The Consumer Finance Podcast
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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.
99 Episodes
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In this episode of The Consumer Finance Podcast, Chris Willis is joined by Partners David Anthony and David Dove to discuss the potential implications of the Supreme Court overruling the Chevron case. This case established the principle of deferring to agency interpretations of statutes they administer. While some industry insiders may view the potential overruling as beneficial, the discussion highlights the potential for increased unpredictability and instability. The guests emphasize the importance of vigilance, strategic planning, and the engagement of experienced legal counsel to navigate potential challenges and optimize business opportunities.
In this episode of The Consumer Finance Podcast, Chris Willis is joined by David Dove, a partner in Troutman Pepper's RISE group. They discuss the legal and practical considerations for businesses looking to locate a facility in a new state. David shares his insights on the various incentives available at the federal, state, and local levels, including grants, tax incentives, and economic development programs. He emphasizes the importance of strategic planning, engaging with regulators, and having experienced legal counsel to ensure businesses maximize their opportunities and navigate potential challenges. The discussion provides valuable insights for businesses considering expansion or relocation.
In this episode of The Consumer Finance Podcast, Chris Willis and Josh McBeain discuss the Consumer Financial Protection Bureau's (CFPB) proposed rule on overdraft fees. The rule, which only applies to large financial institutions with assets over $10 billion, aims to regulate overdraft services by altering the definition of 'finance charge,' effectively subjecting these institutions to Regulation Z's disclosure and substantive provisions. Chris and Josh delve into the complexities of the proposed rule, considering its potential implications and the likelihood of litigation challenges from the industry. They also discuss the role of the Truth in Lending Act (TILA) and the concept of Chevron deference in this context.
In this episode of The Consumer Finance Podcast, Chris Willis discusses the Consumer Financial Protection Bureau's (CFPB) recent circular on comparison shopping and lead generation websites. The CFPB asserts that certain practices related to these websites are abusive under the Dodd Frank Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) regulation. The CFPB argues that it is abusive for website operators to influence their display or ranking of consumer financial products and services based on compensation they receive from product providers. Willis critiques the CFPB's stance, arguing that the Bureau is attempting to rewrite commerce rules by labeling practices as abusive, in conflict with long-standing regulatory guidance focused on disclosures on such websites. Despite the CFPB's circular, he suggests that the industry will likely continue to rely on appropriate disclosures to ensure consumers are informed of how products are presented in online contexts.
In this special crossover edition of The Consumer Finance Podcast and the Payments Pros podcast, Chris Willis is joined by Josh McBeain and Glen Trudel. They discuss the recent final credit card late fee rule issued by the Consumer Financial Protection Bureau (CFPB) and the industry's reaction to it. The rule lowers the safe harbor provision dollar amount for late fees to $8 for large credit card issuers and increases it for small issuers. The team also discusses the legal challenge filed against the rule by a collective of trade groups. They speculate on potential industry responses if the rule survives legal challenges, such as increasing APRs, creating new fees, raising minimum payments, and tightening credit.Events continue to unfold in the litigation filed by the industry challenging the final late fee rule. For updates on this litigation that occurred after the recording of this podcast, visit www.consumerfinancialserviceslawmonitor.com.
In this special crossover episode with Payments Pros and The Crypto Exchange, Ethan Ostroff, James Kim, and Carlin McCrory discuss the Consumer Financial Protection Bureau's (CFPB) proposed rule to supervise large tech companies and other providers of digital wallets and payment apps. The proposed rule asserts that digital assets are "funds" subject to the Dodd-Frank Act and other federal consumer financial laws and regulations, which would expand the CFPB's supervisory powers to examine companies facilitating crypto and other digital asset transactions.Our group discusses the legal basis for the CFPB's assertion of jurisdiction over digital assets, and observes that the CFPB's position lacks clear statutory authority and may violate the major questions doctrine. They also note that Congress is currently working on legislation related to digital assets, and that the CFPB should not preempt this process.Lastly, the group highlights practical questions that companies face when assessing the proposed rule, such as whether NFTs are covered and how companies can monitor anonymous, blockchain transactions.The final rule is anticipated to be released before year end, with examinations starting in 2025.
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Partners Sheri Adler and Mary Weeks to discuss the recent uptick in SEC enforcement activity related to whistleblowers. They focus on the implications for financial institutions and other companies, particularly those targeted by the SEC for documents potentially restricting whistleblowers from reporting violations of securities laws.Sheri and Mary provide insights into the legal framework of whistleblower protections and offer practical tips for companies to avoid potential pitfalls. They highlight the importance of drafting agreements that do not deter whistleblowing, ensuring internal consistency across all company documents, and considering the language in third-party agreements.This episode also touches on the potential for similar enforcement actions from other regulators, such as the CFPB, underscoring the need for companies to take a broad, holistic approach to compliance.
