Moving Beyond the CFPB – Introducing the Consumer Finance Monitor
To keep you informed of the latest developments in the rapidly evolving regulation of consumer financial services, we have expanded the scope of our award-winning CFPB Monitor blog. Our new Consumer Finance Monitor features the State CFS Monitor to cover important state agency and attorney general developments and the Federal CFS Monitor to cover important developments at the FTC, the FCC, the DOJ and the federal bank regulatory agencies (OCC, FDIC, FRB, and NCUA). And, of course, it also includes our flagship CFPB Monitor, which continues to provide unparalleled coverage of the CFPB.
You can find news segmented by agency to the right. Or you can follow all new developments below. As always, you can count on us to deliver the breaking news and insightful analysis you need to stay agile and informed.
The blog is produced by members of Ballard Spahr’s Consumer Financial Services Group, a practice with a national reputation for excellence in representing financial companies of all kinds in new product development, regulatory compliance, enforcement, litigation defense and avoidance, and ground-breaking pre-dispute arbitration programs.
Alan is the founder and a Practice Leader of Ballard Spahr’s storied Consumer Financial Services Group. He pioneered the use of pre-dispute arbitration provisions in consumer contracts and successfully defended the very first class actions brought against financial institutions. He is a former Chair of the ABA Consumer Financial Services Committee and was the first President of the American College of Consumer Financial Services Lawyers. For 17 years, he has co-chaired PLI’s annual Institute on Consumer Financial Services.
Chambers USA: America’s Leading Lawyers for Business calls him “a guru of consumer financial services on both the regulatory and litigation sides who has earned his well-deserved national reputation.” He is a national thought leader on the subject of consumer financial products. Never one to mince words, Alan has written and lectured on consumer financial issues to audiences nationwide. He has been quoted in The Wall Street Journal, American Public Media, Bloomberg, American Banker, The National Law Journal, The Financial Times, and many other publications. He is an avid fan of the finer things in life: jazz and fantasy football. In his next career, Alan wants to do voiceovers on the radio or be a talk show host.
JEREMY T. ROSENBLUM | email@example.com | 215.864.8505 | view full bio
Jeremy is a Practice Leader of Ballard Spahr’s Consumer Financial Services Group. He has nearly three decades of experience in consumer financial services law. Jeremy focuses primarily on federal and state lending and consumer practices laws, with emphasis on the interplay between federal and state laws. He is particularly known for his work involving the scope of preemption of federal usury laws and with consumer protection laws, such as TILA, the Fair Credit Reporting Act, the Equal Credit Opportunity Act, the Electronic Funds Transfer Act, and state UDAP statutes. He also represents banks, thrifts, and other entities in charter transactions; mergers, acquisitions, and conversions; the introduction of new products; asset securitizations; and the purchase of loan servicing rights.
“I enjoy the intellectual challenge of it—finding the simple solution to a complex problem,” said Jeremy. That’s a good thing because the CFPB will present unprecedented challenges to financial institutions and those who work with them.
In his limited free time, Jeremy enjoys reading, tennis, table tennis, and spectator sports. He is an avid follower of current events and politics, and a self-described theater junkie.
RICHARD J. ANDREANO, JR. | firstname.lastname@example.org | 202.661.2271 | view full bio
Rich literally wrote the book on mortgage banking regulation. The Mortgage Finance Regulation Answer Book 2011-2012, published by the Practising Law Institute, was edited and co-authored by Rich and his team and established him as one of the nation’s premier thought leaders on the subject. As a practice leader of Ballard Spahr’s Mortgage Banking Group, Rich focuses on regulatory compliance, transactions, and administrative matters for residential housing and financial clients across the country. He advises lenders, brokers, financial service companies, builders, title companies, and real estate professionals on matters involving Dodd-Frank, RESPA, TILA, ECOA, FairHA, FDCPA, and HDMA. He assists clients with affiliated business arrangements, incentive programs, and the development of new loan programs and represents them in administrative investigations and enforcement actions.
A regulatory lawyer, he is based in Washington, D.C., but often wonders (as he sits in Beltway traffic) why our founding fathers didn’t have the good sense to locate our nation’s capital on a warm beach instead. In his off-time, Rich can be found at Nationals Park with his older daughter and says the year doesn’t really begin for him until Opening Day. “If I were taller, had better eyesight, and could figure out how to hit a curveball, I would have been a professional baseball player,” he said. “Or at least I would have tried.”
MARTIN C. BRYCE, JR. | email@example.com | 215.864.8238| view full bio
Martin C. Bryce, Jr., has a diverse practice focused on mortgage-related litigation, including foreclosures, credit card-related litigation, arbitration, commercial law, and class action defense. Mr. Bryce has represented lenders and servicers in a variety of mortgage-related litigation, including cases involving claims and defenses under the federal Truth in Lending Act (TILA), the federal Real Estate Settlement Procedures Act (RESPA), and various state laws. He has successfully tried several mortgage-related cases, including several foreclosure actions. He has defended class actions in courts, both state and federal, throughout the United States.
