The Consumer Finance Podcast
Troutman Pepper, Chris Willis
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The Consumer Finance Podcast provides reliable, insightful, and entertaining industry-specific content central to consumer finance services. Hosted by veteran Troutman Pepper CFS Partner Chris Willis, this podcast features industry experts, insiders, and other Troutman Pepper attorneys delivering easily digestible segments on a variety of topics.
Available episodes
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16 hours ago
New Developments in the CFPB’s FCRA Rulemaking Process – What’s Next? – Crossover Episode With FCRA Focus Podcast
Please join us for a special cross-over episode of _FCRA Focus _and _The Consumer Finance Podcast_, where Troutman Pepper Partners Chris Willis, Dave Gettings, Kim Phan, and Ron Raether look at the latest developments in the CFPB's FCRA rulemaking process. Topics include:
* The anticipated timeline for public comment;
* The removal of medical debt from credit reports;
* The results of the Small Business Review Panels held in October, and potential reinstatement in the future;
* The CFPB's "interpretation" of various definitions in the FCRA, such as the meaning of a consumer reporting agency and a consumer report;
* New obligations imposed on furnishers and end-users regarding permissible purpose;
* The impact of these new rules on other industries;
* Anticipation for an uptick in FCRA litigation once the rules are finalized; and
* Next steps for businesses that will be impacted by the new rules.
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Nov 30, 2023
The Role of General Counsels in Advising Their Companies' Boards of Directors on the Use of AI
Join Troutman Pepper Partner Chris Willis and Counsel Shannon Patterson as they discuss the top issues a company's board of directors needs to consider regarding the use of artificial intelligence (AI) in its business. Shannon specializes in advising companies on board and management governance issues, particularly publicly traded companies, to ensure that boards are well-informed of their responsibilities. In this episode, Shannon offers valuable insights on how a company's general counsel can support its board in integrating principles of good governance for the responsible and effective use of AI.
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Nov 16, 2023
The NYDFS Updates Its Stringent Cybersecurity Regulations. Is This a Bellwether of Coming Industry Change?
Join Troutman Pepper Partner Chris Willis as he discusses the New York Department of Financial Services’ (NYDFS) latest updates to its cybersecurity regulations with Troutman Pepper Privacy + Cyber Partner Kim Phan. With data breaches on the rise, the NYDFS has heightened its expectations for licensed entities in New York regarding data management. The finalized draft of these changes was released on November 1, following a year of public comment. Kim provides listeners with important background on these changes and discusses their potential impact on financial institutions of all sizes. Topics include data retention requirements, end-of-life management, enhancements to multifactor authentication, response plan execution, and of course, enforcement actions.
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Nov 9, 2023
CFPB and DOJ Joint Statement on Immigration Status and Credit Underwriting
Join Troutman Pepper Partner Chris Willis for a solo episode where he discusses a recent joint statement from the Consumer Financial Protection Bureau and the Department of Justice regarding the consideration of immigration status in credit underwriting — an issue that has plagued creditors for years. Chris provides listeners with important background on this matter, the history and impact of litigation on credit underwriting and immigration status, the content of the joint statement, and what strategies creditors can employ to stay ahead of the issue.
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Nov 2, 2023
The Impact of State Licensing Laws
Join Troutman Pepper Partner Chris Willis and his colleagues Joe Reilly and Chris Capurso as they discuss the impact of state licensing laws on the consumer financial services industry. They tackle topics such as:
* When did licensing start and how did it grow into what it is today;
* Which entities are required to have a license and what happens if they engage in an activity that requires a license they do not have;
* What are the licensing requirements for various consumer lenders and nonlenders;
* Does the difficulty in obtaining licenses vary by state; and
* What services do our attorneys offer to clients to help them navigate the wild world of licensing requirements?
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Oct 26, 2023
Bank Investigations and Enforcement Actions: Lessons Learned
In this episode of _The Consumer Finance Podcast, _Troutman Pepper Partners Chris Willis and Matthew Orso discuss lessons learned from bank internal investigations. They explore the trigger points that give rise to these investigations, provide useful advice for banks regarding their investigations, discuss how to avoid common issues, and suggest remedial measures to prevent issues from repeating.
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Oct 19, 2023
Litigating Elder Financial Exploitation Cases: Defending Banks in a Tough Spot
Join Troutman Pepper Partners Chris Willis, Mary Zinsner, and Dave Gettings for an in-depth discussion about litigating elder financial exploitation cases. Elder abuse and financial exploitation of the elderly are increasing problems in our society, and financial institutions are right in the thick of it. Chris, Mary, and Dave discuss trends in elder fraud litigation, offering insights on the common themes and defenses that financial institutions have in these cases.
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Oct 12, 2023
December 1st Deadline to Adopt Executive Compensation Clawback Policies
Join Troutman Pepper Partners Chris Willis and Sheri Adler as they dive into the new requirement for publicly traded companies (including financial services companies) to adopt a clawback policy requiring the recoupment of erroneously awarded incentive compensation by December 1, 2023. Chris and Sheri discuss many facets of the rules and what steps companies can take to ensure compliance, including:
* Which companies are subject to the new rules?
* Who must the policy cover?
* What compensation is covered?
* What amount is recoverable?
* What triggers a clawback?
* May the compensation committee exercise discretion as to whether or not to pursue a clawback?
* Can a company indemnify an executive for the loss of erroneously awarded compensation?
* What is the consequence for a company’s failure to comply?
* What are some practical considerations for getting into compliance?
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Oct 5, 2023
Practical Lessons Learned Regarding the Bank Secrecy Act and Anti-Money Laundering for Financial Institutions
Join Troutman Pepper Partner Chris Willis and fellow Partner Matthew Orso as they discuss the Bank Secrecy Act, anti-money laundering, and countering the financing of terrorism rules, as they pertain to financial institutions defined by FinCEN. The discussion includes topics such as which companies are subject to the rules, compliance issues financial institutions may face, and what financial institutions can do to avoid potential issues.
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Sep 28, 2023
Federal Banking Interagency Final Guidance on Third-Party Relationships
In this episode of _The Consumer Finance Podcast, _Troutman Pepper Partner Chris Willis and fellow Partner Glen Trudel discuss the Final Interagency Guidance put out by the Federal Reserve, the FDIC, and the OCC regarding third-party relationships. Topics include the agencies' goals in putting out this joint guidance, notable points raised in the guidance, and potential impacts on the industry from the advent of this guidance.
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Sep 26, 2023
Our State and Federal Legislative and Regulatory Tracking Products
Please join Troutman Pepper Partners Kim Phan and Stefanie Jackman for a special podcast episode showcasing our firm's state and federal legislative and regulatory tracking products. These powerful tools were designed to inform industry professionals about the latest state and federal legislative and regulatory developments in order to aid organizations with their compliance management systems and initiatives. The weekly trackers focus on three areas: debt collection, privacy and data security, and consumer reporting and Fair Credit Reporting Act case law. In addition to a weekly tracker, you will be invited to participate in monthly roundtable discussions with Kim and Stefanie. You will also have access to a searchable online portal, which houses all of the information sent out in the weekly updates plus the topics covered in our monthly roundtables. Please tune in to learn more about receiving this valuable tool for your organization.
For more information on our firm's state and federal legislative and regulatory tracking products, contact Stefanie Jackman, Kim Phan, or Mike Bevel.