In this insightful episode of The Consumer Finance Podcast, Chris Willis is joined by Partners Brooke Conkle and Alan Wingfield, as they delve into the topic of regulatory risk and litigation exposure for auto finance companies under the new FTC CARS Rule. Tune in for a deep dive into preventative strategies that can help your auto finance company avoid regulatory pitfalls under the new rule.
In this episode of The Consumer Finance Podcast, host Chris Willis and guest Lori Sommerfield discuss the status of the Department of Justice's (DOJ) Combatting Redlining Initiative. The initiative, which has been underway for over two years, involves all federal financial institution regulators, including the OCC, FDIC, Federal Reserve Board, CFPB and HUD, and has resulted in a significant number of redlining cases brought by the DOJ. The total monetary relief in connection with these settlements has reached $107 million, with the largest single redlining settlement at $31 million. The DOJ has brought 10 redlining enforcement actions, either on its own or in conjunction with other federal agencies, and there are currently about two dozen investigations pending.Lori and Chris discuss common trends in redlining enforcement actions, including lenders' awareness of redlining risks without corrective action and evidence of discrimination in employee emails. They also discuss the guidance provided by Assistant Attorney General Kristen Clarke to mortgage lenders on how to avoid and address redlining risk. Looking ahead, Lori predicts that the DOJ and other federal agencies will continue to pursue the Combatting Redlining Initiative aggressively, with several more redlining enforcement actions expected in 2024.
In this final episode of The Consumer Finance Podcast Year in Review series, host Chris Willis is joined by Tim St. George, a key member of our Consumer Financial Services Litigation team. They discuss the significant developments in consumer finance class action litigation in 2023 and what to expect in the year ahead. Topics include ethical issues associated with class actions, the debate over service awards, attorney-client privilege, and more. Tune in to gain insights from Tim's extensive experience in class action litigation and stay informed about the evolving legal landscape.To download a copy of the Consumer Financial Services Year in Review and a Look Ahead, please click here. For a list of our upcoming webinars, visit our Troutman Pepper Insights page. And to make sure you don't miss another episode of this podcast, please click subscribe.
Join us for an enlightening episode of The Consumer Finance Podcast, where we dissect the intricate world of debt collection, reflecting on the past year and forecasting future trends. This episode, hosted by Chris Willis, features insightful discussions with Stefanie Jackman and Jonathan Floyd, both well-versed in the field of debt collection. We explore significant Supreme Court cases that could reshape the collections landscape, the impact of Regulation F on validation notices, and the complexities surrounding credit reporting and medical debt. Stefanie and Jonathan share their perspectives on emerging trends and potential challenges in the collections industry. This episode is a must-listen for creditors, servicers, and collectors seeking to understand the ever-evolving landscape of debt collection. Stay tuned for the next and final episode of our Year in Review and a Look Ahead series on The Consumer Finance Podcast, providing valuable insights for anyone involved in consumer finance.To download a copy of the Consumer Financial Services Year in Review and a Look Ahead, please click here. For a list of our upcoming webinars, visit our Troutman Pepper Insights page. And to make sure you don't miss another episode of this podcast, please click subscribe.
Join us for the second episode of our Year in Review and a Look Ahead series, where we delve into the fintech world. Our host, Chris Willis, co-leader of Troutman Pepper's Consumer Financial Services Regulatory practice, is joined by James Kim who leads the firm's Fintech practice. They discuss the significant events in the fintech sector in 2023 and what to anticipate in 2024, covering key regulatory developments, the impact of the Consumer Financial Protection Bureau's proposed rules, and the increasing scrutiny of fintech-bank partnerships. Don't miss this insightful conversation as we navigate the evolving fintech landscape. Stay tuned for the next episode of our Year in Review and a Look Ahead series on The Consumer Finance Podcast, providing valuable insights for anyone involved in consumer finance.To download a copy of the Consumer Financial Services Year in Review and a Look Ahead, please click here. For a list of our upcoming webinars, visit our Troutman Pepper Insights page. And to make sure you don't miss another episode of this podcast, please click subscribe.
