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Posts from Zane Gilmer

“True Lender” Litigation on the Rise: Recent Litigation and Enforcement Actions Challenge Traditional Bank Partnership Model

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Over the last two years the financial industry has seen an uptick in litigation and enforcement actions aimed at banks and their non-bank lending partners. These actions have primarily challenged the validity of the bank partnership model that is used by many non-bank lenders to generate consumer and small dollar... Read More

Topics: Banking, Consumer Protection, Litigation

The New York State Department of Financial Services Proposes Robust Cybersecurity Rules

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On September 13, 2016, the New York State Department of Financial Services (DFS) proposed new rules that would require certain “Covered Entities” to establish and implement cybersecurity programs designed to protect nonpublic consumer information (Nonpublic Information) and technology systems from cyber-attacks (Proposed Rules). Below are some of the highlights of the Proposed... Read More

Topics: Banking, Consumer Protection, Insurance, Uncategorized

CFPB’s Structure Ruled Unconstitutional but it Avoids Being Dismantled

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On October 11, 2016, the United States Court of Appeals for the D.C. Circuit issued its highly anticipated opinion in PHH Corp., et al. v. CFPB, holding that the Consumer Financial Protection Bureau’s (CFPB) structure is unconstitutional. The underlying case arose following a CFPB administrative enforcement action against PHH Corp.... Read More

Topics: Banking, Broker-Dealer, CFPB, Consumer Protection, Litigation

CFPB Presents New Regulatory Requirements for Third-Party Debt Collectors

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By Timothy McTaggart and Zane Gilmer On July 28, 2016, the Consumer Financial Protection Bureau (CFPB) released an outline of proposals and alternatives under consideration for regulating debt collection practices. The outline’s release triggers the formation of a panel pursuant to the Small Business Regulatory Enforcement Fairness Act (SBREFA), from... Read More

Topics: Banking, CFPB, Litigation

Top 5 Things the Financial Industry Needs to do in Response to the CFPB’s Proposed Arbitration Rule

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By Zane Gilmer and Liz Kramer On May 5, 2016, the Consumer Financial Protection Bureau (CFPB) announced a long awaited and highly controversial proposed rule that, if adopted, would prohibit certain financial services companies from banning consumer class actions as part of mandatory pre-dispute arbitration agreements and require companies to... Read More

Topics: Banking, CFPB, Consumer Protection, Litigation

CFPB Week in Review

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The Consumer Financial Protection Bureau (CFPB) had another busy week.  Here is an overview of what the CFPB was up to recently: Enforcement Actions and Litigation Enforcement Action Against Santander Bank On July 14, 2016, the CFPB announced an administrative consent order against Santander Bank, N.A., to resolve alleged illegal... Read More

Topics: Banking, CFPB, Consumer Protection, Litigation

CFPB Proposes Controversial Rule to Limit Use of Arbitration Agreements

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On May 5, 2016, the Consumer Financial Protection Bureau (CFPB) announced a long-awaited and highly-controversial proposed rule that, if adopted, would prohibit certain financial services companies from banning consumer class actions as part of mandatory pre-dispute arbitration agreements and require companies to report certain arbitration data to the CFPB.  If... Read More

Topics: Banking, Broker-Dealer, CFPB, Consumer Protection, Litigation