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)

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

The U.S. Chamber of Commerce’s Campaign Against CFPB Director Chopra’s Attempt “to Radically Reshape the American Financial Services Sector”: A Discussion With Bill Hulse, Vice President, U.S. Chamber of Commerce Center for Capital Markets Competi: We first review the views expressed by Director Chopra and CFPB actions taken under his leadership that led the Chamber to launch its campaign. We then discuss the campaign’s specific components, which consist of digital ads, Freedom of Information... by Consumer Finance Monitor

58 min listen

A Look at the Joint Community Reinvestment Act Proposal Issued by the OCC, FDIC, and Federal Reserve Board, with Special Guest Kenneth Thomas, President of Community Development Fund Advisors, LLC: Dr. Thomas is widely-viewed as the nation’s leading CRA expert and has advised federal regulators on CRA reform. After reviewing CRA’s origins and purpose, we discuss how the new proposal differs from the OCC’s rescinded 2020 final CRA rule and... by Consumer Finance Monitor

55 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 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 Close Look at the Justice Department’s Settlement with Meta (Formerly Facebook) to Resolve Alleged Fair Housing Act Violations Arising from Meta’s Targeted Advertising System: After reviewing the developments leading up to the settlement, we examine the aspects of Facebook’s advertising delivery system that were alleged to be discriminatory. We then discuss the terms of the settlement, including the variance reduction... by Consumer Finance Monitor

39 min listen

A Conversation with Special Guest Peggy Twohig, Former CFPB Assistant Director for Supervision Policy and Strategy: Ms. Twohig, a recognized consumer finance expert, shares her insights regarding the CFPB’s supervisory program. Our discussion topics include: the differences between the CFPB’s supervisory program and the programs of the federal and state banking... by Consumer Finance Monitor

45 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

Innovative Products: Understanding the Regulatory and Enforcement Risks: We discuss key regulatory issues for innovative products such as buy-now-pay later, longer term installment loans, delay pay, and card-based products (such as “virtual cards.”) We look at the different ways these products can be structured and the... by Consumer Finance Monitor

64 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

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

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

Using Artificial Intelligence in Underwriting Consumer Loans, with Special Guest Teddy Flo, General Counsel and Secretary of Zest AI: Together with our special guest whose company provides software enabling lenders to use AI to underwrite loans, we explore a wide range of issues of importance to lenders using AI to underwrite loans. Our discussion topics include: the CFPB’s... by Consumer Finance Monitor

57 min listen

CFPB Director Rohit Chopra: Do His Words Speak Louder Than His Actions?: We first share our perspective on Director Chopra’s approach to his leadership role and use of the CFPB’s authority, his priorities, and political dynamics impacting the CFPB. We then discuss the CFPB’s activity during Director Chopra’s... by Consumer Finance Monitor

66 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

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

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

The Role of Government Regulation and the CFPB’s Approach, with Special Guest Cary Coglianese, Professor of Law, University of Pennsylvania Law School, and Director of the Penn Program on Regulation: We first discuss the practicalities and potential impact of implementing Director Chopra’s call in a recent blog post for simplification of consumer finance regulations and simple bright-line rules. We then examine the role and objectives of... by Consumer Finance Monitor

69 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

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 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

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

Performance-Based Regulation: A New Approach to Consumer Financial Regulation, with Special Guest Lauren Willis, Professor of Law and Associate Dean for Research, LMU Loyola Law School: Professor Willis advocates the adoption of a performance-based approach to regulation to replace or supplement the current approach of disclosure and design regulation. We first discuss how benchmarks would be used in a performance-based approach and... 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

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

A Deep Dive into Mass Mailings by Debt Relief Law Firms: In recent months, debt relief law firms have mailed volumes of cease and desist letters, credit reporting disputes, and debt validation requests to creditors. These mailings, which are typically lacking in credibility, place an undue burden on... by Consumer Finance Monitor

45 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

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

Takeaways for Banks from the CFPB’s Recent Consent Order on Garnishment Orders: 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... by Consumer Finance Monitor

36 min listen

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

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Using Financial Technology to Improve Consumers’ Financial Health, a Conversation with Special Guest Leigh Phillips, President and CEO of SaverLife an…

Using Financial Technology to Improve Consumers’ Financial Health, a Conversation with Special Guest Leigh Phillips, President and CEO of SaverLife an…

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