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Sep 21, 2023
CFPB's Rulemaking Under the FCRA (Part 3) – Crossover Episode With FCRA Focus Podcast
Join us for the third episode in a special three-part series covering the CFPB's intention to propose new rules under the Fair Credit Reporting Act (FCRA). In this episode, Troutman Pepper Partners Chris Willis, Dave Gettings, Kim Phan, Ethan Ostroff, and Ron Raether discuss the potential implications of regulating data brokers under the FCRA, and how this might affect data brokers as well as other types of entities, including users, consumer reporting agencies, and resellers.
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Sep 14, 2023
CFPB's Rulemaking Under the FCRA (Part 2) – Crossover Episode With FCRA Focus Podcast
Join us for the second episode in a special three-part series covering the CFPB's intention to propose new rules under the Fair Credit Reporting Act (FCRA). In this episode, Troutman Pepper Partners Chris Willis, Dave Gettings, Kim Phan, Ron Raether, and Ethan Ostroff discuss the regulation of credit header data and the potential impact on the FCRA and consumer reporting agencies, as well as users and data brokers.
Stay tuned for the third and final episode in this series, which will focus specifically on data brokers and the possibility of regulating them under the FCRA, and how this might affect data brokers as well as other types of entities, users, consumer reporting agencies, and resellers.
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Sep 7, 2023
CFPB's Rulemaking Under the FCRA – Crossover Episode With FCRA Focus Podcast
Join us for the first episode in a special three-part series covering the CFPB's intention to propose new rules under the Fair Credit Reporting Act (FCRA). In this episode, Troutman Pepper Partners Chris Willis, Dave Gettings, Ethan Ostroff, and Kim Phan explore the historical events that led us to this point, the next steps in the rulemaking process, the expected timeline for a final rule, how the CFPB is coordinating with the FTC and other regulators, and the expected proposed rulemaking regarding credit header data and data brokers.
Stay tuned for the next two episodes in this series. In our second episode, our panel will discuss the regulation of credit header data and the potential impact on the FCRA and consumer reporting agencies, as well as users and data brokers. And the final episode of our series will focus specifically on data brokers and the possibility of regulating data brokers under the FCRA, the effect it can have on data brokers as well as other types of entities, us…
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Aug 31, 2023
Update on the CFPB's Section 1071 Final Rule
Please join Troutman Pepper Partner Chris Willis and his colleagues Lori Sommerfield and Joe Reilly for an important update on the Consumer Financial Protection Bureau's (CFPB) new small business lending data collection and reporting final rule — the Section 1071 Final Rule. On July 31, the U.S. District Court for the Southern District of Texas issued a preliminary injunction enjoining the CFPB from implementing and enforcing the Final Rule against members of the American Bankers Association, Texas Bankers Association, and a Texas bank. Chris, Lori, and Joe discuss who benefits from the injunction and what it means for those who do not, advocacy efforts by other financial institution trade groups to level the playing field, the impact on small business borrowers, when we can expect a resolution, and until then, how small business lenders should move forward.
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Aug 24, 2023
Current Landscape of Cryptocurrency Regulation and Enforcement
In this episode of _The Consumer Finance Podcast, _Troutman Pepper Partner Chris Willis is joined by colleagues Ethan Ostroff and Trey Smith to discuss the current landscape of cryptocurrency regulation and enforcement. Our team offers insights to the industry about various topics, including:
* Regulation of cryptocurrency at the federal and state level, and what the regulators are targeting;
* The involvement of state attorneys general in cryptocurrency and enforcement;
* Movement on the legislative front, including New York's Cryptocurrency Regulation, Protection, Transparency, and Oversight Act, and the U.S. House of Representatives Financial Services Committee release of the Digital Asset Market Structure Discussion Draft; and
* What we can expect in the future with regard to cryptocurrency regulation and enforcement.
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Aug 17, 2023
How to Combat Corporate Theft: Office Space – Crossover Episode With the Hiring to Firing Podcast
Corporate theft can happen in any workplace, but in the world of financial services, the theft can also create regulatory and litigation exposure for financial institutions. What type of employee is most likely to steal from the company or its customers? What can companies do to combat this? Partners Tracey Diamond and Evan Gibbs chatted with Troutman Pepper Partner Chris Willis about the popular movie _Office Space, _employee misconduct, and creative uses of technology to protect against corporate theft.
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Aug 3, 2023
CFPB Advisory Opinion on Time-barred Debt Collection
In our latest episode of _The Consumer Finance Podcast, _Chris Willis and his colleagues Stefanie Jackman, Joe Reilly, and Jonathan Floyd discuss the CFPB's advisory opinion related to collection of time-barred debt. The discussion includes a look at the historical events that led up to this opinion, whether or not an FDCPA-covered debt collector can sue to collect a time-barred debt, how this opinion relates to state law analogs, and key takeaways for the industry.
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Jul 27, 2023
Recent Developments in California Privacy Laws
Please join Troutman Pepper Partner Chris Willis and his colleague Kim Phan as they discuss the new California Privacy Rights Act (CPRA) and the creation of the California Privacy Protection Agency (CPPA), California's first state agency focused exclusively on privacy. They also dive into the CPPA's recent amendments to the California Consumer Privacy Act (CCPA), discussing the timeline, overview, and technical guidance for companies. And with 23 topical areas of regulation — what we can expect from the CPRA's next set of rules.
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Jul 20, 2023
How Voice AI and Machine Learning Redefine Call Center Controls
Please join Troutman Pepper Partners Chris Willis and Stefanie Jackman, along with special guest Prodigal Banking Strategy Leader Scott Hamilton for a discussion about how voice AI and machine learning contribute to more efficient call center controls plus much more. Topics include:
* The challenges faced by call centers;
* The benefits of machine learning models capable of assessing calls with accuracy that often exceeds the accuracy of a human;
* How these machine learning models work;
* What banks have learned along this journey; and
* For those interested in learning more, where should you start?
Scott Hamilton serves as the banking strategy leader at Prodigal, a voice AI software company focused exclusively on consumer finance. Before joining Prodigal, Scott spent 30 years leading operational transformations and risk consent order remediation efforts at several large financial institutions, while also consulting with approximately 25 other banks. Most recently, Scott f…
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Jul 13, 2023
Troutman Pepper Attorneys Update Fair Lending Handbook for the American Association of Bank Directors
Please join Troutman Pepper Partners Chris Willis and Lori Sommerfield, along with American Association of Bank Directors (AABD) President David Baris, for a special announcement about the recently published second edition of the _Practical Handbook on Fair Lending for Bank Directors and Executive Officers_ (AABD Handbook). The updated AABD Handbook addresses the dramatic shift in the regulatory landscape for enforcement of the federal fair lending laws over the past decade, with aggressive enforcement of the Equal Credit Opportunity Act and Fair Housing Act by federal agencies (including the CFPB, U.S. Department of Justice, and federal banking agencies) under various presidential administrations.
The AABD Handbook is designed to raise awareness and provide education to bank directors and executive officers about federal fair lending laws and related laws, as well as offer guidance to directors and executive management on their roles in providing meaningful oversight for fair lending…
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Jul 11, 2023
Announcing Troutman Pepper’s New Payments Pros Podcast!
Please join Troutman Pepper attorneys Chris Willis, Keith Barnett, Carlin McCrory, and Josh McBeain in announcing the _Payments Pros Podcast_ — our new podcast providing insights for those in the payments law industry. This podcast features analysis and commentary from our attorneys and business leaders, regulatory experts, and stakeholders on the most challenging legal and regulatory concerns confronted by companies and others in the payments industry. From the BSA to EFTs, fintech to regtech, licensure to lending, NACHA to the CFPB, and payment processing to debt collecting, we have you covered!