JOHN L. CULHANE, JR. | firstname.lastname@example.org | 215.864.8535 | view full bio
John is a business and finance lawyer who counsels clients on the federal and state laws applicable to nationwide credit card, consumer loan, mortgage loan, and private education loan programs. His clients have ranged from multi-billion dollar bank holding companies to leading providers of financial institution forms and documents to lenders large and small.
John has practiced in the consumer financial services arena for more than 30 years, as a government attorney, in-house counsel, and law firm partner, and says he has the gray hairs to prove it (although he won’t say which aspects of his practice are responsible). He is a frequent speaker and writer, a former Chair of the American Bar Association’s Subcommittee on Access to Services (Credit Discrimination), and a charter member of the American College of Consumer Financial Services Lawyers. One of these days, he intends to ride his bicycle across the country.
A client-focused litigator and enforcement attorney, with extensive experience in the financial-services, technology, and real estate industries. Theodore R. (“Teddy”) Flo represents lenders, technology companies, start-ups, corporate executives, and real estate service providers in local and national litigation, arbitration, and government investigations. While focused on investigations before the CFPB, he also represents clients before the SEC, DOJ, HUD, CFTC, and state regulators.
MARK J. FURLETTI | email@example.com | 215.864.8138 | view full bio
Mark concentrates on federal and state consumer lending and payments laws, particularly those that apply to payment cards. Before joining Ballard Spahr, he worked as a business consultant, assisting the nation’s largest retail banks and credit card lenders with customer strategy issues, and as a manager at one of the largest credit card issuers in the United States. He also worked for several years at the Federal Reserve Bank of Philadelphia.
Mark has spoken nationally on the legislative and regulatory developments in consumer payment vehicles, the Dodd-Frank Act, the role of government in consumer finance, and UDAP. He has been quoted in The Philadelphia Inquirer, MarketWatch, The Consumer Financial Services Law Report, and The Financial Times, among other publications.
REID F. HERLIHY | firstname.lastname@example.org | 202.661.2279 | view full bio
Reid provides regulatory and transactional advice for clients on a range of issues involving state and federal consumer finance laws. He counsels mortgage companies, servicers, consumer finance companies, financial institutions, investment banks, debt collectors, and secondary-market investors on state and federal regulatory compliance issues.
Reid regularly assists clients with meeting state and federal licensing and approval requirements, including those related to stock and asset acquisitions. He has extensive experience with the SAFE Act and has counseled numerous mortgage companies, servicers, and third-party service providers on implementing those requirements.
STEFANIE H. JACKMAN | email@example.com | 678.420.9490 | view full bio
Stefanie is a partner in Ballard Spahr’s Consumer Financial Services, Mortgage Banking, and Commercial Litigation groups. Her practice focuses exclusively on complex litigation and compliance advice relating to all areas of federal and state consumer financial services laws, with a particular emphasis on FDCPA, TCPA, FCRA and UDAAP. In addition, Stefanie has significant experience performing compliance assessments and mock regulatory examinations for lenders and their service providers to identify potential gaps and areas for improvement within their compliance management systems.
ANTHONY C. KAYE | firstname.lastname@example.org | 801.531.3069 | view full bio
Tony focuses his practice on complex civil litigation at both the trial and appellate levels in federal and state courts throughout the United States. He has defended high-stakes, complex matters in a wide variety of areas, with a focus on consumer financial and mortgage banking services, distressed real estate, intellectual property, business governance disputes, and product liability and mass torts.
Tony is a member of Ballard Spahr’s Pro Bono Committee and supervisor of the firm’s pro bono program in Utah. In 2011, for their work representing the victim of a predatory lending scheme, Tony and fellow blogger Steven D. Burt received the Distinguished Pro Bono Attorney award from the Utah State Bar, Utah Legal Services, the S. J. Quinney College of Law, and the Pro Bono Initiative. Tony also has been recognized by the Legal Services Corporation for his efforts in providing equal access to justice.
Originally a New York City kid (and a member of the New York State Bar), Tony now calls Salt Lake City his home. He is a better skier than his friends give him credit for, and in 2010, his USTA League tennis team was an Intermountain Section finalist. His main goals in life are raising his two children to be happy and self-sufficient, taking his tennis team to the nationals, and having the freedom to see a good movie with his spouse whenever he wants.
