After reviewing what EWA is and the different models used for EWA programs, we discuss federal and state regulatory issues raised by such programs, the CFPB’s advisory opinion on such programs and the questions it raises, how a change in CFPB leadership under the Biden Administration could impact such programs, and the future of such programs. Ballard Spahr attorney Alan Kaplinsky hosts the conversation with Mr. Silverman and James Kim, a partner in Ballard Spahr’s…

In a development welcomed by industry members, the CFPB published today a “Statement Regarding the Provision of Financial Products and Services to Consumers with Limited English Proficiency.”  The Statement is intended to provide “compliance principles and guidelines to inform and assist financial institutions in their decision making related to serving LEP consumers.” The Statement is divided into two sections.  One section contains “guiding principles for serving LEP consumers.”  These principles consist of the…

The California Consumer Financial Protection Law (CCFPL) became effective on January 1, 2021.  The CCFPL gives the California Department of Financial Protection and Innovation (DFPI) (the new name given to the state’s Department of Business Oversight) broad jurisdiction and sweeping new authorities that closely resemble those of the CFPB.  As a result, the DFPI has been labeled a “mini-CFPB.” In its January 2021 monthly bulletin, the DFPI stated that, with the CCFPL now in effect,…

The CFPB’s Taskforce on Federal Consumer Financial Law released its report making recommendations on how to improve consumer protection in the financial marketplace. The CFPB created the Taskforce in October 2019 to examine ways to harmonize and modernize federal consumer financial laws.  The Taskforce was charged with examining the existing legal and regulatory environment for consumers and financial services providers and making recommendations to the Bureau’s leadership for improving consumer financial laws and regulations. The…

Although HMDA reporting institutions are busily working on their submission of 2020 data, the CFPB recently announced the availability of a beta version of the HMDA reporting platform for 2021 data. (As previously reported, in early January 2021 the CFPB announced the availability of the platform for the submission of Home Mortgage Disclosure Act (HMDA) data collected in 2020.) The beta platform for 2021 HMDA data may be accessed here by selecting “2021” from…