Barbara S. Mishkin

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We first discuss the multiple benefits of diversity, equity, and inclusion (DEI) for financial institutions, the challenges and opportunities institutions face in implementing a DEI strategy, and how DEI applies beyond an institution’s workforce.  We then consider the risk of discrimination claims arising from DEI programs and the role of legal counsel in the development and implementation of DEI strategies. … Continue Reading

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 Professor Awrey believes they have resulted in a payments system that is worse, more expensive, and slower than payments systems in other large, developed countries. … Continue Reading

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 concerns with the process used by the FTC to issue the proposal and with the proposal’s disclosure, recordkeeping, website posting, and other requirements. … Continue Reading

We begin with a discussion of the goals and themes of FTA’s recent summit and AFC’s advocacy regarding retention of the strategic plan option under the Community Reinvestment Act.  We then discuss consumer benefits of buy-now-pay-later (BNPL) and regulatory concerns raised by the CFPB in its BNPL report, state level regulatory issues facing fintechs, the Treasury’s report on bank/fintech relationships and takeaways for fintechs, consumer benefits of earned wage access products and artificial intelligence and regulatory concerns raised by the CFPB, and reactions to the CFPB’s Section 1033 rulemaking.… Continue Reading

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 how employers participate in and employees access their wages in the employer model. … Continue Reading

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, expert resources,  and gameplay.  We first discuss SaverLife’s objectives and how its online platform operates.  We then discuss a range of issues, including the goals of the CFPB’s Section 1033 rulemaking, Saverlife’s perspective on the growing use of earned wage access and buy-now-pay later products, and the role of the CAB and issues under consideration by the CAB.… Continue Reading

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 Dodd-Frank authority).  We first discuss the CPD’s priorities and how they are determined; use of its state law UDAP authority and available remedies; enforcement of federal law; and collaboration with the CFPB and other state AGs.… Continue Reading

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 Credit Opportunity Act and Fair Housing Act to challenge redlining; activity at state level targeting redlining; the types of evidence regulators will look for when examining for redlining or bringing an enforcement action; potential penalties for redlining violations; what steps may be required for remediation of redlining; and how a bank or non-bank can build a compliance program to avoid redlining.… Continue Reading

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 with forgiveness.  We first analyze the Texas federal district court decision vacating the forgiveness program, including the court’s standing analysis and application of the “major questions doctrine.” … Continue Reading

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 Acts, FTC guidance on delivery of disclosures and comments on use of “dark patterns,” and DOJ comments on website accessibility. … Continue Reading