Ballard Spahr LLP

Ballard Spahr LLP is a Philadelphia-based law firm of more than 500 lawyers practicing throughout the United States in the areas of litigation, business and finance, intellectual property, public finance, and real estate. The firm is one of the largest in the United States according to The American Lawyer.

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Money Laundering Watch

To Fight Terrorism, FinCEN and Federal Reserve Board Request Comment on Proposed Major Expansion of Recordkeeping and Travel Rules for International Transfers

By Peter D. Hardy

October 26, 2020

Stated Concern is that Terrorism is Funded Primarily Through Small International Transfers Proposed Change Would Expand BSA Definition of “Money” to Include Virtual Currency The Financial Crimes Enforcement Network (“FinCEN”) and the Federal Reserve Board (“Board”) have requested comment on an important proposed new rule that would amend the “Recordkeeping Rule” and “Travel Rule” under the Bank Secrecy Act (“BSA”) and expand them significantly. The proposed regulation would reduce the current $3,000 threshold to only…

Consumer Finance Monitor

California expands translation requirement for consumer contracts

By Daniel C. Fanaselle

October 26, 2020

On September 25, 2020, California Governor Gavin Newsom signed several consumer protection bills, including AB 3254, which extends the right to receive a translated version of certain consumer contracts to nonparty signatories, such as guarantors or cosigners. Under existing law, a business negotiating a covered contract in Spanish, Chinese, Tagalog, Vietnamese, or Korean (the five most common non-English languages spoken in California) must provide the consumer with a translated version of the contract. Covered…

Consumer Finance Monitor

CFPB files amicus brief in Third Circuit FDCPA case in support of debt collector

By Stefanie Jackman & John L. Culhane, Jr.

October 26, 2020

The CFPB filed an amicus brief in Hopkins v. Collecto, Inc., an appeal before the U.S. Court of Appeals for the Third Circuit, in support of the debt collector’s position that it did not violate the FDCPA by sending the plaintiff a letter that included an itemization of the plaintiff’s debt that indicated “$0.00” was owed in interest and collection fees. The FDCPA prohibits debt collectors from using “any false, deceptive, or misleading representation or…

Consumer Finance Monitor

CFPB issues Section 1033 ANPR

By John L. Culhane, Jr.

October 22, 2020

The CFPB has issued an Advance Notice of Proposed Rulemaking in connection with its rulemaking to implement Section 1033 of the Dodd-Frank Act. Section 1033 requires consumer financial services providers to give consumers access to certain financial information. Comments on the ANPR will be due no later than 90 days after the date the ANPR is published in the Federal Register. Section 1033 requires that “[s]ubject to rules prescribed by the Bureau, a covered person…

Consumer Finance Monitor

FTC Shuts Down Debt Collector as Part of “Operation Corrupt Collector”

By Jason M. Cover

October 22, 2020

A Georgia federal district court has entered a temporary restraining order against a Georgia-based debt collection operation in response to a complaint filed by the Federal Trade Commission. According to the complaint, the debt collection operation engaged in a variety of illegal debt collection practices, including: “Masquerading” as law-enforcement officials, government officials or attorneys. Falsely threatening debtors with arrest, criminal prosecution, service of legal process at their residences or workplaces, civil lawsuits, civil liabilities…

Consumer Finance Monitor

This week’s podcast: A close look at the OCC’s “true lender” proposal

By Barbara S. Mishkin

October 22, 2020

After reviewing the legal foundation for federal preemption of state law limits on interest, we discuss the OCC’s proposed approach for determining when a bank is the “true lender” in programs with non-bank agents, our arguments in support of the proposal made in our comment letter to the OCC, key arguments made in support of or against the proposal by other commenters, the OCC’s likely next steps, and the 2020 election’s potential impact. Click …

Money Laundering Watch

FinCEN Issues Advisory on Human Trafficking

By Izabella Babchinetskaya

October 21, 2020

Advisory Suggests that COVID-19 Pandemic Exacerbates Conditions Contributing to Trafficking The Financial Crimes Enforcement Network (“FinCEN”) recently issued an Advisory on Identifying and Reporting Human Trafficking and Related Activity (“Advisory”). This Advisory supplements FinCEN’s 2014 Guidance on Recognizing Activity that May be Associated with Human Smuggling and Human Trafficking – Financial Red Flags (“2014 Advisory”). According to the Advisory, human trafficking is one of the most profitable and violent forms of international crime, generating an…

Consumer Finance Monitor

CFPB and FTC file joint amicus arguing consumers not applying for credit are “applicants” under ECOA

By Barbara S. Mishkin

October 21, 2020

The CFPB and FTC have filed a joint amicus brief in the U.S. Court of Appeals for the Second Circuit urging the court to reverse a district court ruling that an individual who had already received credit from the defendant and who was not currently applying to the defendant for credit was not an “applicant” for purposes of the ECOA’s adverse action notice requirement. The ECOA defines an “applicant” to mean “any person who applies…

Consumer Finance Monitor

Third Circuit rules FTC cannot obtain disgorgement under FTC Act Section 13(b)

By Alan S. Kaplinsky

October 21, 2020

Last week, in FTC v. AbbVie Inc., the U.S. Court of Appeals for the Third Circuit ruled that Section 13(b) of the Federal Trade Commission Act, which expressly gives the FTC authority to obtain injunctive relief, does not allow a district court to order disgorgement. In July 2020, the U.S. Supreme Court agreed to decide whether Section 13(b) allows a district court to order restitution. In a complaint filed in federal district court, the…

CyberAdviser

Weakened Privacy and Information Security Tools—the Unintended Consequence of Attacks on Section 230 of the CDA

By Gregory P. Szewczyk, Philip N. Yannella & Mudasar "Mo" Khan

October 21, 2020

Assaults on Section 230 of the Communications Decency Act (the “CDA”)—which shields online platforms from civil liability for third party content on their services—are abundant these days. On October 15, 2020, FCC Chairman Ajit Pai announced that his agency, at the request of President Trump, will draft rules explaining when platforms’ efforts to moderate user-posted content will leave them exposed to potential liability. Two days earlier, Justice Thomas issued a scathing critique of the Court’s…

Ballard Spahr LLP

Ballard Spahr LLP Blogs

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To Fight Terrorism, FinCEN and Federal Reserve Board Request Comment on Proposed Major Expansion of Recordkeeping and Travel Rules for International Transfers

California expands translation requirement for consumer contracts

CFPB files amicus brief in Third Circuit FDCPA case in support of debt collector

CFPB issues Section 1033 ANPR

FTC Shuts Down Debt Collector as Part of “Operation Corrupt Collector”

This week’s podcast: A close look at the OCC’s “true lender” proposal

FinCEN Issues Advisory on Human Trafficking

CFPB and FTC file joint amicus arguing consumers not applying for credit are “applicants” under ECOA

Third Circuit rules FTC cannot obtain disgorgement under FTC Act Section 13(b)

Weakened Privacy and Information Security Tools—the Unintended Consequence of Attacks on Section 230 of the CDA

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