On February 27, 2024, the U.S. Supreme Court heard oral argument in Cantero v. Bank of America, N.A., a case involving the effect of the Dodd-Frank Act on scope of preemption under the National Bank Act (NBA).  The specific question before the Court is whether, post-Dodd-Frank, the NBA preempts a New York statute requiring banks to pay interest on mortgage escrow accounts. … Continue Reading

Our special guest is Brad Blower, Principal and Founder of Inclusive-Partners LLC, and author of a recent blog post titled “The CFPB Has An Opportunity to Greatly Advance the Ethical and Non-Discriminatory Use of AI in Financial Services and Should Take It.”  We first discuss the lack of clear guidance from the CFPB on the non-discriminatory use of AI and the possible reasons for the CFPB’s apparent reticence to provide more specific guidance. … Continue Reading

Michael Guerrero, a partner in Ballard Spahr’s Consumer Financial Services Group and co-leader of the firm’s Fintech and Payment Solutions Team, has authored an article on buy now pay later (BNPL) that will be published in the March—April 2024 issue of ABA Risk and Compliance

Titled “Buy Now Pay Later…in an Era of Increased Scrutiny of Economic Headwinds,” the article discusses the evolution of BNPL, regulatory and compliance considerations, and what is ahead for BNPL.… Continue Reading

Our special guest is Richard (“Rick”) Hackett, former Assistant CFPB Director responsible for auto finance regulation and presently a member of the Board of F&I Sentinel, which supports lender compliance in the auto finance and insurance industry.  In December 2023, the FTC announced its final Combatting Auto Retail Scams Rule, otherwise known as the “CARS Rule,” which sets new requirements on the sale, financing, and leasing of new and used vehicles by motor vehicle dealers. … Continue Reading

Our special guest is Richard (“Rick”) Hackett, former Assistant CFPB Director responsible for auto finance regulation and presently a member of the Board of F&I Sentinel, which supports lender compliance in the auto finance and insurance industry.  In December 2023, the FTC announced its Combatting Auto Retail Scams Rule, otherwise known as the “CARS Rule,” which sets new requirements on the sale, financing, and leasing of new and used vehicles by motor vehicle dealers. … Continue Reading

In January 2024, the Consumer Financial Protection Bureau proposed two new rules: one restricting overdraft fees and the other prohibiting nonsufficient funds fees on certain declined transactions.  The proposals are the CFPB’s latest moves in furtherance of the Biden Administration’s “junk fees” agenda.  They represent a particularly aggressive use by the CFPB of its regulatory authorities with potentially significant implications.… Continue Reading

With federal student loans approaching $1.7 trillion, private student loans approaching $129 billion, strident consumer group advocacy, and national elections on the horizon, student loan origination and servicing continues to be a focal point for federal and state regulators.  In this episode, which repurposes a webinar, we first discuss recent developments at the Department of Education involving loan forgiveness, the framework for servicer accountability, preemption guidance, and new repayment plan. … Continue Reading

In October 2023, the CFPB issued a groundbreaking proposal on personal financial data.  This episode, which repurposes a webinar, begins with a review of the background of the rulemaking.  We then discuss key provisions of the proposal, including the entities, data, and financial products and services that would be covered, the obligations that would be imposed on covered entities, and exceptions to the proposal’s requirements. … Continue Reading

New FCC rules under the Telephone Consumer Protection Act will mean big changes for businesses, particularly comparison shopping websites, lead generators, and other companies that regularly contact consumers via phone or text message.  On February 20, 2024, from 1:00 p.m. to 2:00 p.m. ET, Ballard Spahr will hold a webinar in which members of the firm’s Telephone Consumer Protection Act Industry Group will discuss:

  • The so-called “lead generator loophole” and the FCC’s efforts to close it.
Continue Reading