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.

Ballard Spahr LLP Blogs

Ballard360 Insider

Consumer Finance Monitor

CyberAdviser

Health Care Reform Dashboard

Housing Plus

Money Laundering Watch

Blog Authors

A B C D E F G HIJ K L M N O PQR S TUVWXYZ

Latest from Ballard Spahr LLP

Consumer Finance Monitor

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 27, 2020

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 $250 for international transfers, thereby substantially expanding the scope of these rules.…

Consumer Finance Monitor

Merchant cash advance providers move to dismiss FTC lawsuit

By Alan S. Kaplinsky

October 27, 2020

The defendants in the lawsuit filed by the FTC in August 2020 in a New York federal district court against two merchant cash advance providers and their chief executive officer and president for alleged unfair and deceptive conduct in violation of Section 5 of the FTC Act have filed a motion to dismiss. The FTC has filed its opposition to the motion and the defendants have responded to the FTC’s opposition. The lawsuit is…

Consumer Finance Monitor

Massachusetts federal court stays effective date and enjoins enforcement of HUD final rule revising FHA disparate impact standards; 2 other lawsuits filed challenging rule

By Christopher J. Willis & Richard J. Andreano, Jr.

October 27, 2020

On October 25, a Massachusetts federal district court entered a preliminary injunction staying and postponing the effective date of the final rule issued by HUD last month (“2020 Rule”) revising its 2013 Fair Housing Act disparate impact standards (“2013 Rule”). The order also enjoins HUD from enforcing the 2020 Rule and keeps the 2013 Rule in place until further order of the court. The 2020 Rule would have become effective on October 24, the date…

Consumer Finance Monitor

Massachusetts Attorney General Moves to Dismiss Lawsuit Challenging Its Emergency Debt Collection Regulations

By Christine Emello

October 27, 2020

On October 23, 2020, Massachusetts Attorney General Maura Healey filed a motion to dismiss in ACA International v. Maura Healey based on mootness. The lawsuit challenges the state’s emergency regulations that placed a ban on outbound collection calls. The emergency regulations were promulgated in March 2020, ACA International filed its lawsuit in April 2020, and a temporary restraining order restricting the Attorney General’s office from enforcing the ban on outbound collection calls was issued on May…

Consumer Finance Monitor

California’s Check Seller, Bill Payer and Proraters Law Expanded to Require non-California Domiciled Debt Settlement Providers to be Licensed and Comply with Substantive Provisions

By Elanor A. Mulhern

October 27, 2020

Among the suite of consumer protection bills signed into law last month by California Governor Gavin Newsom is AB 2524. The bill, as enacted, is a less-expansive version of an assembly bill that would have created an entirely new and broad system of regulation over debt settlement companies through amendments to the Check Sellers, Bill Payers and Proraters Law. Despite the apparent specificity in the title, the Proraters Law applies broadly to any individual…

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…

Ballard Spahr LLP

Ballard Spahr LLP Blogs

Blog Authors

To fight terrorism, FinCEN and Federal Reserve Board request comment on proposed major expansion of recordkeeping and travel rules for international transfers

Merchant cash advance providers move to dismiss FTC lawsuit

Massachusetts federal court stays effective date and enjoins enforcement of HUD final rule revising FHA disparate impact standards; 2 other lawsuits filed challenging rule

Massachusetts Attorney General Moves to Dismiss Lawsuit Challenging Its Emergency Debt Collection Regulations

California’s Check Seller, Bill Payer and Proraters Law Expanded to Require non-California Domiciled Debt Settlement Providers to be Licensed and Comply with Substantive Provisions

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”

Stay Connected

Company

Products

Support

New to the Network