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Jul 6, 2023
CFPB's Larger Participant Rule for Consumer Payments
Please join Troutman Pepper Partner Chris Willis and colleagues Keith Barnett, Carlin McCrory, and Josh McBeain as they discuss the Consumer Financial Protection Bureau's (CFPB) larger participant rule for consumer payments mentioned in its 2023 semi-annual rulemaking agenda. During this podcast, they examine a myriad of topics concerning this rule, including the following:
* The current trend of CFPB supervision and why the CFPB is proposing this larger participant rule;
* The influence on the substantive law governing some aspects of payments;
* The implication of CFPB examinations of payments companies for the development of the law or regulatory expectations related to Reg E;
* How the CFPB might use UDAAP in the payments space to drive sought-after industry changes or remediations; and
* The anticipated timeline for the proposed rule.
We also invite you to listen and subscribe to our new podcast, _Payments Pros – The Payments Law Podcast _for insights into the legal…
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Jun 29, 2023
The Future of Chevron Deference
Please join Troutman Pepper Partners Chris Willis and Misha Tseytlin as they discuss the Supreme Court's recent decision to review _Loper Bright Enterprises v. Sec. of Commerce_, which will consider the question of whether to overrule _Chevron_ deference for agency interpretations of statutes. Chris and Misha discuss what may happen if _Chevron _deference is overruled, either in whole or in part, including how this may affect pending lower court cases, the potential impact on future Administrative Procedure Act cases, and the implications for agency rulemakings that may have relied on _Chevron_ deference when promulgated.
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Jun 22, 2023
The Latest on HUD's Disparate Impact Rule
Please join Troutman Pepper Partner Chris Willis and his colleagues Lori Sommerfield and Leigh Poltrock as they discuss HUD's ever-changing disparate impact rule. Topics include an analysis of the rule's many versions over the last 10 years, HUD's reaction to the U.S. Supreme Court's 2015 _Inclusive Communities_ decision, what we should expect from an enforcement and litigation standpoint, and what industry participants should do in light of these developments.
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Jun 15, 2023
Announcing Troutman Pepper's New Financial Services Blog and Financial Services App!
Please join Troutman Pepper Partners Chris Willis and James Stevens for a very special announcement about two new great tools for the financial services industry: The _Troutman Pepper Financial Services_ blog and the Troutman Pepper Financial Services app. The blog will provide analysis and commentary on financial services law, regulation, and business, spanning across all areas of law that impact financial services providers. The new app serves as a convenient location to access all of our content, including blogs, articles, podcasts, events, practice area descriptions, and directory of our financial services attorneys. Tune in to hear more about these exciting new ways to stay on top of insights across the entire financial services industry.
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Jun 8, 2023
CFPB's War on Junk Fees
Please join Troutman Pepper Partners Chris Willis and Jason Cover as they discuss the Consumer Financial Protection Bureau’s (CFPB) recent special edition _Supervisory Highlights_ focused on “junk fees.” Chris and Jason dive into the report and talk about how this fits into the CFPB’s broader initiative on junk fees, what exactly constitutes a junk fee, the types of fees the CFPB identifies as problematic, if this means that creditors can’t charge any of these fees, and steps to take to mitigate risk when imposing fees.
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May 30, 2023
CFPB's Section 1071 Final Rule (Part 3): Potential Problem Areas
Please join Troutman Pepper Partner Chris Willis and his colleagues Mark Furletti, Joe Reilly, and Christine Emello for the last installment of a special three-part series about the Consumer Financial Protection Bureau’s (CFPB) new small business lending data collection and reporting final rule — the Section 1071 rule. Part 3 focuses on specific areas, including highlighting those we worry will be especially troublesome for small business lenders.
CFS Partner Mark Furletti focuses his practice on federal and state consumer and small business lending and payments laws, including those that apply to payment cards, buy-now-pay-later transactions, vehicle-secured loans, lines of credit, unsecured loans, and deposit products. He counsels consumer and small business financial services providers, including banks, on regulatory compliance, and defends them in class-action litigation and government supervisory and enforcement matters. He also advises merchant receivables purchasers, compan…
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May 25, 2023
CFPB's Policy Statement on Abusiveness (Part 2)
Please join Troutman Pepper Partner Chris Willis and his colleagues Stefanie Jackman, Caleb Rosenberg, and Chris Capurso for the second installment of our special two-part series about the Consumer Financial Protection Bureau's (CFPB) recent policy statement on abusiveness. In Part 2, the panel discusses specific examples cited in the policy statement, as well as lessons learned about what constitutes abusiveness and what doesn't from the CFPB's perspective.
CFS Partner Stefanie Jackman devotes her practice to assisting financial services institutions facing state and federal government investigations and examinations, counseling them on complex compliance issues, as well as defending them in individual and class-action lawsuits. Stefanie represents clients across the financial services industry, including banks and nonbanks, mortgage banking lenders and servicers, debt collectors and buyers, third-party service providers, health care and medical revenue cycle service providers, credi…
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May 18, 2023
AI: Impact and Use in the Financial Services Industry – Crossover Episode with Regulatory Oversight Podcast
Financial services companies are using AI to assist with many business processes, including underwriting decisions, consumer credit approval, servicing and collections, loss mitigation programs, customer interaction on websites and mobile apps via chatbots, and in detecting fraud. In this fourth episode, Stephen Piepgrass and colleagues Chris Willis and Michael Yaghi examine the use and impact of AI in the financial services industry. They discuss the potential risks financial services companies may face with increased reliance on AI, as well as the increased focus on AI by various regulators and state attorneys general.
Our panel also offers practical suggestions for financial services companies who want to develop or adopt machine learning models into their business processes.
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May 16, 2023
CFPB's Section 1071 Final Rule (Part 2): Deep Dive on Data Collection and Discouragement
Please join Troutman Pepper Partner Chris Willis and his colleagues Lori Sommerfield and Caleb Rosenberg for the second installment of a special three-part series about the Consumer Financial Protection Bureau's (CFPB) new small business lending data collection and reporting final rule — the Section 1071 rule. Part 2 takes a deeper dive into the rule's data collection requirements, including what needs to be collected, when and how, and significant new provisions, dealing with discouraging people from responding to Section 1071 information requests, particularly concerning demographic information.
Stay tuned for Part 3, which focuses on specific areas for consideration, including those especially troublesome for small business lenders.
CFS Partner Lori Sommerfield brings more than two decades of experience in representing a wide range of banks, financial institutions, and financial services companies in fair lending and responsible banking regulatory compliance. She has extensive e…
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May 11, 2023
SEC Record Retention Enforcement Actions
Please join Troutman Pepper Partners Chris Willis and Kim Phan for an in-depth discussion about the Securities and Exchange Commission's (SEC's) recent record retention enforcement actions. Chris and Kim explore the uptick in enforcement actions over the last year, the claims made in these cases, the SEC-imposed requirements and penalties on these companies, what we can expect going forward from the financial services regulators, and what financial institutions should do now to get ahead of these types of enforcement actions.
