Barbara S. Mishkin

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On Tuesday, May 14, 2019 in Minneapolis, and on Wednesday, May 15, 2019 in Sioux Falls, Ballard Spahr will host complimentary card issuer workshops.  The workshops are intended to assist companies involved in issuing, marketing, or servicing credit or prepaid cards in meeting their compliance obligations as they face a constantly changing regulatory landscape. Seasoned members of Ballard’s Consumer Financial Services Group will provide a regulatory update, discuss case law developments and litigation trends, review…
We are pleased to announce that Ballard Spahr’s Consumer Financial Services Group has once again been ranked in the highest tier nationally in the category of Financial Services Regulation: Consumer Finance (Compliance and Litigation) by Chambers USA: America’s Leading Lawyers for Business. Our CFS Group is one of only three groups in the country to be ranked this high.  It has been ranked in Band One every year since Chambers USA introduced a national category for…
In this podcast, we review recent developments dealing with the provision of financial services to the cannabis industry, including state approaches to banking services, the status of hemp legalization, the interplay between federal and state cannabis law, FinCEN guidance on BSA expectations, the status of federal regulatory and enforcement activity, and the status and prospects of proposed federal legislation. Click here to listen to the podcast.…
On April 2, Alan Kaplinsky, who leads our Consumer Financial Services Group, testified before the Senate Judiciary Committee at its “Arbitration in America” hearing. Subsequent to the hearing, Alan received a letter from Committee members Grassley and Kennedy asking several follow up questions.  On April 23, Alan sent a letter to Committee Chair Lindsey Graham setting forth his responses to the Senators’ follow up questions.  A copy of Alan’s letter is available here.…
In this podcast, we explore the implications of the FTC’s proposed amendments to the GLBA Privacy Rule, which is limited to motor vehicle dealers, and the GLBA Safeguards Rule, which applies more broadly to all non-bank financial institutions subject to the FTC’s jurisdiction. We will take a closer look at the FTC’s shift away from a flexible approach to data security toward a more prescriptive approach mandating specific elements for information security programs. We will…
The CFPB has announced that it will hold a symposia series “exploring consumer protections in today’s dynamic financial services marketplace.”  Director Kraninger revealed the Bureau’s plans to hold the symposia series in her remarks yesterday to the Bipartisan Policy Council. The announcement indicates that the series is intended to assist the Bureau in its policy development process, including possible future rulemakings.  During each symposium, the Bureau will host a public discussion among members of a…
Mortgage servicing continues to be a CFPB supervisory focus.  In this week’s podcast, we take a close look at the CFPB’s findings involving late fees, PMI cancellation requests, handling of loss mitigation applications, and notices to successors of deceased reverse mortgage borrowers regarding  foreclosure avoidance, share observations on what the findings indicate about the CPPB’s approach to these issues, and discuss the findings’ compliance implications. Click here to listen to the podcast.…
In remarks today at the Bipartisan Policy Center (BPC), CFPB Director Kathy Kraninger outlined how she plans to use the various “tools” available to the CFPB.  While consistent with her recent testimony to House and Senate committees, her BPC remarks provide a more detailed view of the approach she plans to take in wielding the CFPB’s authority. Director Kraninger began her remarks by indicating once again that the CFPB’s focus under her leadership will be…
A memorandum issued by the Office of Management and Budget entitled “Guidance on Compliance with the Congressional Review Act” imposes a new review process on final rules issued by the CFPB and other independent regulatory agencies such as the Federal Reserve, the FCC, the FDIC, the FTC, and the OCC.  The new process will take effect on May 11, 2019. The CRA provides a mechanism for Congress to overturn federal regulations by enacting a joint resolution of…
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 reminder of the risks to payment processors of failing to implement adequate policies and procedures designed to avoid establishing or…