Consumer Finance Monitor

In this podcast, after reviewing what redlining is, we look at which regulators have made it a focus, factors they consider when looking for redlining, whether those factors apply to nonbanks and how nonbanks can assess and reduce risk. We also discuss emerging theories of digital redlining.

We look at industry and consumer comments and perspectives on key issues, including the proposal's potential implications for creditors collecting their own debts through UDAAP/UDAP and state collection laws, its approach to e-communications and "meaningful attorney involvement," and whether a final rule should address information transfers and file reviews or collecting time-barred debt. We also share predictions for what a final rule will contain and suggestions to reduce risk in first-party collections.

In this podcast, we review Madden, its implications and the OCC's reaction, and discuss the proposals to undo Madden, including the agencies' troublesome comments, remaining problems and what the agencies can do to fix them.

Our podcast looks at types of alternative data (AD) and industry sources, key points of the recent interagency statement on using AD for credit decisions and CFPB actions to encourage such use, FCRA/ECOA/UDAAP concerns and steps to address them, use of social media data, and the relationship between AD and artificial intelligence. We also assess the regulatory concerns impeding industry’s use of AD.

In this podcast, we examine the features of different forms of alternative payments, factors driving consumer demand, contractual and other issues in business transactions involving such payments, including the role of gateways and payment aggregators.

Our podcast looks at the proposed changes to HUD's rule for establishing liability under the FHA for discriminatory practices based on disparate impact even without discriminatory intent. We discuss the proposal’s history, five-part burden-shifting framework, available defenses (looking closely at those for models used to assess credit risk), and HUD’s likely next steps.

We are joined by Tom Vartanian, who leads the Financial Regulation & Technology Institute of George Mason University Antonin Scalia Law School, to discuss his proposal to establish a National Financial Technology Commission. The issues examined include security and other risks financial institutions face from technologies such as artificial intelligence, the Commission's role in protecting the nation's economic infrastructure, and how regulators' use of technology can result in a better regulatory scheme.

In this podcast, we examine the fair lending risk to financial services providers that use targeted marketing. After reviewing what targeted marketing is, the forms it can take, and current litigation, we discuss the potential fair lending claims and the options available to providers to reduce the fair lending risk created by the use of third-party targeted marketing platforms.

In this podcast, we discuss the key aspects of the recently-proposed regulations to implement the CCPA, identify issues clarified by the proposal or left unresolved, compliance challenges raised by CCPA requirements for financial incentives and consumer requests received by large businesses, next steps (including the likely timeline for final regulations and enforcement), and activity in other states to adopt similar privacy laws.

SCOTUS has agreed to hear the Seila Law case to decide if the CFPB's structure violates the U.S. Constitution because the President cannot remove the Director at will. In this podcast, Professor Kent Barnett, University of Georgia School of Law, joins us for a discussion of the current appellate opinions on this issue, the key SCOTUS opinions on the President's removal authority, the arguments for and against the CFPB's constitutionality, and the potential remedies for a violation.

In this podcast, we are joined by Scott Ferris, CEO of Attunely, a provider of machine learning (ML) and artificial intelligence (AI) technology to the debt collection industry. We look at how changes in consumer behavior have impacted collections, technology's role in collections, state law's/GDPR's impact on ML/AI and compliance strategies, how ML/AI can improve profitability, and perceived impediments to adopting ML/AI.

We discuss the obligation of businesses to make websites accessible to persons with disabilities under federal and state law; enforcement, private litigation and other risks of non-compliance; strategies used by advocacy groups and plaintiffs' firms to assert claims; litigation trends, including the targeting of mobile apps and video/audio website content; and the use of privileged reviews and other best practices to reduce the risk of litigation or limit exposure when defending a lawsuit.

In this podcast, Paul Watkins, Director of the CFPB's Office of Innovation, joins us to discuss the CFPB's final trial disclosures, no-action letter, and FinTech sandbox policies. Topics covered include the elements of each policy and the protection from liability available, the role of pre-application discussions between the CFPB and applicants, and the CFPB’s plans to engage in outreach to other federal and state regulators to maximize the value of approvals.

In this podcast, we look at the current state of consumer arbitration law, discuss recent CA state and federal court decisions involving the enforceability of arbitration agreements with respect to requests for public injunctive relief, whether similar issues may arise in other states, the prospects for SCOTUS review, and the need to revisit arbitration agreements in light of those decisions, and review the status of federal legislative activity to restrict arbitration.

The CCPA takes effect on Jan. 1, 2020. In this podcast, we take a close look at the CCPA's coverage and unique features, the scope of its "GLBA exemption," third party issues, private actions and enforcement remedies, federal privacy law initiatives and the CCPA's influence on state initiatives, and steps for companies facing CCPA compliance.