Financial Services Perspectives

Regulatory, compliance, and litigation developments in the financial services industry

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Keith S. Anderson

Karlene A. Archer

Marc James Ayers

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Financial Services Perspectives

The Family Farmer Relief Act of 2019: Will the Increased Debt Limit Lead to an Uptick in Chapter 12 Filings?

By Cathy Moore & Christopher L. Hawkins on August 14, 2019

The United States Senate passed the “Family Farmer Relief Act of 2019” (H.R. 2336), which substantially increases the debt limit for agricultural producers seeking to file for relief under Chapter 12 of the United States Bankruptcy Code. The bipartisan legislation, which passed the U.S. House of Representatives in June and is expected to be signed into law by President Trump, raises the debt limit for Chapter 12 bankruptcy filings from approximately $4.3 million…

Financial Services Perspectives

HUD Proposed Rule Demands More Disparate and More Impact to Establish Disparate Impact Liability

By Austin Holland & Heather Howell Wright on August 12, 2019

The United States Department of Housing and Urban Development (HUD) released a sweeping proposed rule on August 1 seeking to amend HUD’s interpretation of the Fair Housing Act’s disparate impact standard. According to HUD, the proposed rule is designed to better reflect the U.S. Supreme Court’s 2015 ruling in Texas Department of Housing and Community Affairs v. Inclusive Communities Project, Inc. HUD will submit the proposed rule to HUD’s congressional authorizing committees – the House…

Financial Services Perspectives

Stay of Litigation and Compliance Date Continued in Payday Lending Rule Lawsuit

By Preston H. Neel & Kelley J. Hails on August 9, 2019

Following the status report filed last week by the parties involved in the lawsuit challenging the CFPB’s Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule, the Texas district court faced with the case ordered that the stay of litigation and the stay of the compliance date for the rule’s payment provisions are continued. The court’s order, which was entered on August 6, requires the parties to “file a Joint Status Report informing the…

Financial Services Perspectives

Big Picture Loans Lands Big Win for Tribal Lenders in Sovereign Immunity Case

By Josh Dhyani & Brian R. Epling on August 8, 2019

In a recent decision by the Fourth Circuit, Big Picture Loans, LLC, an online lender owned and operated by the Lac Vieux Desert Band of Lake Superior Chippewa Indians, a federally recognized Indian tribe (“Tribe”), and Ascension Technologies, LLC, the Tribe’s management and consultant company successfully established that they are each arms of the Tribe and cloaked with all of the privileges and immunities of the Tribe, including sovereign immunity. As background, Big Picture Loans…

Financial Services Perspectives

CFPB Extends the Comment Period for Proposed Debt Collection Rule in Response to Consumer Advocate and Industry Requests

By Lee Gilley, J. Riley Key & Jonathan R. Kolodziej on August 2, 2019

The Consumer Financial Protection Bureau (CFPB) formally extended the comment period for its proposed debt collection rulemaking on Friday, August 2. Rather than requiring that all comments be submitted by August 19, 2019, anyone interested in submitting a comment now has an extra 30 days to do so. The official comment period for the debt collection notice of proposed rulemaking will now close on September 18, 2019. The CFPB initially released its notice of proposed …

Financial Services Perspectives

Gambling on a DOJ Enforcement Action: State of the Wire Act

By Benjamin William Perry & Alex McFall on August 1, 2019

Banks and payment processors involved with acceptance or processing of funds relating to gambling or state lottery systems can breathe a sigh of relief—at least for now—based upon a New Hampshire district court judge’s recent interpretation of the Wire Act, which rejected a much broader Department of Justice (DOJ) position that initially sent shockwaves throughout the financial services industry. Although appellate review is sure to follow, these entities can rest assured that the DOJ will…

Financial Services Perspectives

Data Modeling Remains Auto Finance Target in CFPB’s Fair Lending Governance

By C. Meade Hartfield on July 29, 2019

The Consumer Financial Protection Bureau made it clear that it will continue to target auto finance lenders as one of its top supervisory and enforcement priorities in the Fair Lending Report of the Bureau of Consumer Financial Protection , which was released in June 2019. In addition to adding student loan origination to its watchdog list the CFPB will target model-use practices in auto servicing debt collection in an effort to more closely monitor discriminatory…

Financial Services Perspectives

Proposed American Bar Association Resolution Could Affect Auto Dealers

By Lesley Smith DeRamus on July 25, 2019

The American Bar Association’s (ABA) Civil Rights and Social Justice Section, State and Local Government Law Section, and Commission on Homelessness and Poverty has proposed a resolution affecting automobile dealers that will be considered by the ABA House of Delegates in early August. The resolution is directed squarely at various issues related to vehicle sales and financing and is part of the ABA’s advocacy and policy-making efforts. The ABA indicates that the primary intent of…

Financial Services Perspectives

New Law Expands Protections for Manufactured Homeowners and Tenants in New York

By Jason R. Bushby & Austin Holland on July 23, 2019

Effective July 14, 2019, the State of New York greatly expanded tenant protections with a large package of bills covering topics ranging from rent control to eviction restrictions to rent-to-own contracts for manufactured homes (MH). A majority of the law is aimed at protections for apartment renters in New York City and throughout the state. In addition to those expanded protections, the new law also creates new and expanded protections for owners and tenants of…

Financial Services Perspectives

FTC Imposes $110 Million Fine Against Payment Facilitator, Allied Wallet, and Its Executives

By Graham W. Gerhardt & Josh Dhyani on July 18, 2019

Payment processor/facilitator Allied Wallet, its CEO, and two other corporate officers, recently agreed to settle Federal Trade Commission (FTC) charges that they assisted or knowingly processed fraudulent transactions for merchant-clients. This action indicates that enforcement actions against payment processors are alive and well, despite the FTC’s previously announced end of “Operation Chokepoint,” which, among other goals, targeted payment processors and facilitators whose merchant clients engaged in activities perceived to be fraudulent. The FTC alleged that…

Financial Services Perspectives

Regulatory, compliance, and litigation developments in the financial services industry

Blog Authors

The Family Farmer Relief Act of 2019: Will the Increased Debt Limit Lead to an Uptick in Chapter 12 Filings?

HUD Proposed Rule Demands More Disparate and More Impact to Establish Disparate Impact Liability

Stay of Litigation and Compliance Date Continued in Payday Lending Rule Lawsuit

Big Picture Loans Lands Big Win for Tribal Lenders in Sovereign Immunity Case

CFPB Extends the Comment Period for Proposed Debt Collection Rule in Response to Consumer Advocate and Industry Requests

Gambling on a DOJ Enforcement Action: State of the Wire Act

Data Modeling Remains Auto Finance Target in CFPB’s Fair Lending Governance

Proposed American Bar Association Resolution Could Affect Auto Dealers

New Law Expands Protections for Manufactured Homeowners and Tenants in New York

FTC Imposes $110 Million Fine Against Payment Facilitator, Allied Wallet, and Its Executives

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