Barbara S. Mishkin

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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  After reviewing CRA’s origins and purpose, we discuss how the new proposal differs from the OCC’s rescinded 2020 final CRA rule and the current CRA rules, including the proposal’s higher asset threshold for small banks and approach to assessment areas, how industry and consumer groups have reacted to the proposal, and next steps and possible timetable for issuance of final rules. … Continue Reading

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 regulators; the CFPB’s approach to allocating resources, conducting exams, and examiner training; the origins and objectives of Supervisory Highlights; how the CFPB’s supervisory focus has changed over time and the impact of leadership changes; and the CFPB’s recent announcements regarding use of its risk-based supervisory authority for nonbanks and use of UDAAP to combat non-credit discrimination.… Continue Reading

As many of our blog readers know, Alan Kaplinsky and Professor Jeff Sovern have regularly engaged in legal debate about consumer finance issues via blog posts.  Alan’s views can be found in blog posts published on this blog, Consumer Finance Monitor, while Professor Sovern’s views appear in blog posts published on his Consumer Law & Policy Blog.… Continue Reading

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 initial months in office, including its request for information on “junk fees” and criticism of overdraft and credit card late fee practices, requests to large tech firms regarding payment services, fintech focus (and use of risk-based supervision), use of UDAAP to address market competition, orders seeking information from buy-now-pay-later companies, changes to UDAAP exam procedures to target non-credit discrimination, encouragement of state AGs, exams of institutional student lending, and injunctive relief focus. … Continue Reading

We discuss the Biden Administration’s recent change in tone on forgiveness, alternative approaches to full forgiveness the President might take, potential legal sources of the President’s authority to take such actions, including the status of the Education Dept.’s analysis of the President’s forgiveness authority, and likely timetable for Presidential action.  We also look at the Administration’s recent initiatives involving income driven repayment plans and public service student loan forgiveness and explore the perspective of interests opposed to forgiveness.… Continue Reading

We are pleased to report that Ballard Spahr’s Consumer Financial Services Group has once again received the highest national ranking from Chambers USA: America’s Leading Lawyers for Business.  The Group was ranked in the highest tier nationally in three categories: Compliance, Litigation, and Enforcement & Investigations.  Enforcement & Investigations was added by Chambers USA last year as a new category for Financial Services Regulation: Consumer Finance.… Continue Reading

AG Weiser discusses the areas of consumer financial services that are a current focus of his office’s efforts.  After discussing the role of the newly-created Office of Financial Empowerment in addressing the needs of unbanked consumers, AG Weiser discusses his office’s activities concerning deceptive fees (including the types of fees of primary concern and the requirements of Colorado’s new automatic renewal law), robocalls, and student loans.  … Continue Reading

With ALI’s members poised to approve the new Restatement, providers need to understand the Restatement’s impact on their consumer agreements, particularly those entered into online.  After reviewing the rationale for the new Restatement and ALI’s approach to developing the rules it contains, we look at the issues covered by each section, such as the rules that deal with assent to contract terms, change in terms, unconscionability, and deception. … Continue Reading

We first review the scope of the CFPB’s supervisory authority granted by Dodd-Frank and the source of its authority to supervise nonbanks that present risks to consumers.  We then discuss how we expect the CFPB to use its risk-based authority, including the types of products it may target and its decision to make public the identities nonbanks. … Continue Reading

Our Consumer Finance Monitor podcast continues to cover the most important industry issues.  In anticipation of the American Law Institute (“ALI”) considering the Restatement of the Law, Consumer Contracts (the “Restatement”) at its Annual Meeting in Washington, DC on Tuesday, May 17, we plan to release an episode about the Restatement with guest Steven Weise, a member of ALI’s Council on Monday, May 16. … Continue Reading