Privacy + Cyber Partner Kim Phan focuses her practice on providing guidance to clients on regulatory compliance matters, including supervisory and enforcement interactions with the Consumer Financial Protection Bureau (CFPB), the Federal Trade Commission (FTC), and other federal regulatory agencies, including the SEC. She has successfully represented multiple national companies through the FTC investigatory process, resulting in "no-action" letters. She has couns…
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May 4, 2023
CFPB's Policy Statement on Abusiveness (Part 1)
Please join Troutman Pepper Partner Chris Willis and his colleagues Alan Wingfield, James Kim, and Taylor Gess for the first installment of a special two-part series about the Consumer Financial Protection Bureau's (CFPB) recent policy statement on abusiveness. In Part 1 the panel discusses the background of the policy statement, the definition of abusiveness, when it exists and when it doesn't, and practical considerations for compliance.
Stay tuned for Part 2 of this special series on the abusiveness statement for a deeper dive into some specific examples cited in the policy statement, as well as lessons learned about what constitutes abusiveness and what doesn't from the CFPB's perspective.
CFS Partner Alan Wingfield focuses his practice on financial services litigation and consumer law compliance counseling. He helps businesses with the myriad federal and state consumer protection laws, as well as laws regulating financial services and other types of consumer-facing companies. Al…
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May 2, 2023
CFPB’s Section 1071 Final Rule (Part 1): A General Overview
Please join Troutman Pepper Partner Chris Willis and his colleagues Lori Sommerfield, Addison Morgan, and Josh McBeain for the first installment of a special three-part series about the Consumer Financial Protection Bureau’s (CFPB) new small business lending data collection and reporting final rule — the Section 1071 rule. Part 1 of this special series provides a general overview of the rule, including:
* What the rule is designed to do;
* The definition of a small business for the purpose of this rule;
* What types of small business lenders are covered;
* Covered and excluded credit transactions as defined by the rule;
* The three types of data required to be collected;
* Anti-discouragement provisions of the rule;
* Data collection and reporting requirements and what the CFPB intends to do with the collected data;
* Safe harbor provisions within the rule; and
* The differences between the proposed rule and the final rule.
Stay tuned for Part 2 of this special…
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Apr 27, 2023
Recent Trends in Article III Standing
Please join Troutman Pepper Partner Chris Willis and his colleagues Jonathan Floyd and Meagan Mihalko as they discuss recent trends in Article III standing in the federal courts. The trio examine why this is a big deal in consumer litigation, whether courts consistently apply recent Supreme Court decisions with one another, and what considerations and implications defendants should consider when deciding whether or not to remove a case from state to federal court.
Consumer Financial Services Associate Jonathan Floyd focuses his practice on financial services litigation, representing clients in class actions and business disputes in both federal and state courts. Jonathan helps businesses navigate and litigate the myriad consumer and financial services laws, particularly with the many "alphabet soup" federal consumer protection statutes, such as the Fair Debt Collection Practices Act (FDCPA), Telephone Consumer Protection Act (TCPA), and Fair Credit Reporting Act (FCRA). Jonathan's exp…
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Apr 20, 2023
CFPB Request for Information About the Status of Data Brokers Under the Fair Credit Reporting Act
Please join Troutman Pepper Partner Chris Willis and his fellow Partner Julie Hoffmeister as they discuss the Consumer Financial Protection Bureau's (CFPB) recent request for information about data brokers and the potential interplay with the Fair Credit Reporting Act (FCRA). During this episode, they expand on the CFPB's potential FCRA rulemaking regarding data brokers, the CFPB's intent to monitor data brokers and its desire to have greater oversight on the data broker industry, and the steps that the CFPB may take in response to the request for information.
As part of the firm's Privacy + Cyber Practice Group, Julie focuses her practice on defending consumer-facing companies of all types in individual and class actions, including claims under the FCRA and other federal and state law-related privacy claims.
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Apr 13, 2023
A Day in the Life of a Financial Services General Counsel
Please join Troutman Pepper Partner Chris Willis and his colleague Vin Thomas as they discuss what it's like to be a general counsel of a financial services company, based on Vin's long experience as a financial services general counsel. During this episode, they examine various types of challenging work a general counsel faces, including managing regulatory and compliance matters; the nuances of working for public and private companies handling deals, such as mergers and acquisitions; initial public offerings; and navigating a myriad of litigation matters.
As part of the firm's Consumer Financial Services Practice Group, Vin Thomas provides corporate and regulatory advice to clients, bringing substantial experience in public and private company representation. Vin focuses his practice on regulatory risks posed by state and federal laws aimed at protecting consumers with credit, deposit, and payments products. Having served as general counsel for multiple companies in the financial se…
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Apr 6, 2023
Lots of Developments in Small Business Finance
Please join Troutman Pepper Partner Chris Willis and his colleagues Caleb Rosenberg and Josh McBeain as they discuss a string of recent developments in small business financing at both the state and federal level, including the CFPB's small business data collection rule and the regulations under state disclosure laws.
Caleb Rosenberg focuses his practice on helping small business finance companies, banks, fintech companies, and licensed lenders navigate regulatory risks posed by state and federal laws. He has experience performing regulatory due diligence on financial technology companies and assisting clients in responding to regulatory inquiries.
Josh McBeain focuses on federal and state consumer and business lending and payments laws, while also counseling clients on state and federal laws applicable to the development of digital financial service products. To help advance his clients goals, Josh leverages his previous experience as in-house counsel to a major financial institutio…
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Mar 30, 2023
New Trends in How the CFPB Gathers Information
Please join Troutman Pepper Partner Chris Willis for a solo episode as he discusses new trends in CFPB information gathering, specifically Dodd-Frank Act Section 1022 found in the rulemaking and market monitoring section of the CFPB’s authority. Here, Chris examines how the CFPB can request and require certain information from market participants, noting the significant increase in recent CFPB Section 1022 requests, while also discussing industry implications of this emerging trend.
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Mar 23, 2023
Autorenewals Crossover Episode with The Crypto Exchange
Most consumers have signed up for subscriptions, automatic deliveries, or free trials that convert into a paid subscription. In this episode of _The Crypto Exchange_, Carlin McCrory welcomes colleagues Mark Furletti and Jill Dolan to discuss legal and regulatory developments related to autorenewals — the recurring payments for these subscriptions. Our panel examines state and federal laws pertaining to negative option offers, including Section 5 of the FTC Act; recent actions by state attorneys general on autorenewal and cancellation policies; and how companies can ensure compliance with relevant requirements.
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Mar 9, 2023
Illinois Federal Court Dismisses CFPB's First Redlining Case, Holding ECOA Doesn't Extend to Prospective Applicants
Please join Troutman Pepper Partner Chris Willis and his colleague Consumer Financial Services Partner Lori Sommerfield as they discuss the implications of the recent Illinois federal court decision, dismissing the CFPB's first-ever redlining case against Townstone Financial, Inc., which alleged that Townstone engaged in redlining practices by discouraging applications under the Equal Credit Opportunity Act (ECOA) through its marketing approach. The court found that ECOA does not extend to prospective applicants.
A seasoned consumer financial services attorney, Lori Sommerfield brings more than two decades of experience in federal government, in-house, and private practice settings. She leverages her deep expertise in fair lending and responsible banking regulatory compliance when routinely counseling clients in consumer financial services supervisory issues, examinations, investigations, and enforcement actions. Lori also comes highly experienced in advising clients on compliance wit…
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Feb 23, 2023
CFPB-New York AG Lawsuit Analyses Against Subprime Auto Financer
Please join Troutman Pepper Partner Chris Willis for a solo episode as he shares his thoughts about the recent lawsuit between the CFPB and the New York State Office of the Attorney General against a subprime auto finance company. He covers some of the unusual claims made in the case, flaws he sees in the asserted legal theories, and potential implications for the rest of the auto finance industry.