JAMES KIM | email@example.com | 646.346.8089 | view full bio
As a former senior enforcement attorney with the Consumer Financial Protection Bureau, James advises companies in matters involving consumer-financial regulation, enforcement, and litigation. He has extensive experience with federal consumer financial laws, including Title X of Dodd-Frank (UDAAP), TILA, RESPA, EFTA, and the FDCPA. He has particular experience with matters involving financial technology (FinTech), mobile financial services, and e-commerce. James was lead counsel in the CFPB’s first enforcement actions involving mobile payments and was a member of the credit card/prepaid card/emerging payments issue team that helped coordinate enforcement activity with other offices at the Bureau. He also helped manage relationships with U.S. Attorneys’ Offices, state attorneys general, and state banking regulators, and drafted sections of the Office of Enforcement’s internal policies and procedures.
DANIEL JT MCKENNA | firstname.lastname@example.org | 215.864.8321 | view full bio
Dan handles complex class actions, claims against consumer lenders, commercial litigation cases, and general tort claims. But Dan’s dedication to service doesn’t end there. Dan implemented the nationwide Wills for Heroes program in which volunteer lawyers and legal professionals provide free estate-planning for first responders and emergency personnel. The program is now Ballard Spahr’s signature public service project.
Barbara advises clients on consumer compliance and banking law and is an active member of the firm’s Dodd-Frank Task Force. She has hands-on experience with the ever-growing array of federal consumer finance laws, including the Truth in Lending Act, the Equal Credit Opportunity Act, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, and Gramm-Leach-Bliley Act. She also works with state usury and lender licensing laws, as well as state laws prohibiting unfair and deceptive acts and practices.
“Consumer finance work is interesting to me because the laws are constantly changing. Applying the laws to existing and new products presents an intellectual challenge that I find stimulating and rewarding,” said Barbara.
Barbara writes extensively about consumer finance and banking issues and has been published in The Banking Law Journal, The Business Lawyer, Consumer Financial Services Law Report, and Consumer Finance Law Quarterly Report, among other publications. In her free time, Barbara plays tennis and enjoys needlepoint and knitting.
BETH MOSKOW-SCHNOLL | email@example.com | 302.252.4447 | view full bio
Beth was a federal prosecutor with the U.S. Attorney’s Office for the District of Delaware for more than a decade before joining Ballard Spahr. There she investigated and prosecuted financial fraud, including bank and credit card fraud, money laundering, asset forfeiture, and tax offenses.
At Ballard Spahr, Beth is a litigator focused on white collar crime, regulatory enforcement and compliance, and complex civil litigation, with an emphasis on banking and other financial services litigation. Beth represents major financial institutions, bringing actions against fraudulent debt relief companies and defending against consumer financial services lawsuits.
“White collar work is so immediate, so personal, and the stakes are so high. Oftentimes, we are asked to help when the government is already investigating and, when we can prevent our client from being charged, it brings me immense satisfaction. While worry for my clients has caused me to lose a lot of sleep, it’s my passion,” Beth said.
Scott Pearson focuses his practice on the defense of regulatory enforcement actions and class actions, other complex business litigation, and regulatory compliance counseling. Martindale-Hubbell rates Mr. Pearson “at the highest level of professional excellence.” He has been called “a true expert in complex litigation and consumer class actions” and “a no-nonsense bulldog lawyer who is highly respected by his peers and the judiciary.”
Prominent companies regularly entrust Mr. Pearson with matters involving bet-the-company exposure or extreme complexity, such as overlapping claims being pursued simultaneously in multiple jurisdictions by federal regulators, state Attorneys General, and class action plaintiffs. He also serves as a trusted strategic business advisor, drawing on more than twenty years of experience. His clients include national banks and other financial services firms, institutional investors, sports and entertainment companies, retailers, and others.
Mr. Pearson leads Ballard Spahr’s Marketplace Lending Task Force, which focuses on the representation of FinTech companies and their business partners. He is widely recognized as one of the preeminent authorities on the unique issues facing that industry.
Margie is a litigator who focuses on white collar criminal defense, regulatory matters, and complex civil litigation. She represents both individuals and institutions in New York state and federal courts, and in federal districts around the country, in an array of criminal and regulatory investigations. Her work includes cases arising from alleged violations of the Internal Revenue Code, the Foreign Corrupt Practices Act (FCPA), and the Bank Secrecy Act and criminal securities fraud investigations. In addition, Margie has handled a significant number of matters with the Securities and Exchange Commission, as well as with FINRA and the CFTC.
In her spare time, Margie can be found either on the golf course or in the bays on the east end of Long Island, clamming.
Kim counsels bank and nonbank clients in CFPB matters, such as preparing companies to participate in the CFPB consumer complaint system, submitting public comments on CFPB proposed rules, and responding to CFPB supervisory activity. Her practice also includes handling consumer protection issues before the Federal Trade Commission’s Bureau of Consumer Protection, including responding to investigations and drafting testimony for FTC events. In addition, she handles compliance with privacy and data security laws and regulations.
