Andrew Hernacki

Latest Articles

On Monday, July 10, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a final rule – the “Arbitration Agreements Rule” – regulating arbitration agreements in contracts for certain core consumer financial products and services. Venable has been monitoring the development of this rule, and our past coverage can be seen in a webinar and a blog post. In prepared remarks, CFPB Director Richard Cordray explained the Bureau’s reasons for ultimately promulgating this regulation,…
A circuit split regarding the SEC’s administrative law judges, an internal CFPB playbook and memo on their examination process, and a recent field hearing on small business lending are at the forefront of the May 18 edition of Venable’s Consumer Financial Services Digest. In this issue, we highlight the circuit split between the Tenth Circuit and the D.C. Circuit regarding the status and appointment of the SEC’s administrative law judges. We take a look at the CFPB’s…
Consumer data, UDAAP, debt collection, and fintech licensing are at the forefront of the March 30 edition of Venable’s Consumer Financial Services Digest. In this issue, we discuss the importance of the Federal Trade Commission’s activities in the consumer finance world and the big changes on the horizon for credit reporting of public records data.…
The United States Court of Appeals for the D.C. Circuit today issued a highly anticipated decision in PHH Corp. v. CFPB (Case No. 15-1177). In a 110-page decision, the D.C. Circuit held that the CFPB’s structure as a single-director independent agency is unconstitutional. The decision on the constitutional issue, however, may have “important but limited real-world implications.” The Court described its ruling, severing the “for-cause” removal provision from the Dodd-Frank Act, as a “targeted remedy”…
In a recent case, the Court of Appeal for Ontario, Canada recognized the privacy torts that are widely-recognized in the United States.  Many foreign common law jurisdictions, including the United Kingdom and other countries, have steadfastly refused to recognize the privacy torts spawned by the 1890 law review article by Samuel Warren and Louis Brandeis, The Right to Privacy,  4 Harv. L. Rev. 193 (1890).  These torts – intrusion upon seclusion, public disclosure of private…