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MoFo Reenforcement The Enforcement Blog

Financial Services Report – Summer 2017

Posted in Add On Products, Arbitration, CFPB, Credit Cards, Credit Reports, Enforcement Actions, Fair Lending, Foreclosure, Investigations, Mobile Payments, Mortgage, Payday Lending, Preemption, Privacy, Regulatory Developments, State Regulators, Student Lending

Summer blockbuster season is officially upon us. Have you seen Wonder Woman yet? What about Guardians of the Galaxy Part 2? It’s déjà vu all over again with Baywatch, Pirates of the Caribbean, Alien, Planet of the Apes, Transformers, Cars, Spider Man, and more Inconvenient Truths from Al Gore all coming to a theatre near you.

It’s been a blockbuster few months for financial services as well: not one, but two Supreme Court rulings, with the Supreme Court finding in one case that state credit card surcharge laws regulate speech and in the other case that the Fair Debt Collection Practices Act means what is says and doesn’t apply to firms that purchase debt and then collect on it. In the financial services version of Hamilton, there were long lines and a packed audience for the D.C. Circuit en banc oral argument in the PHH case. No one left singing a catchy tune, but we have heard lively debate on whether the court will reach the constitutional question, the RESPA issues, or both. No movie yet, but you can listen to the oral argument.

The House of Representatives has been busy as well, passing the Financial CHOICE Act on a strict party-line vote. Neither the CFPB nor Director Cordray are going anywhere yet, as you’ll see in our Report below.

We also introduce a new Report discussing BSA/AML issues. Continued regulatory scrutiny and enforcement activity have our attention. We know they have your attention too.

Read on for all the highlights in Beltway, Operations, Mortgage, Arbitration, Privacy, and FinTech.

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