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Feb 17, 2023
2022 Year in Review and Look Ahead Crossover With FCRA Focus
Please join Consumer Financial Services Partner Chris Willis in this inaugural crossover episode with Partner Dave Gettings of _FCRA Focus_ in welcoming their guests and fellow Partners Cindy Hanson and David Anthony. Dave, Chris, Cindy, and David unite to discuss the 2022 year in review of the Fair Credit Reporting Act and a look ahead for the next year.
Cindy Hanson focuses her practice on class-action defense and has practiced FCRA litigation for over 25 years. She has handled more than a thousand matters under the FCRA and also brings significant experience representing companies defending class actions under consumer protection statues and state common law.
David Anthony represents companies in highly regulated industries, including consumer financial services companies. He brings significant experience in class actions and complex individual lawsuits. He has vast litigation experience defending cases under the FCRA, the Fair Debt Collection Practices Act, the Telephone Consumer…
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Feb 2, 2023
Commercial Financing Regulatory Developments
Please join Troutman Pepper Partner Chris Willis and his colleagues Associates Caleb Rosenberg and Josh McBeain as they discuss commercial financing regulatory developments, specifically what is happening in both legislatures and regulatory agencies to extend consumer-like protections to business borrowers.
Caleb Rosenberg focuses his practice on helping banks, fintech companies, finance companies, and licensed lenders navigate regulatory risks posed by state and federal laws. He has experience performing regulatory due diligence on financial technology companies and assisting clients in responding to regulatory inquiries.
Prior to joining the firm, Josh McBeain served as in-house counsel to a major financial institution and worked at the Federal Reserve Bank of Minneapolis and draws on that experience in his practice. He focuses on federal and state consumer and business lending and payments laws, and counsels clients on state and federal laws applicable to the development of digita…
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Jan 19, 2023
Settlement Agreement Update Between the DOJ and Meta
Please join Troutman Pepper Partner Chris Willis for this solo episode as he reviews the settlement between the U.S. Department of Justice (DOJ) and Meta Platforms, Inc. related to online targeted advertising.
Chris digs into DOJ's complaint, alleging that Meta allowed its advertisers to use user's characteristics, such as race, color, religion, sex, and more, to determine which Facebook users would be eligible to receive certain housing ads. He also discusses the June 27, 2022 preliminary settlement that resolved allegations against Facebook, as well as the most recent January 9 settlement and its implications for financial services companies advertising on social media and web platforms.
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Jan 13, 2023
A Sneak Peek in the Consumer Financial Services Year in Review and a Look Ahead
Please join Consumer Financial Services Partner Chris Willis and his colleague Consumer Financial Services Partner David Anthony as they discuss the firm's seventh annual edition of the _Consumer Financial Services Year in Review and a Look Ahead_, which offers a 2022 review of regulatory and legal developments in the consumer financial services industry.
In his national litigation practice, David represents companies in highly regulated industries, with clients relying on him to resolve their most difficult and complex legal and business challenges both in and out of the courtroom.
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Dec 22, 2022
New Consumer Bankruptcy Reform Act Implications and the 2023 Congressional Outlook
Please join Consumer Financial Services Partner Chris Willis and his colleagues Deborah Kovsky and Tom Tilton as they discuss new pending legislation — the Consumer Bankruptcy Reform Act — as well as the general, overall legislative and financial services outlook in the next Congress.
Finance and Restructuring Partner Deb Kovsky represents secured and unsecured creditors and other key stakeholders in bankruptcy cases, out-of-court workouts, and distressed M&A transactions. Deb regularly advises consumer finance clients on bankruptcy and insolvency matters. Deb also uses her experience to lecture on bankruptcy topics to national and regional organizations.
Troutman Pepper Strategies Director Tom Tilton leads the firm’s governmental relations and issue management arm in the development of strategy, outreach, and client initiative advocacy before Congress and federal agencies. He has over a decade of policy and legislative experience through his work on and off of Capitol Hill, in…
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Dec 15, 2022
What to Do When a Phishing Attack Happens to You
Please join Consumer Financial Services Partner Chris Willis and his colleagues Privacy + Cyber Associate Sadia Mirza and Privacy + Cyber Partner Kamran Salour as they discuss phishing. Kamran and Sadia break down what phishing is, the major security risk it poses for companies, and how to handle a phishing attack.
Sadia Mirza has extensive experience in data security and privacy matters. When counseling clients on cutting-edge privacy and cybersecurity issues, they especially turn to Sadia for pre-incident response planning and preparedness or at the first signs of a security incident. She has handled several data breaches and investigations in a variety of industries and has experience defending companies under investigation by the Federal Trade Commission, attorneys general offices, and other regulatory authorities.
Kamran Salour focuses his practice on helping clients through their toughest cybersecurity and privacy issues with his extensive data security experience. Clients look…
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Dec 8, 2022
What Is Mass Arbitration and How Should Companies Protect Themselves?
Please join Consumer Financial Services Partner Chris Willis and his colleagues Jeremy Rosenblum and Tony Kaye as they discuss the phenomenon of mass arbitrations, which pose increasing risk to the consumer finance industry. The partners use their knowledge to explain what mass arbitration is and describe prophylactic measures companies should take.
Jeremy is a partner in the Consumer Financial Services Practice Group, with nearly four decades of experience representing the financial services industry. He focuses his practice on federal and state lending and consumer practice laws.
Tony is also a partner in the Consumer Financial Services Practice Group. He counsels financial services providers on compliance issues and has significant experience defending clients in individual and class action lawsuits filed by consumers.
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Nov 17, 2022
California Updates Protections for Service Members and Veterans
Please join Consumer Financial Services Partner Chris Willis and his guest and colleague Tony Kaye as they discuss the recently enacted California Senate Bill 1311 or Military and Veteran Consumer Protection Act of 2022. Effective January 1, 2023, the new bill — drawn up by the California attorney general’s office — intends to enhance consumer protections for military service members, directly affecting the Military Lending Act’s exception for loans to purchase motor vehicles and other personal property.
Consumer Financial Services Partner Tony Kaye brings a broad knowledge in military lending laws. He regularly advises financial services providers on compliance issues, while also guiding financial institutions to successfully navigate CFPB investigations and a variety of other government investigations, examinations, and enforcement actions.
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Nov 15, 2022
AG’s Office Sues Automobile Dealership for Pricing Discrimination
Please join Consumer Financial Services Partner Chris Willis and his colleagues Stefanie Jackman and Chris Carlson as they discuss the recent action by the Massachusetts attorney general (AG) involving automobile dealer pricing discrimination. After a Massachusetts-based automobile dealer allegedly engaged in discriminatory pricing toward Black and Hispanic automobile customers via additional charges for "add-on" products, the AG's office acted. Listen as Chris, Stefanie, and Chris dive deeper into the case and what it could mean for automobile dealers in the future.
Consumer Financial Services Partner Stefanie Jackman devotes her practice to assisting financial services institutions facing state and federal government investigations and examinations, with a significant portion in providing compliance-related advice. She represents a broad range of clients across the financial services industry, including auto lenders.
