Is the U.S. Payments System Failing Business and Consumers? A Discussion with Special Guest Dan Awrey, Professor of Law, Cornell Law School

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

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

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

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

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

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

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

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 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

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 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 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 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

How the U.S. Supreme Court Will Decide the Threat to the CFPB’s Funding and Structure: Part II with Adam J. White, a Renowned Expert on Separation of Powers and the Appropriations Clause and a Close Follower of the 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 Consumer Financial Services Association Ltd. v. CFPB. In the decision, a Fifth Circuit panel held the CFPB’s... by Consumer Finance Monitor

32 min listen

The Consumer Financial Protection Bureau’s Proposals to Create Two Public Registries for Nonbanks: What You Need to Know, Part I: The CFPB recently issued two proposals that would require nonbanks to register with and submit information to the CFPB for publication in an online, publicly available database. The proposals represent an aggressive attempt by the CFPB to enhance its... 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

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

A Primer on “Dark Patterns,” with Special Guest Andrew Nigrinis, PhD, Managing Principal, Edgeworth Economics, and Former Consumer Financial Protection Bureau Enforcement Economist: The CFPB and FTC have targeted the use of “dark patterns” on websites to influence consumer behavior. We first discuss what regulators consider to be dark patterns and why they are a focus of regulatory concern and look at examples. We then... by Consumer Finance Monitor

39 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 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

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

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

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

A Close Look at the Federal Trade Commission’s Proposal to Ban Non-Compete Agreements by Consumer Finance Monitor

51 min listen

A Close Look at the Recent Study of the Effects of Illinois' 36% “All-In” Interest Rate Cap on Small-Dollar Credit Availability, with Special Guest Tom Miller, Professor of Finance, Mississippi State University, and Study Co-Author: Using data for the last quarter of 2020 and first three quarters of 2021, the study examined the effects of the 36% rate cap imposed by the Illinois Predatory Loan Prevention Act which became effective in March 2021. The study found that the cap... by Consumer Finance Monitor

32 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

A Look at the Treasury Department's April 2023 Report on Decentralized Finance or "DeFi": The report examines the vulnerabilities in DeFi, including potential gaps in the United States’ Bank Secrecy Act/anti-money laundering regulatory, supervisory, and enforcement regimes for DeFi. We first discuss how Treasury defines DeFi, the... by Consumer Finance Monitor

51 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 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 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

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Is the U.S. Payments System Failing Business and Consumers? A Discussion with Special Guest Dan Awrey, Professor of Law, Cornell Law School

Is the U.S. Payments System Failing Business and Consumers? A Discussion with Special Guest Dan Awrey, Professor of Law, Cornell Law School

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