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On Wednesday, June 20, 2018, Travis Nelson, a partner in Reed Smith’s Financial Services Regulatory Group, will present a lecture at the 2018 New Jersey Bankers Association’s Compliance University on two hot topics in bank regulation.  In the area of Cannabis Banking, the current political and regulatory environment has left many banks and their legal and compliance departments dazed and confused over whether or not they may serve this rapidly emerging industry.  This issue is…
At the recent Annual Meeting of the New Jersey State Bar Association, Travis Nelson was re-elected Chair of the Banking Law Section. Travis, a partner in the firm’s Princeton and Philadelphia offices, previously served as Vice Chair and Secretary of the Banking Law Section.  Upon his re-election, Travis noted: “Over the course of the past year, we have increased the size of our Section’s leadership team, added new junior attorneys to help usher-in the next…
On November 13, 2017, Senate Banking Committee Chairman Mike Crapo, along with several Democratic senators, announced an agreement on bipartisan financial reform legislation. The proposed legislation aims to lower the number of banks considered “systemically important” and thus subject to enhanced bank supervision rules.  The legislation also contains provisions aimed at easing the regulatory burdens of small, midsize, and community banks.…
The Consumer Financial Protection Bureau (CFPB) finally moved forward today to ban class action waivers in mandatory arbitration clauses found in certain consumer financial services contracts. In October 2015, the CFPB published its multiyear study on arbitration provisions in consumer financial contracts and an outline of the proposal under consideration. It then convened a Small Business Review Panel to gather feedback. The Bureau also sought comments from stakeholders — the public, consumer groups, and…
The Consumer Financial Protection Bureau (CFPB) finally moved forward today to ban class action waivers in mandatory arbitration clauses found in certain consumer financial services contracts. In October 2015, the CFPB published its multiyear study on arbitration provisions in consumer financial contracts and an outline of the proposal under consideration. It then convened a Small Business Review Panel to gather feedback. The Bureau also sought comments from stakeholders — the public, consumer groups, and…
The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) recently announced an effort to better understand how “alternative data” could be used to expand access to credit. Through a formal notice and request for information just published, the CFPB is trying to learn more about the potential to use of what it calls “non-traditional” or “alternative” data points to develop credit scores.  These data items include occupation, length of time in a particular job or residence,…
On May 15, 2015, the Banking Law Section of the New Jersey State Bar Association (“NJSBA”) held its annual meeting in Atlantic City, N.J., in conjunction with the NJSBA’s Annual Meeting. In addition to other informational and educational programs, the Banking Law Section conducted its biannual election of officers, electing Reed Smith’s Travis Nelson as vice chair. Travis, resident in Reed Smith’s Princeton and New York offices, is a member of the firm’s Financial Services…
On Wednesday, March 25, 2015, Travis Nelson, of Reed Smith’s Princeton and New York offices, will give his annual lecture at the New Jersey Bankers Association’s Compliance University. This year Travis will focus on recent developments and trends in examinations and enforcement, covering a cross-section of topics, including proposed changes to the federal mortgage servicing rules, the CFPB’s focus on furnishers of consumer report information, recent interpretations of the Dodd-Frank Act’s “abusive” practices standard, agency…
On March 10, Director Richard Cordray of the Consumer Financial Protection Bureau (“Bureau” or “CFPB”) presided over a Field Hearing on Pre-Dispute Arbitration Clauses, discussing what he described as the “key findings” of the Bureau’s long-awaited 700-page Arbitration Report to Congress published earlier that morning. Reed Smith attorney Deepa Zavatsky attended the hearing, where Cordray expressed the CFPB’s view that pre-dispute arbitration is not a “better alternative” to litigation, and he foreshadowed the Bureau’s likely…
As part of the American Bar Association’s Consumer Financial Services Committee monthly webinar series, Reed Smith attorneys Travis P. Nelson and Stacy K. Marcus will be leading a discussion this Wednesday, February 12, 2014, examining the effect of social media on the consumer finance industry, including how social media can and should be used by the industry and how to apply existing laws to this dynamic and evolving medium. Other topics this program will cover…