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PODCAST

Consumer Finance Monitor

Ballard Spahr LLP

The Consumer Financial Services industry is changing quickly. This weekly podcast from national law firm Ballard Spahr focuses on the consumer finance issues that matter most, from new product development and emerging technologies to regulatory compliance and enforcement and the ramifications of private litigation. Our legal team—recognized as one of the industry"s finest— will help you make sense of breaking developments, avoid risk, and make the most of opportunity.

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All Episodes

57:01

A Look at the Growing Use of Generative Artificial...

Consumer Finance Monitor ·

2023/08/24

We first look at what generative AI is and how it differs from other types of AI and technology such as machine learning. We then look at the ways in which banks and fintech companies can deploy AI tools and the business use case for banks and fintechs considering the addition of chatbots, including how chatbots differ from voice response units. Our discussion considers the potential purposes for which banks and fintechs can use chatbots and the potential benefits to employees and customers. It also

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01:03:14

An Even Deeper Dive into the CFPB’s Final Dodd-Frank...

Consumer Finance Monitor ·

2023/08/17

The CFPB’s final rule implementing Section 1071 requires financial institutions to collect and report certain data in connection with credit applications made by small businesses, including women-, minority- or LGBTQI+-owned small businesses. In this episode, we respond to questions received from attendees of our April 2023 attendance-breaking webinar about the final rule. The issues our responses address include: what is a “covered transaction” and distinguishing business/consumer purpose

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01:18:00

A Deep Dive Into Cryptocurrency and its Risks to...

Consumer Finance Monitor ·

2023/08/10

After discussing what fluctuating- value cryptocurrencies and stablecoins are, their differences, and their primary uses and risks, we discuss the factors that led to the crypto boom and crash of 2020-22. We then look at the role of banks in crypto-related activities, the response of federal and state bank regulators, and the role of crypto in recent bank failures. We follow with a discussion of Prof. Wilmarth’s recommendations for responding to the risks posed by crypto, including recognizing the

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48:33

The Challenges of Using the Current Law to Address...

Consumer Finance Monitor ·

2023/08/03

After discussing what are “dark patterns” and the most common forms they can take, we consider whether and how “dark patterns” used to influence consumers’ online behavior differ from traditional scams directed at consumers involving the use of deception. We then discuss the federal and state statutes and common law claims currently being used to challenge the use of “dark patterns” as well as current legislative action to more directly target “dark patterns” and the challenges lawmakers face in

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46:03

Should Written Contracts be Eliminated for Small...

Consumer Finance Monitor ·

2023/07/27

Professor Hoffman first explains his thesis that falling transaction costs has led to the proliferation of form contracts into areas where they little have social value, resulting in social harms that require a new approach. We then discuss his proposal that states deny enforcement of written contracts for small dollar transactions by adopting what he calls a “Statute Against Forms.” Under such a statute, for contracts at the lowest dollar amount (e.g. $100 or less), only oral contracts would be

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44:13

What the Biden Administration’s “Junk Fees”...

Consumer Finance Monitor ·

2023/07/20

The Biden Administration has launched an initiative directed at combatting so-called “junk fees,” with the CFPB and FTC leading the Administration’s efforts. In Part II of this two-part episode, we first look at CFPB supervisory activity relating to auto servicing, mortgage servicing, payday and small dollar loans, and student loan servicing. We then discuss likely CFPB next steps relating to its credit card late fees proposal and potential future actions by the CFPB, FTC, and state regulators to

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45:30

What the Biden Administration’s “Junk Fees”...

Consumer Finance Monitor ·

2023/07/13

The Biden Administration has launched an initiative directed at combatting so-called “junk fees,” with the CFPB and FTC leading the Administration’s efforts. In Part I of this two-part episode, we first discuss the various definitions offered by the White House, CFPB, and FTC for what constitutes a “junk fee” and the types of fees they have labeled “junk fees.” We then discuss the CFPB’s credit card late fees proposal and criticisms of the proposal set forth in comment letters. We conclude with a

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44:50

A Close Look at the U.S. Supreme Court’s Decision...

Consumer Finance Monitor ·

2023/07/06

Last Friday, the U.S. Supreme Court ruled that the Biden Administration did not have the legal authority to proceed with its plan to forgive approximately $400 billion in federal student loans. After reviewing the background of the two cases, we first look at the majority opinion authored by Chief Justice Roberts and discuss the majority’s legal analysis for concluding that the Missouri Attorney General had standing to challenge the plan, that the HEROES Act’s text did not authorize the Secretary of

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40:43

The Legality of “Regulation by Enforcement” and Other...

Consumer Finance Monitor ·

2023/06/29

The use of enforcement by the Consumer Financial Protection Bureau and other federal agencies rather than administrative rulemaking to advance novel legal theories has been widely criticized. After discussing the meaning of “regulation by enforcement,” we look at examples of the use of regulation by enforcement by the CFPB and other agencies, U.S. Supreme Court precedent regarding the legality of this approach, the choice of enforcement targets by agencies, and the role of consent orders. We

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51:16

A Look at the Treasury Department's April 2023 Report...

