Earlier today, I published a blog post explaining why I believe the American Law Institute’s members should not approve the Tentative Draft of the Restatement of the Law, Consumer Contracts (the “Restatement”) on which they will be voting at ALI’s annual meeting next Tuesday in Washington, D.C.  As I indicated in my blog post, the

The Office of the Comptroller of the Currency (OCC) has opened its own “sandbox” through a Proposed Innovation Pilot Program (Program) designed to promote its innovation initiatives, add value through proactive supervision, and continue its objective to lead fintech innovation expansion. The comment period for the Program is open until June 14, 2019.

The Program

At the American Law Institute’s annual meeting next Tuesday in Washington, D.C., members will be voting on whether to approve a Tentative Draft of the Restatement of the Law, Consumer Contracts (the “Restatement”).  I had the privilege of participating as a panelist on May 6 in a panel discussion about the Restatement at the Thirteenth

As part of our continuing discussion of the CFPB’s proposed debt collection rules, we focus in this blog post on a provision that occupies very little real estate in the proposal, but could have tremendous significance: a new “safe harbor” provision relating to meaningful attorney involvement by debt collection law firms, contained in section

In this podcast, Alan Kaplinsky, who leads our Consumer Financial Services Group, interviews Professor Adam Levitin of Georgetown University Law School about why businesses and consumer advocates are both opposed to the proposed Restatement, which would change the law in ways that will harm businesses and consumers.

Click here to listen to the podcast.

CFPB Director Kraninger has announced that Brian Johnson will serve as the Bureau’s Deputy Director.  Mr. Johnson first joined the Bureau in December 2017 as Senior Advisor to the Director and was named Principal Policy Director in April 2018 by former Acting Director Mulvaney.  Mr. Johnson has served as Acting Deputy Director since he

The Bureau’s proposed debt collection rules, released last week, only apply to debt collectors, as defined under the Fair Debt Collection Practices Act.  So, why should creditors and servicers be interested in them?  Lots of reasons.

First, a number of provisions call for creditors (or by extension, servicers) to take action before a debt

In this podcast, we discuss significant consumer arbitration developments since Congress’ Oct. 2017 override of the CFPB’s arbitration rule, including the prospects of proposed federal legislation, litigation developments, and how arbitration agreements can be revised to address risks created by those developments. We also review best practices for drafting consumer arbitration agreements and hear from

The CFPB has filed a complaint in Utah federal district court against a related group of companies that provide credit repair services for alleged violations of the Telemarketing Sales Rule (TSR) and the Consumer Financial Protection Act (CFPA).  Rather than targeting the quality or effectiveness of the credit repair services actually provided by the defendants,