In her free time, Kim has a weakness for celebrity gossip and has devoted many hours trying to convince her husband that life would be greatly improved by owning a dog (she has her eye on a cocker spaniel).
SARAH T. REISE | firstname.lastname@example.org | 678.420.9370| view full bio
Sarah is an associate in the Litigation Department and a member of the Consumer Financial Services and Mortgage Banking Groups. Her practice focuses on complex civil litigation in the area of consumer financial services. She represents clients in the financial services and mortgage banking industries in cases involving lending-related issues, including claims arising under state and federal lending and consumer protection laws. She also has defended financial institutions in class actions and regulatory investigations involving lender- or force-placed hazard and flood insurance.
When she’s not working, Sarah enjoys running, baking, and wine. She also has three dogs, all of which were adopted from local animal shelters.
BURT M. RUBLIN | email@example.com | 215.864.8116 | view full bio
Burt is the co-partner-in-charge of Ballard Spahr’s Appellate Group. Burt’s practice is focused on class actions, appellate litigation, complex commercial litigation, and antitrust litigation. He has successfully represented clients in cases involving usury laws; class settlement opt-outs; credit card fees, including jurisdictional issues; and fraud. This year, Benchmark Litigation named him a “local litigation star” for antitrust, appellate, and commercial litigation.
JOHN D. SOCKNAT | firstname.lastname@example.org | 202.661.2253| view full bio
John is a practice leader of Ballard Spahr’s Mortgage Banking Group. He has spent the last 15 years advising clients on state and federal mortgage banking regulatory issues and defending industry members against enforcement actions brought by regulators.
John sees unprecedented activity in store as the CFPB ramps up and state regulators, other federal regulators, and the state attorneys general line up to take shots at industry players. John has had a ringside seat to the action for the past decade through his role as a member of the Advisory Council to the American Association of Residential Mortgage Regulators (AARMR).
The dramatic changes in the nation’s mortgage banking industry also have sparked John’s social life. In the past, when he explained that he was a mortgage banking regulatory lawyer, the information was met with stifled yawns. No longer.
A lapsed Crossfit devotee, John continues to struggle to find the right mix of working out, pinot noir, and his latest obsession, food trucks.
Joel’s practice encompasses a diverse range of complex litigation at both the trial and appellate levels in federal and state courts. He concentrates in defending banks and other financial institutions in both class and individual actions brought by consumers, arising out of disputes concerning credit card accounts, consumer leases, residential mortgage loans, and an array of other consumer financial services. These cases have frequently involved claims brought under consumer protection statutes, including the federal Truth in Lending Act (TILA) and the federal Real Estate Settlement Procedures Act (RESPA).
When not working, Joel is either spending time with his family, or doing Crossfit.
Glen counsels financial institutions on both regulatory and transactional matters. He has significant experience in the acquisition and divestiture of credit card and other financial portfolios. In addition, he advises state and federal banking entities on operational and outsourcing matters and agreements, and on formation and licensing issues in Delaware.
Glen has more than 22 years’ experience in negotiating and drafting affinity/co-brand/joint marketing agreements, assists clients in the structure and documentation of new credit products, and handles traditional corporate and contractual matters, including Delaware law opinions. Before re-entering private practice, he was a Senior Vice President and Counsel with MBNA America Bank, N.A. (now part of Bank of America).
In his spare time, Glen enjoys hitting the ski slopes, backpacking, travel, and staying up too late watching classic movies.
CHRISTOPHER J. WILLIS | email@example.com | 678.420.9436 | view full bio
Chris focuses on complex litigation, particularly consumer financial services class actions and complex business/contract litigation and arbitration. He also handles employment class and collective actions and securities litigation and investigations.
But swimming with sharks is not confined to his working hours. Chris has taken adventure vacations all over the world. He snorkeled with humpback whales in Tonga, went cage diving with great white sharks in South Africa, did a camping safari in Tanzania, toured Mongolia, and went bird-watching in the Amazon. Wildlife photography is a passion. You can check out Chris’s photos at www.pbase.com/cwillis.
Chris also is part-owner of a racing car, which he drives on a closed track. The fastest he’s ever driven is 155 mph (in a Dodge Viper). But his current personal vehicle—a bright yellow Porsche 911 Turbo—boasts 585 horsepower. Fortunately for Chris, particularly because he does not handle matters in traffic court, the roads in Atlanta are too winding to enjoy the car at its full capacity. Instead, he uses local roads to bicycle as much as 80 miles a week.
Chris is a member of the American Bar Association’s Consumer Financial Services Committee and serves as a Master to The Lamar American Inn of Court, affiliated with Emory University School of Law. He serves on the Facilities Committee of Zoo Atlanta, which he represents on pro bono matters. He is also the proud owner of two Keeshond dogs, one of whom will be shown professionally this year.