56 min listen
Takeaways for Banks from the CFPB’s Recent Consent Order on Garnishment Orders
Takeaways for Banks from the CFPB’s Recent Consent Order on Garnishment Orders
ratings:
Length:
36 minutes
Released:
Jul 28, 2022
Format:
Podcast episode
Description
In a recent consent order with a national bank, the CFPB found that the bank committed UDAAP violations in its process for handling garnishment orders and by including certain waiver language in its deposit account agreements. We discuss the specific aspects of the bank’s process that the CFPB found to be improper and what banks should consider when reviewing their own garnishment procedures in light of the consent order. We also look at what the consent order means for how banks can address liability concerns arising out of the handling of garnishment orders in deposit account agreements. Alan Kaplinsky, Ballard Spahr Senior Counsel, hosts the conversation, joined by Mike Gordon, a partner in the firm’s Consumer Financial Services Group, and Jessica Simon, Of Counsel in the firm’s Bankruptcy and Restructuring Group.
Released:
Jul 28, 2022
Format:
Podcast episode
Titles in the series (100)
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