The California Attorney General’s Office released its long-awaited proposed CCPA regulations last week.  The proposed regulations are 24 pages long, and address a number of important technical compliance issues including how businesses should: provide just in time notice to consumers of personal information collected; provide notice to consumers of the right to opt out of the sale of personal information; provide notice to consumers of financial incentives; provide a CCPA compliant privacy policy; provide methods for consumers to submit requests to…

All American Check Cashing and the CFPB have submitted letter briefs to the Fifth Circuit regarding what action the court should take in light of the en banc Fifth Circuit’s decision in Collins v. Mnuchin that held the FHFA’s structure is unconstitutional. In March 2019, a Fifth Circuit panel heard oral argument in All American’s interlocutory appeal from the district court’s ruling upholding the CFPB’s constitutionality.  Last month, the panel directed the parties to file…

Ballard Spahr is proud to partner with Venminder, Inc. in sponsoring a podcast on vendor management risk issues.  The podcast features Glen Trudel, a partner in Ballard Spahr’s Consumer Financial Services Group, and Branan Cooper, Venminder’s Chief Risk Officer. The podcast showcases Glen’s perspectives on the likelihood of CFPB, FTC, FDIC and OCC regulatory developments occurring in the near term with respect to vendor management, and includes a discussion of the OCC fintech charter.  Glen…

The New York Department of Financial Services (NYDFS) has announced the creation of a Student Debt Advisory Board to advise on consumer protection, student financial products or services, and communities that have been significantly impacted by student debt.  The announcement was made on October 9 to coincide with the effective date of Banking Law Article 14-A, which requires licensing of servicers of student loans owed by New York residents and includes provisions pertaining to…

The CFPB announced this past Friday that it will establish a taskforce, the Taskforce on Federal Consumer Financial Law, to examine ways to harmonize and modernize federal consumer financial laws. The taskforce will examine the existing legal and regulatory environment facing consumers and financial services providers and make recommendations to the Bureau’s leadership for improving consumer financial laws and regulations.  The taskforce will produce new research and legal analysis of U.S. consumer financial laws,…

CFPB recently issued its Spring 2019 Semi-Annual Report to Congress covering the period October 1, 2018 through March 31, 2019. The report represents the CFPB’s second semi-annual report under Director Kraninger’s leadership.  Like the first semi-annual report issued under her leadership, and in contrast to those issued under Mr. Cordray’s leadership, the new report does not contain any aggregate numbers for how much consumers obtained in consumer relief and how much was assessed in civil…

Democratic Senators Sherrod Brown and Patty Murray have sent a letter to Robert Cameron, the CFPB’s new Private Education Loan Ombudsman, in which they set forth their expectations for the Ombudsman’s Office.  The Bureau announced Mr. Cameron’s appointment as Ombudsman in August 2019.  He replaced Seth Frotman, who has been a vocal critic of the Bureau since his departure from the Bureau in August 2018.  The letter follows up on a September 18 meeting between…