Roberta G. Torian

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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.…
In the ongoing skirmishes between card networks and merchants in the surcharge world, the U.S. Supreme Court has just issued a significant ruling on a novel theory. Merchants in the State of New York sought to charge consumers higher fees for purchases made by credit cards. New York state law contains a prohibition on the imposition of surcharges in such instances. The law states that merchants may not “impose a surcharge on a holder who…
On, November 2, 2016, during its weekly meeting, the Swiss Federal Council (the Council), the executive council which serves as the collective executive head of the government of Switzerland, requested an easing of the Swiss regulatory framework for providers of innovative financial technologies (FinTech).  The Council stated that it desires forward thinking comprehensive solutions for the emerging FinTech industry and is thus recommending an approach with three elements: (1) provisions regarding holding money in settlement…
The Consumer Financial Protection Bureau (“CFPB”) this week shed new light on the growing mobile financial services sector, publishing a report compiling responses to its 2014 request for information on these services. The CFPB’s Office of Financial Empowerment issued a Request for Information (“RFI”) on June 11, 2014, regarding mobile financial services. The RFI’s stated purpose was to help the CFPB “understand better the potential for mobile financial services to help underserved consumers – including…
The Third Circuit has recently held that universities are not exempt under the Higher Education Act (“HEA”) from their duties as furnishers with respect to federal student loans. In Seamans v. Temple University, a borrower sued on a loan from 1992 alleging that the university’s failure to report the borrower’s initial default in 1992 and that it had been placed for collection violated its obligations under the FCRA to report fully and accurately the collection…
This post was also written by Kenneth M. Kolaski. In a recent press release, the CFPB indicated that it may consider subjecting creditors to the requirements of the Fair Debt Collection Practices Act that are statutorily exempt. On July 10, 2013, the Consumer Financial Protection Bureau (“CFPB”) issued two important bulletins on debt collection, published five sample action letters that consumers can adapt and use for their personal circumstances, and announced that it is taking…
The CFPB has announced that, effective January 2, 2013, it will assume oversight of debt collection agencies that have more than $10 million in annual receipts from consumer debt collection activities. The CFPB examiners will be determining whether debt collectors: Provide required disclosures Provide accurate information Have a consumer complaint and resolution process Communicate civilly and honestly with consumers If you would like more information on what this new regulation will mean for your business,…
On September 25, 2012, the Consumer Financial Protection Bureau published a study on credit scores titled “Analysis of Differences between Consumer-and-Creditor Purchased Credit Scores.” This report is a follow-up to the July 19, 2011 CFPB report on “The Impact on Differences between Consumer-and-Creditor Purchased Credit Scores.” Section 1078 of the Dodd-Frank Wall Street Reform and Consumer Protection Act directed the CFPB to conduct a study comparing credit scores sold to creditors with those sold to…
The Consumer Financial Protection Bureau (“CFPB”) announced May 24, 2012, that it was seeking comments from the public on an Advance Notice of Proposed Rulemaking (“Notice”) regarding general purpose reloadable prepaid cards (“GPR cards”). The CFPB described a GPR card as a product that is “issued for a set amount in an exchange for payment made by a consumer” and to which a consumer can add funds. GPR cards can also be in the form…
On March 14, 2012, the Financial Crimes Enforcement Network (“FinCEN”) released the new Registration of Money Services Business (“RMSB”), FinCEN Report 107. The newly released RMSB is intended to supplement two notable 2011 rulemakings. First, in a July 18, 2011, rulemaking, FinCEN clarified that certain foreign-located persons engaging in MSB activities within the United States fall within FinCEN’s definition of an MSB, and therefore must comply with FinCEN requirements, including the requirement to register with…