Regulatory and Enforcement

Mr. Dougherty recently authored an article calling for the OCC’s abolishment and merger into the Federal Deposit Insurance Corp.  After reviewing the history of the creation of the OCC and Federal Reserve Banks, we examine and debate Mr. Dougherty’s arguments in support of his position.  We also discuss and respond to Mr. Dougherty’s criticism of

The U.S. Court of Appeals for the Second Circuit has ruled that the lawsuit filed by the New York Department of Financial Services (DFS) seeking to block the OCC’s issuance of special purpose national bank (SPNB) charters to non-depository fintech companies should be dismissed for lack of Article III standing.  In December 2017, the DFS’s

American Banker has reported that Manny Alvarez, Commissioner of  the California Department of Financial Protection and Innovation, will be leaving the agency on June 18, 2021. 

According to the report, Governor Newsom is expected to name Chief Deputy Commissioner Chris Shultz, who is currently second in command at the DFPI, Acting Commissioner.

Commissioner Alvarez was

Professor Jeff Sovern responded to our blog criticizing his proposal for a new CFPB arbitration rule by asserting that his proposed rule is not substantially the same as the prior CFPB rule that Congress vetoed and, therefore, the Congressional Review Act would not bar its promulgation.  According to Professor Sovern: “I don’t see how my

The CFPB announced last week that it has entered into a proposed settlement with Driver Loan, LLC (“Driver Loan”) and its Chief Executive Officer to settle the November 2020 lawsuit it filed against Driver Loan and its CEO alleging the defendants engaged in deceptive acts and practices in violation of the Dodd-Frank Act’s UDAAP prohibition

After reviewing how blockchain technology operates and the pandemic’s impact on its use, we discuss the technology’s main benefits and regulatory risks; its use in digital identity, anti-money laundering compliance, preventing wire transfer fraud, peer-to-peer lending, and decentralized finance; the role of “smart contracts” in consumer finance; how various companies are using the technology; and

On May 21, 2021, the U.S. Housing and Urban Development (“HUD”) announced that it had reached a settlement with California-based Cascade Village Apartments II, LP (“Cascade Village”), its management company, FPI Management, Inc. (“FPI”), and FPI’s portfolio manager to resolve allegations that the companies violated the Fair Housing Act and Title VI of the Civil

In our recent webinar, “The Consumerization of Small Business Lending: Significant Developments and Trends,” Ballard attorneys were joined by special guest Malini Mithal, Associate Director of the Federal Trade Commission’s Division of Financial Practices.  Mark Furletti, Co-Chair of the firm’s Consumer Financial Services Group also participated in the webinar, together with John Socknat, a partner

Professor Jeff Sovern recently proposed that the CFPB issue a supposedly “new” arbitration rule “that prevents companies from blocking consumers from suing in court unless consumers specifically opted in to the arbitration clause” after being given a CFPB-mandated disclosure that if they do not sign and their rights are violated, they “may still sue us