaited final rule to implement Section 1071 of the Dodd-Frank Act. Section 1071 amended the Equal Credit Opportunity Act to require financial institutions to collect and report certain data in... by Consumer Finance Monitor

39 min listen

CFSA v. CFPB Moves to the U.S. Supreme Court: A Look at Constitutional Challenges to the CFPB's Funding, with Special Guest, GianCarlo Canaparo, Senior Legal Fellow in The Heritage Foundation's Edwin Meese III Center for Legal and Judicial Studies by Consumer Finance Monitor

63 min listen

Electronic Contracting: The New Restatement of Consumer Contracts and Other Emerging Regulatory and Litigation Issues, with Special Guest Florence Marotta-Wurgler, Professor, New York University Law School, and Restatement Co-Reporter: E-commerce and electronic contracting are more important than ever as we move into the post-COVID 19 era. We first review legal requirements for electronic contracting and disclosures including the E-SIGN Act, state Uniform Electronic Transactions... by Consumer Finance Monitor

59 min listen

Two Federal Courts Deal Blow to Biden Administration’s Federal Student Loan Forgiveness Program: A Close Look at the Decisions: After reviewing the background of the current moratorium on federal student loan payments and the Biden Administration’s decision to grant loan forgiveness, we discuss two recent decisions that have paused the Administration’s ability to proceed... by Consumer Finance Monitor

47 min listen

Using Financial Technology to Improve Consumers’ Financial Health, a Conversation with Special Guest Leigh Phillips, President and CEO of SaverLife and Chair of the CFPB’s Consumer Advisory Board (CAB): SaverLife is a national non-profit sponsored by some of the nation’s leading financial institutions that uses financial technology to improve the financial health of low- to-moderate income consumers by incentivizing savings through prizes, rewards,... by Consumer Finance Monitor

51 min listen

How Will the Anti-Money Laundering Act of 2020 (AMLA) and the Corporate Transparency Act (CTA) Impact Banks’ Anti-Money Laundering Compliance Under the Bank Secrecy Act (BSA)? A Discussion with Guest Matt Haslinger Chief BSA/AML/OFAC Officer, M&T Bank: After reviewing how the AMLA expands the BSA’s goals, we look at which AMLA provisions have the most impact on BSA compliance, including the AMLA’s emphasis on information sharing, the Financial Crimes Enforcement Network’s “national... by Consumer Finance Monitor

51 min listen

How the New York Department of Financial Services (DFS) Regulates Virtual Currency, a Close Look with Special Guest Kaitlin Asrow, Executive Deputy Superintendent of Research and Innovation, DFS: After reviewing the licensing/chartering/approval structures that DFS uses for entities seeking to engage in virtual currency activities, we discuss the role of guidance in DFS’s regulation and oversight of virtual currency, particularly new DFS... by Consumer Finance Monitor

59 min listen

A Close Look at Earned Wage Access (EWA) Products, with Special Guest Molly Jones, Vice President for Government Affairs, PayActiv: PayActiv, which as the first EWA provider began an EWA program about 13 years ago, partners with employers to offer their employees EWA. We first discuss what EWA is, the structure of the employer model used by PayActiv and other EWA providers, and... by Consumer Finance Monitor

42 min listen

A Close Look at Generative Artificial Intelligence and What it Means for the Consumer Finance Industry, with Special Guest Alex Johnson, Founder and Author of Fintech Takes Newsletter: Our discussion focuses on generative artificial intelligence, a new and emerging category of AI. We first discuss what generative AI is, its use of large language models, and the role of supervised training in developing generative AI models. We then... by Consumer Finance Monitor

49 min listen

A Look at the Current Challenge to Judicial Deference to Federal Agencies and What it Means for the Consumer Financial Services Industry, With Special Guest, Craig Green, Professor, Temple University School of Law: Since the U.S. Supreme Court’s 1984 Chevron decision, federal courts have typically applied a two-step analysis known as the “Chevron framework” to determine whether a court should defer to a federal agency’s interpretation of a statute. ... by Consumer Finance Monitor

58 min listen

Mortgage Redlining: A Look at the Ongoing Challenges for Banks and Non-Banks, with Special Guest Abby Hogan, Regulatory Attorney and Former Analyst in the Office of Fair Lending and Equal Opportunity, Consumer Financial Protection Bureau: We first review the origins of mortgage redlining and discuss the concept of reverse redlining and new theories of redlining. We then look at a wide range of topics including: the application of redlining enforcement to non-banks; the use of the Equal... by Consumer Finance Monitor

56 min listen

What the Biden Administration’s “Junk Fees” Initiative Means for the Consumer Financial Services Industry: A Look at the Fees Under Attack, Part I: The Biden Administration has launched an initiative directed at combatting so-called “junk fees,” with the CFPB and FTC leading the Administration’s efforts. In Part I of this two-part episode, we first discuss the various definitions offered by... by Consumer Finance Monitor

46 min listen

A Close Look at the Consumer Financial Protection Bureau’s Credit Card Late Fees Proposal, with Special Guest Todd J. Zywicki, Professor of Law, George Mason University Antonin Scalia Law School: The CFPB has issued a proposal that would make significant changes to the current rules for credit card late fees, including substantially reducing the safe harbor late fee amounts that card issuers can charge and eliminating annual inflation... by Consumer Finance Monitor

62 min listen

Is the U.S. Payments System Failing Business and Consumers? A Discussion with Special Guest Dan Awrey, Professor of Law, Cornell Law School: After discussing the core features of the U.S. payments systems, we look at how those features have impacted the experience of U.S. business and consumers and why Prof. Awrey believes they have resulted in a payments system that is worse, more... by Consumer Finance Monitor

55 min listen

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Regulatory and Economic Challenges Facing Banks: A Conversation with Special Guest Keith Noreika, Executive Vice President and Chairman of Patomak Glo…

Regulatory and Economic Challenges Facing Banks: A Conversation with Special Guest Keith Noreika, Executive Vice President and Chairman of Patomak Glo…

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