Consumer Finance Monitor ·

2023/06/22

The report examines the vulnerabilities in DeFi, including potential gaps in the United States’ Bank Secrecy Act/anti-money laundering regulatory, supervisory, and enforcement regimes for DeFi. We first discuss how Treasury defines DeFi, the report’s findings regarding the use of DeFi services in the process of transferring and laundering illicit proceeds, the BSA’s application to DeFi services and the impact of decentralization on BSA coverage, and the report’s recommendations. We then discuss

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58:09

A Look at the Current Challenge to Judicial Deference...

Consumer Finance Monitor ·

2023/06/15

Since the U.S. Supreme Court’s 1984 Chevron decision, federal courts have typically applied a two-step analysis known as the “Chevron framework” to determine whether a court should defer to a federal agency’s interpretation of a statute. SCOTUS has now agreed to hear the Loper case next Term in which the continued viability of the Chevron framework is being directly challenged. We first discuss the origins of the concept of judicial deference to federal agencies and the Chevron decision. We then

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45:12

The Consumer Financial Protection Bureau’s Final...

Consumer Finance Monitor ·

2023/06/08

At the end of March 2023, the CFPB issued its long-awaited final rule to implement Section 1071 of the Dodd-Frank Act. Section 1071 amended the Equal Credit Opportunity Act to require financial institutions to collect and report certain data in connection with credit applications made by small businesses, including women- or minority-owned small businesses. Although the final rule will be effective on August 29, 2023, it contains a tiered compliance date schedule, with an earliest compliance date of

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38:42

The Consumer Financial Protection Bureau’s Final...

Consumer Finance Monitor ·

2023/06/01

At the end of March 2023, the CFPB issued its long-awaited final rule to implement Section 1071 of the Dodd-Frank Act. Section 1071 amended the Equal Credit Opportunity Act to require financial institutions to collect and report certain data in connection with credit applications made by small businesses, including women- or minority-owned small businesses. Although the final rule will be effective on August 29, 2023, it contains a tiered compliance date schedule, with an earliest compliance date of

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01:04:46

A Deep Dive into Mass Arbitration, with Special Guest...

Consumer Finance Monitor ·

2023/05/25

After discussing what mass arbitration is and its growing use for claims against companies in the consumer finance industry, we discuss the factors that make companies most vulnerable to mass arbitration claims. We then identify drafting strategies for arbitration agreements to deter the initiation of mass arbitration claims. We look next at how companies can benefit from the use of bellwether procedures, address criticism of such procedures, and discuss ethical issues that have been raised

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57:42

Perspectives on Counseling on the Creation of...

Consumer Finance Monitor ·

2023/05/18

Our discussion looks at the role of in-house and outside counsel in the development and launch of new consumer financial products. We first discuss the range of issues to be considered as part of the preliminary scoping process, including state licensing, marketing, underwriting, servicing, and collection issues. We turn next to the process of addressing potential legal obstacles and problems that are identified in scoping, including what consideration should be given to competitors’ approaches and

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55:50

A Close Look at the Impact of Antitrust Laws on the...

Consumer Finance Monitor ·

2023/05/11

The consumer financial services industry has become the target of increasing regulatory scrutiny under antitrust laws as well as class action antitrust litigation that challenges industry practices on the grounds that they undermine competition. We first provide an overview of the federal antitrust laws, discuss the Biden Administration’s focus on competition, and the wide remedies available under antitrust laws. We then look at how the current FTC, DOJ, and CFPB leadership are attempting to expand

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01:02:52

CFSA v. CFPB Moves to the U.S. Supreme Court: A Look...

Consumer Finance Monitor ·

2023/05/04

The U.S. Supreme Court has agreed to review the Fifth Circuit decision in CFSA v. CFPB that held the CFPB’s funding violates the Appropriations Clause of the U.S. Constitution. After reviewing the history of the case from its initial filing to the Supreme Court’s grant of certiorari, we discuss the Fifth Circuit’s interpretation of the Appropriations Clause and the Second Circuit’s conflicting interpretation in its recent decision holding that the CFPB’s funding is constitutional and assess the

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39:29

Recent Federal and State Debt Collection Developments

Consumer Finance Monitor ·

2023/04/27

Third-party debt collectors, first-party creditors, and debt buyers face an ever-evolving federal and state regulatory landscape as well as ongoing private litigation. We first look at the impact of the CFPB’s most recent rulemaking agenda on debt collectors. We then discuss compliance and licensing issues under District of Columbia, California, Utah, and New York debt collection laws and the Wyoming “debt buyer” licensing requirement. We conclude with a discussion of 2022 debt collection litigation

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48:52

A Close Look at Generative Artificial Intelligence...

Consumer Finance Monitor ·

2023/04/20

Our discussion focuses on generative artificial intelligence, a new and emerging category of AI. We first discuss what generative AI is, its use of large language models, and the role of supervised training in developing generative AI models. We then discuss the potential benefits and limitations of generative AI in the following use cases in the consumer finance industry: marketing, fraud management, underwriting, collections, customer service, and back office functions. We conclude by discussing

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51:00

Performance-Based Regulation: A New Approach to...

Consumer Finance Monitor ·

2023/04/13

Professor Willis advocates the adoption of a performance-based approach to regulation to replace or supplement the current approach of disclosure and design regulation. We first discuss how benchmarks would be used in a performance-based approach and discuss the shortcomings of the current disclosure and design approach as well as behavioral economics in designing regulations. We then discuss how benchmarks would be determined in a performance-based approach and how audits would be conducted. We

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306 results

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