As a member of the firm's RISE group, Associate Chris Carlson dra…
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Nov 3, 2022
FTC Consent Order With Auto Dealer and Proposed Rule
Please join Troutman Pepper Partner Chris Willis and his guest and colleague Brooke Conkle as they discuss the Federal Trade Commission’s (FTC) recent consent order with Passport Auto Group. The FTC alleged Passport violated the law in three areas: Passport had a practice of marking up fees from the advertised price; Passport had a discretionary markup practice that caused Black and Latino customers to pay higher fees; and it charged Black and Latino customers additional fees for markups for extra services. The consent order requires Passport to pay $3.38 million, with the FTC redistributing the money to affected customers. Chris and Brooke further discuss the FTC’s proposed rule relating to disclosure of fees and how this affects auto dealerships.
Associate Brooke Conkle focuses her practice on complex litigation and federal consumer protection statutes, including the Fair Credit Reporting Act (FCRA) and Regulation V, the Equal Credit Opportunity Act (ECOA) and Regulation B, the…
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Oct 27, 2022
Recent Developments in Anti-Money Laundering
Please join Consumer Financial Services Partner Chris Willis and his colleague and fellow Partner Jordi de Llano as they discuss recent developments in anti-money laundering. In this episode, the attorneys examine FinCen's September 2022 final rule, which implements guidance on new beneficial ownership information reporting requirements of the Corporate Transparency Act (CTA), as well as take a deeper dive into recent developments and what it means for different entities.
Jordi de Llano formerly served as assistant U.S. attorney and deputy chief of the Securities, Financial, and Cyber Fraud Unit in the U.S. attorney's office in Boston. He also previously ran the Financial Crimes/Suspicious Activity Report (SAR) Review Task Force at the U.S. attorney's office in Lexington, KY. In that role, Jordi oversaw all investigations involving SARs, Bank Secrecy Act (BSA) violations, and money laundering. He also served as the primary liaison for the U.S. attorney's office with local financial in…
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Oct 21, 2022
Initial Reactions to the Fifth Circuit CFSA Decision
Please join Consumer Financial Services Partner Chris Willis and his colleague Partner Misha Tseytlin to discuss the Fifth Circuit's decision in _Community Financial Services Association of America, Ltd. v. Consumer Financial Protection Bureau_, what may happen next and when, and the ruling's practical impact on the consumer finance industry. As noted in our October 20 blog about the CFSA case, a Fifth Circuit panel found the funding mechanism for the CFPB to be unconstitutional.
Misha leads the firm's national Appellate + Supreme Court Practice Group. He is an appellate attorney who handles his clients' most important cases and achieves optimal outcomes by drawing on an accomplished track record before the U.S. Supreme Court, federal courts of appeal, and state courts.
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Oct 20, 2022
Wire Fraud Scams: What You Need to Know
Please join Consumer Financial Services Partner Chris Willis and his colleagues and fellow Partners Mary Zinsner and Susan Flint as they discuss the current landscape of wire fraud scams in the financial services industry. Topics include:
* Wire fraud scams, such as Business Email Compromise (BEC) fraud, and the potential liability of banks;
* How banks should analyze wire fraud claims in the pre-litigation stage;
* How courts are ruling on the issues;
* Responsibilities of nonbank parties to the wire; and
* Tips for bank in-house counsel in handling wire fraud transfer situations.
Mary Zinsner focuses her practice on litigation and strategy in lender liability, check and bank operation, class action, consumer finance, fiduciary matters, and creditor's rights disputes. While Mary litigates extensively in the federal and state trial and appellate courts in Virginia, Maryland, and the District of Columbia, as well as in the U.S. Court of Appeals for the Fourth Circuit, she re…
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Oct 13, 2022
Privacy and Data Security Update
Please join Consumer Financial Services Partner Chris Willis and his colleagues Ron Raether and Kim Phan, partners in our Privacy + Cyber Practice Group, as they discuss recent privacy and data security updates in the consumer financial services industry. Topics include:
* The CFPB's and FTC's regulatory stance on privacy and data security issues;
* The current landscape of privacy legislation; and
* Emerging trends in privacy and data security litigation, including the status of litigation under the California Consumer Privacy Act, and how businesses can protect themselves going forward.
Ron Raether has helped companies navigate federal and state privacy laws for over 20 years. He has effectively defended hundreds of privacy and data security putative class actions. Ron's experience is unique in the number of privacy cases litigated through class and substantive issue motions, including defending those successes in the appellate courts.
Kim Phan counsels financial institution…
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Oct 6, 2022
Rewards Programs and Co-Brand Relationships Between Credit Card Issuers and Merchants
Please join Troutman Pepper Partner Chris Willis and his guest and fellow Partner Glen Trudel as they discuss credit card rewards and loyalty programs and the co-brand relationship. Topics include:
* The importance of the co-brand credit card pairing;
* Issues, concerns, or risks that both the merchant and the card issuer encounter in co-brand rewards programs; and
* Current trends in the marketplace for credit card rewards programs.
Glen Trudel is a consumer financial services, banking, and business attorney who counsels financial institutions, marketplace lenders, fintech entities, and other companies on both regulatory and transactional matters. He has significant experience documenting and creating marketplace lender platforms and structures, as well as with the acquisition and divestiture of consumer and business credit card and other loan portfolios. Glen has extensive experience representing card issuers and partners in the negotiation, structuring, creation, and adminis…
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Sep 29, 2022
FTC Notice of Proposed Rulemaking for Voluntary Products in Automobile Finance Transactions
Please join Troutman Pepper Partner Chris Willis and his guests and colleagues Alan Wingfield and Brooke Conkle as they discuss the Federal Trade Commission's (FTC) recent Notice of Proposed Rulemaking governing voluntary products in automobile finance transactions. During the podcast, they examine the requirements imposed on both advertising practices and the sales process and what it means for the automotive industry.
Consumer Financial Services Partner Alan Wingfield helps consumer-facing clients navigate compliance, litigation, and regulatory risks posed by the complex web of state and federal consumer protection laws, including Section 5 of the FTC Act and state equivalents of the Unfair and Deceptive Act and Practices Act (UDAP). He is a trusted advisor and tireless advocate, helping clients develop practical compliance and dispute-resolution strategies.
Associate Brooke Conkle focuses her practice on complex litigation and federal consumer protection statutes, including the Fa…
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Sep 22, 2022
Keeping Up With the Bureau Episode 4: Hot Topics in Collections: Fees, Reg F Landscape, and What’s Next
Please join Consumer Financial Services Partner Stefanie Jackman and her guests and colleagues James Trefil and Jonathan Floyd in the fourth and final episode of a special four-part series on recent developments at the Consumer Financial Protection Bureau. In this episode, topics include debt collection and convenience fees, trends in Regulation F litigation, and predictions in the collections world for the next year.
Partner Stefanie Jackman devotes her practice to assisting financial services institutions facing state and federal government investigations and examinations, counseling them on complex compliance issues, as well as defending them in individual and class-action lawsuits. She regularly advises her clients on issues arising under an array of federal and state consumer financial laws, including UDAP/UDAAP statutes, the FDCPA, FCRA, TCPA, EFTA, SCRA, and TILA.
Counsel James Trefil primarily focuses his practice on financial services litigation, including representing clien…
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Sep 15, 2022
Keeping Up With the Bureau Episode 3: Evolving Federal and State Requirements for Furnishers and Users of Consumer Reports
Please join Consumer Financial Services Partner Ethan Ostroff and his guests and colleagues Alan Wingfield, Chris Capurso, and Derek Schwahn in the third episode of a special four-part series on recent developments with the Consumer Financial Protection Bureau (CFPB). In this episode, topics include:
* The CFPB's recent focus on the furnishers' obligation to respond to consumer disputes;
* Steps furnishers can take to ensure they properly investigate and respond to consumer disputes;
* Recent developments on reporting medical debt; and
* The CFPB's views on what should and should not be contained on a consumer's credit report.
