Jennifer Talbert

Latest Articles

Yesterday, the Office of the South Carolina Attorney General issued a press release announcing that it has created a Money Services Division within the AG’s office and that, effective May 14, the Division is accepting applications for licensure under South Carolina’s money transmission law. This law, officially known as the South Carolina Anti-Money Laundering Act, will formally take effect on May 25, the date the regulations promulgated to implement the Act are scheduled to be…
On March 21, 2018, a CFPB Request for Information on the CFPB’s adopted regulations and rulemaking authorities was published in the Federal Register. This RFI is the eighth in a series that, collectively, solicits public input on the full scope of the Bureau’s operations. In this latest RFI, the CFPB seeks input on whether it should “amend those rules it has promulgated since [the Bureau’s 2011] creation or issue certain new rules.” Comments are due by…
On March 1, 2018, the CFPB released its sixth Request for Information as part of its initiative to reexamine the Bureau’s existing policies and procedures under Acting Director Mick Mulvaney’s leadership. This RFI addresses how the Bureau analyzes and reports consumer complaint information. The RFI requests feedback to assist the Bureau in “assessing potential changes that can be implemented to the Bureau’s public reporting practices of consumer complaint information, consistent with law,” and solicits suggestions…
One of the defining aspects of the payments revolution of the past few years—at least from a regulatory perspective—has been the question of whether a particular payments service is subject to regulation as money transmission. A number of states have determined that under certain conditions, state money transmission licensing laws do not apply to services provided as an agent of the payee. The most recent states to affirm this are Hawaii and Connecticut. Read our client
On October 18, the CFPB released a set of guiding principles for participants in the financial data sharing and aggregation industry. The publication of the consumer protection principles follows a November 2016 Request for Information in which the CFPB asked stakeholders in the data sharing and aggregation market to comment on consumer benefits and risks associated with developments that rely on financial account information. The publication of the principles was accompanied by a press release and…
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.…