Last week, the FDIC published its Consumer Compliance Supervisory Highlights that provides observations about its consumer compliance supervision activities in 2018. Importantly, the highlights include anonymized 2018 exam findings regarding violations of consumer protection laws and other information to help financial institutions stay abreast of issues and trends identified during exams and assist them in
Payments
FTC permanently bans payment processor for violating 2009 order requiring monitoring of merchant clients
By Barbara S. Mishkin on
A payment processor and its individual owner have entered into a settlement with the FTC to settle charges that they violated a 2009 federal district court order that required them to review and monitor their merchant clients to ensure that the merchants were not engaged in deceptive or unfair practices. The order is a stark…
Colorado AG issues administrator’s opinion on what constitutes collateral with respect to alternate charge consumer installment loans
By Patrick G. Compton on
In a January 4 posting, Colorado’s outgoing Attorney General, Cynthia Coffman, issued an administrator’s opinion as to whether Section 5-2-214 of the Uniform Consumer Credit Code prohibits supervised lenders from utilizing post-dated checks, debit authorizations, and other forms of up-front payment authorization, as security for payment of “alternate charge” consumer installment loans. Alternate charge…
Pew Charitable Trusts to host event on Ohio payday lending law
By Alan S. Kaplinsky on
This afternoon, Pew Charitable Trusts will host an event in Washington, D.C. focusing on Ohio’s Fairness in Lending Act. Enacted in July 2018, the Act places new limitations on payday loans including an interest rate cap, a limit on the total cost of a loan, and other structural restrictions. The Act is viewed as a…
Federal Reserve seeks comment on actions to support development of faster payments
By Fred H. Miller on
Posted in Federal Reserve Board, Payments
Earlier this month, the Federal Reserve invited comment on actions it can take “to promote ubiquitous, safe, and efficient faster payments in the United States by facilitating real-time interbank settlement of faster payments.” Comments are due by December 14, 2018.
More specifically, the Fed is seeking comment on two potential actions. One action is the…
Noted payment systems and fintech transactions lawyer Chris Ford joins Ballard Spahr’s CFS Group
By Alan S. Kaplinsky on
I am pleased to announce that Chris Ford, an attorney who has led some of the country’s largest and most innovative Fintech and payment systems transactions, has joined Ballard Spahr as a partner in the firm’s Consumer Financial Services Group. He will be based in the firm’s Washington, D.C. office.
Chris advises clients on large-scale…