Partner Ethan Ostroff's practice includes advising companies on compliance issues and interactions with regulators concerning the Fair Credit Reporting Act, as well as defending furnishers, users, and specialty consumer reporting agencies in individual and class-action lawsuits under the FCRA.
Partner Alan Wingfield helps consumer-facing clients naviga…
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Sep 8, 2022
Keeping Up With the Bureau Episode 2: FCRA Preemption Issues, Infringing State Laws, and the CFPB's Position
Please join Consumer Financial Services Partner Kim Phan and her guests and colleagues Alan Wingfield and David Anthony in the second episode of a special four-part series on recent developments with the Consumer Financial Protection Bureau (CFPB). In this episode, topics include the CFPB's position on preemption issues, Fair Credit Reporting Act (FCRA) state law infringement, and the CFPB's general position on state interactions and enforcement.
Consumer Financial Services Partner Alan Wingfield helps consumer-facing clients navigate compliance, litigation, and regulatory risks posed by the complex web of state and federal consumer protection laws, including the FCRA and state-law analogs. He is a trusted advisor and tireless advocate, helping clients develop practical compliance and dispute-resolution strategies.
David Anthony has a national litigation practice, representing companies in highly regulated industries, including consumer financial services companies. He brings signifi…
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Sep 1, 2022
Keeping Up With the Bureau Episode 1: Overview of CFPB and State AG Initiatives/Expansion
Please join Consumer Financial Services Partner Chris Willis and his guests and colleagues Ashley Taylor and Stefanie Jackman in the first episode of a special four-part series about recent developments with the Consumer Financial Protection Bureau (CFPB). In this episode, topics discussed include:
* Historical background about the cooperation between the CFPB and state attorneys general;
* Efforts by the CFPB under its new leadership in the current administration directed toward cooperation with state attorneys general;
* Differences between CFPB and state attorneys general enforcement investigations;
* Areas where states may take up the CFPB's invitation to investigate issues under federal law that they might not have done before; and
* How we think the state attorneys general will find those cases to investigate.
Regulatory Investigations, Strategy + Enforcement (RISE) Partner Ashley Taylor focuses his practice primarily on federal and state government regulatory and enf…
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Aug 25, 2022
Recent Developments in ADA Website Accessibility Compliance
Please join Consumer Financial Services Partner Chris Willis and fellow Partners Lori Sommerfield and Kim Phan, along with special guest Matt Ater from Vispero, as they discuss recent developments in website accessibility governing public accommodations under Title III of the Americans with Disabilities Act (ADA). Topics include:
* Current litigation trends, including the recent increase in ADA website accessibility lawsuits filed in federal and state courts;
* Insights into the DOJ’s recent website accessibility guidance and enforcement efforts;
* Recommendations for companies to achieve website accessibility compliance under the ADA;
* Technological solutions for website accessibility; and
* Elements of an effective ADA risk management program.
A seasoned consumer financial services attorney, Lori Sommerfield brings more than two decades of experience in federal government, in-house, and private practice settings. She has deep expertise in fair lending and responsible b…
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Aug 18, 2022
Your Problems Come on Two Legs: Managing Consumer Complaints
Please join Consumer Financial Services Partner Chris Willis and his guests, fellow Partner Alan Wingfield and special guest Tom Kline, as they discuss effective consumer complaint management. They'll touch on the CFPB's position on complaint management, the elements, and benefits of an effective complaint management system, as well as the potential consequences of not having a complaint management system in place. They conclude the podcast by providing practical tips for handling consumer complaints.
Alan Wingfield helps consumer-facing clients navigate compliance, litigation, and regulatory risks posed by the complex web of state and federal consumer protection laws. He is a trusted advisor and tireless advocate, helping clients develop practical compliance and dispute-resolution strategies. Alan has represented banks of all sizes, bank and nonbank mortgage servicers, auto finance companies, consumer finance companies, credit card issuers, specialized lenders, franchise and independ…
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Aug 11, 2022
Consumer Protection and Safety and Soundness Perspective of Credit Union Regulation
Please join Consumer Financial Services Partner Chris Willis and his guests and colleagues James Stevens and Carlin McCrory as they discuss the consumer protection and safety and soundness sides of credit union regulation. The discussion includes topics on the National Credit Union Administration's 2022 consumer protection priorities, loan participations, the 2023 CECL implementation, and the regulatory impact of a recession on consumer loan portfolios held by credit unions.
Troutman Pepper Corporate Partner and Financial Services Group co-leader James Stevens advises clients on corporate and regulatory matters. He has substantial experience in representing public and private companies, including banks, neobanks, marketplace lenders, payments companies, crypto and DeFi companies, and other fintech and financial services providers in connection with formation, licensing, sponsorship and program agreements, mergers and acquisitions, debt and equity financing transactions, joint ventures…
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Aug 4, 2022
Military Lending Act and Servicemembers Civil Relief Act Overview
Please join Consumer Financial Services Partner Chris Willis and his guest and fellow Partner Tony Kaye for this latest podcast episode as they discuss the Military Lending Act and the Servicemembers Civil Relief Act, including the differences between the two, their state analogues, and several key issues in the consumer finance industry surrounding servicemembers.
Consumer Financial Services Partner Tony Kaye counsels financial services providers on compliance issues, including military lending laws; defends clients facing government investigations, examinations, and enforcement actions; and defends individual and class-action lawsuits brought by consumers.
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Jul 28, 2022
Recent Trends in Class-Action Consumer Finance Litigation
Please join Consumer Financial Services Partner Chris Willis and his guests and colleagues Dave Gettings and Mary Kate Kamka as they discuss recent trends in class-action consumer finance litigation, including:
* The long-term impact of _Spokeo _and _Ramirez_;
* Key considerations in discovery;
* When it's appropriate to move to strike class allegations; and
* How to structure a class settlement.
Consumer Financial Services Partner Dave Gettings defends clients in consumer class actions and complex commercial litigation nationwide, particularly cases involving a variety of federal and state laws and regulations. Associate Mary Kate Kamka's nationwide litigation practice includes extensive class-action experience and a deep understanding of consumer financial and privacy law.
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Jul 21, 2022
Fair Lending 101 for Debt Collectors
Please join Consumer Financial Services Partner Chris Willis and his guests and colleagues Stefanie Jackman and Sarah Reise as they discuss the intersection of fair lending with collections. They cover which types of third-party debt collection processes could be subject to a fair lending review, the difference between disparate treatment and disparate impact, how the CFPB may review collection-related decisions, what a basic fair lending analysis may look like for collectors, the processes likely to be targeted for a fair lending review, and what collectors can do now to update their compliance management system and assess their operations to identify and mitigate potential fair lending issues.
Consumer Financial Services Partner Stefanie Jackman focuses a significant portion of her practice on providing compliance-related advice to her clients. She regularly counsels clients on conducting compliance assessments relating to their debt collection, credit reporting and dispute resoluti…
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Jul 14, 2022
CFPB Advisory Opinion on Name-Only Matching Under FCRA
Please join Troutman Pepper Partner Chris Willis and his guests and colleagues Alan Wingfield and Noah DiPasquale as they discuss the recent advisory opinion from the Consumer Financial Protection Bureau on name-only matching under the Fair Credit Reporting Act (FCRA). Highlights include how the opinion was adopted, challenges furnishers and users will face in light of this opinion, and the potential impact for the credit reporting industry moving forward.
Consumer Financial Services Partner Alan Wingfield helps consumer-facing clients navigate compliance, litigation, and regulatory risks posed by the complex web of state and federal consumer protection laws. He is a trusted advisor and tireless advocate, helping clients develop practical compliance and dispute-resolution strategies.
Associate Noah DiPasquale represents clients in consumer law, business disputes, and commercial litigation. His practice focuses particularly on national class-action litigation arising under consumer pr…
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Jul 7, 2022
CA DFPI Request for Comment on Cryptocurrency-Related Financial Products and Services
Please join Troutman Pepper Partner Chris Willis and his guests and fellow Partners Keith Barnett and Ethan Ostroff as they discuss the recent request for comment from California’s Department of Financial Protection and Innovation on cryptocurrency-related financial products and services under the California Consumer Financial Protection Law. Keith and Ethan share their ideas about what this request for comment says about the direction California may take in the world of cryptocurrency.
Collectively, Keith and Ethan bring almost 40 years of experience, representing companies in the financial services industry. They counsel payment processors, money transmitters, payments apps, and similar companies on compliance with federal and state money services business laws. They also advise cryptocurrency exchanges and NFT platforms on state and federal money transmission law compliance and regulatory issues and represent these companies in lawsuits and government enforcement actions.
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Jun 30, 2022
Troutman Pepper’s Fintech Capabilities and Trending Issues Impacting Fintech Companies
Please join Troutman Pepper Partners Kim Phan and James Kim as they discuss the firm's expanded capabilities in the fintech world, recent compliance issues for fintech companies, the CFPB's dormant authority to supervise certain nonbank entities and its potential impact on fintech companies, as well as the CFPB's trend to name individuals in enforcement actions.
Kim Phan, a partner in the firm's Privacy + Cybersecurity Practice Group, counsels fintech companies in federal and state privacy and data security statutes and regulations throughout product development, marketing, and implementation. Kim ranks high in _Chambers_ and _The Legal 500_ for her privacy and data security work with fintech companies. As a partner in the Consumer Financial Services Practice Group, James Kim leverages his experience as a former CFPB senior enforcement attorney to provide the industry knowledge and expertise that fintechs and financial institutions require when launching new products or facing regulat…
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Jun 23, 2022
Recent Trends in TCPA Litigation
Please join Troutman Pepper Partner Chris Willis and his guest and fellow Partner Stefanie Jackman as they discuss recent trends in Telephone Consumer Protection Act (TCPA) litigation, including how the landscape has changed since the Facebook decision, the increase in challenges to text and automated messaging, state law analogs and mini TCPA laws, and best practices for companies going forward.
As a member of the firm’s Consumer Financial Services Practice Group, Stefanie devotes her practice to assisting financial services institutions facing state and federal government investigations and examinations, counseling them on complex compliance issues, as well as defending them in individual and class-action lawsuits. She regularly advises her clients on issues arising under an array of federal and state consumer financial laws, including UDAP/UDAAP statutes, the FDCPA, FCRA, TCPA, EFTA, SCRA, and TILA.
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Jun 16, 2022
State Attorneys General Call on Financial Giants to Eliminate Overdraft Fees
Please join Troutman Pepper Partner Chris Willis and guests Troutman Pepper Associates Chris Carlson and Susan Nikdel as they discuss the multistate coalition of state attorneys general calling on many of the nation's largest banks to eliminate overdraft fees. The conversation focuses on what was done, which state attorneys general participated, the current controversy surrounding overdraft fees, and several key takeaways for the industry going forward.
As a member of the firm's Regulatory Investigations, Strategy + Enforcement (RISE) Practice Group, Chris Carlson represents clients in regulatory, civil, and criminal investigations and litigation. As a member of the firm's Consumer Financial Services Practice Group, Susan Nikdel represents clients in financial services litigation, as well as clients facing regulatory examinations and investigations brought by the CFPB, state attorneys general, and the California Department of Financial Protection and Innovation.
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Jun 2, 2022
A Dive into Cryptocurrency
Join Troutman Pepper Consumer Financial Services Partner Chris Willis and his guests and fellow Partners Keith Barnett and Ethan Ostroff as they dive into the world of cryptocurrency. The discussion spans from basic terminology and current activities in the regulatory and legislative arenas to parting words of wisdom for companies in the industry. Collectively, Keith and Ethan bring almost 40 years of experience, representing companies in the financial services industry. Keith counsels payment processors, money transmitters, payments apps, and similar companies on compliance with federal and state money services business laws. He also advises cryptocurrency exchanges and NFT platforms on state and federal money transmission law compliance and regulatory issues and represents these companies in lawsuits and government enforcement actions. Ethan's practice focuses on financial services litigation and consumer law compliance counseling.
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May 26, 2022
The Current Landscape of Bank-Fintech Partnerships
Please join Troutman Pepper Consumer Financial Services Partner Chris Willis and his guest and fellow Partner Jeremy Rosenblum as they discuss the current landscape of bank-fintech partnerships, including how bank-fintech partnerships work, the challenges these partnerships face, and new developments in the area. With more than three decades of experience representing the financial services industry, Jeremy focuses his practice on federal and state lending and consumer practices laws, with emphasis on the interplay between federal and state laws, joint ventures between banks and nonbank financial services providers, the development and documentation of new financial services, bank overdraft practices and disclosures, geographic expansion initiatives, and compliance with federal and state consumer protection laws.
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May 19, 2022
Current Trends in FCRA Litigation
Join Troutman Pepper Consumer Financial Services Partner Chris Willis and fellow Partners Cindy Hanson and Tim St. George as they discuss current trends in Fair Credit Reporting Act litigation. Both Cindy and Tim are recognized nationally on issues related to the Fair Credit Reporting Act. Cindy has handled more than a thousand matters under the Fair Credit Reporting Act, including hundreds of class actions. Tim has extensive experience handling Fair Credit Reporting Act matters, including those related to employment background screening, as well as class-action litigation.
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May 12, 2022
DOJ’s Recent Guidance on Website Accessibility and the ADA — What Does It Tell Us?
In our inaugural episode, Troutman Pepper Consumer Financial Services Partner Chris Willis welcomes fellow CFS Partner Lori Sommerfield in a discussion on the U.S. Department of Justice’s recent guidance on website accessibility for state and local governments and for public accommodations under Titles II and III of the Americans with Disabilities Act. A seasoned consumer financial services attorney, Lori brings more than two decades of experience in federal government, in-house, and private practice settings. She has deep expertise in fair lending and responsible banking regulatory compliance, and she counsels clients in supervisory issues, examinations, investigations, and enforcement actions. Lori is also highly experienced in advising clients on compliance with the Americans with Disabilities Act regarding accessibility of physical spaces and digital platforms.
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May 5, 2022
Introduction to The Consumer Finance Podcast
_The Consumer Finance Podcast_ provides reliable, insightful, and entertaining industry-specific content central to consumer finance services. Hosted by veteran Troutman Pepper CFS Partner Chris Willis, this podcast features industry experts, insiders, and other Troutman Pepper attorneys delivering easily digestible segments on a variety of topics.
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