Join hosts Dave Gettings, Kim Phan, and Chris Willis in this special crossover episode of FCRA Focus and The Consumer Finance Podcast in the first installment of our Year in Review and a Look Ahead series. They are joined by guests Cindy Hanson and Alan Wingfield, partners at Troutman Pepper, who share their insights on the most impactful developments in background screening and credit reporting in 2023. Listen in as they discuss industry challenges and opportunities, the implications of proposed regulatory changes, and what to expect in the future. Stay tuned for the next episode of our Year in Review and a Look Ahead series on The Consumer Finance Podcast, providing valuable insights for anyone involved in consumer finance.To download a copy of the Consumer Financial Services Year in Review and a Look Ahead, please click here. For a list of our upcoming webinars, visit our Troutman Pepper Insights page. And to make sure you don't miss another episode of this podcast, please click subscribe.
Please join Troutman Pepper Partners Chris Willis and Michael Lacy for a special inside look at our annual publication of the Consumer Financial Services Year in Review and Look Ahead. In our eighth year of publishing this annual review of regulatory and legal developments in the consumer financial services industry, our team has prepared a thorough analysis of the most important issues and trends across 17 consumer protection areas. For the first time, we are rolling out both webinars and podcasts on select topics to not only provide more in-depth coverage of 2023 events, but also let you know what we expect in 2024. This material will be beneficial to in-house counsel, compliance managers, regulators, and anyone in the consumer financial services space who wants to stay ahead of the curve.To download a copy of the Consumer Financial Services Year in Review and Look Ahead, please click here. For a list of our upcoming webinars, please check out our Troutman Pepper Insights page. And to make sure you don't miss another episode of this podcast, please click subscribe.
In this episode of The Consumer Finance Podcast, host, Chris Willis, is joined by Partners Kim Phan and Lori Sommerfield, to discuss recent developments related to website accessibility under the Americans with Disabilities Act (ADA). In this episode, they explore the Department of Justice's proposed rule under Title II of the ADA, which seeks to improve state and local government website and mobile app access for individuals with disabilities, and the potential significance to the private sector. They also discuss the international World Wide Web Consortium's latest version of its Web Content Accessibility Guidelines (WCAG), 2.2, and the first working draft of WCAG 3.0. Tune in to learn more about these important updates and how they may impact your organization.
Please join Troutman Pepper Partner Chris Willis, along with colleagues Lori Sommerfield and Mary Zinsner, as they discuss the impact of a consent order issued by the Consumer Financial Protection Bureau (CFPB) in May 2022 relating to cross-border garnishment practices and the implications on the financial services industry over the last year and a half. Chris, Lori, and Mary emphasize the CFPB’s expectations (which include the necessity of establishing a compliance program for garnishment processes and conducting 50-state surveys to better understand state garnishment laws), cross-border garnishment law issues, and the impact of the consent order on litigation. They also address how financial institution clients can comply with the CFPB’s regulatory expectations regarding the processing of garnishment orders in the future.
Please join Troutman Pepper Partners Chris Willis and Sheri Adler as they discuss recent developments in equity award delegations for public companies incorporated in Delaware. Sheri, a member of our Employee Benefits and Executive Compensation practice, provides our listeners with a 30,000-foot view of what equity incentive plans typically look like at a public company, such as a publicly traded bank or another financial institution. She then dives deeper into the topic of equity grant-making authority, addressing questions such as:Why do many compensation committees appoint an officer or another delegate to grant equity awards?Does an equity plan need to be drafted a certain way in order for a delegation to be allowed?Which laws govern the ability to delegate?What are the rules for setting up an equity delegation in a Delaware company under Delaware General Corporation Law (DGCL) Sections 152 and 157?What advice can be given to companies looking to set up equity delegations under the DGCL rules?Is there an alternative method for setting up a delegation in a Delaware company?
In this special solo episode of The Consumer Finance Podcast, Chris Willis provides 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. In October, a Texas federal court entered a nationwide injunction covering all small business lenders, essentially saying that both the implementation and enforcement of the 1071 rule would be stayed pending the outcome of the Supreme Court's decision in the Community Financial Services Association case. Chris addresses the timing of the injunction, its impact on small business lenders, including the "free look" period for lender to voluntarily collect 1071 data, and what small business lenders can do to prepare for the potential lifting of the injunction after the Supreme Court's decision.
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Kim Phan, a partner in our firm's Privacy + Cyber practice, to discuss the Securities and Exchange Commission's new cyber risk management and incident disclosure rules for publicly traded companies. The rules, already in effect, detail the information a public company must report following a cybersecurity incident and the timeline for reporting. Chris and Kim also discuss the ongoing reporting obligations for a public company related to a cyber incident after the initial reporting phase, how the rules apply when cyber incidents involve a third party's system, and if the SEC has struck the right balance between informing investors versus the possibility of educating hackers on a company's cybersecurity defenses. They also address the rule's new requirement for annual disclosures about a company's cybersecurity risk management, strategy, and governance.
In this special crossover episode with Regulatory Oversight podcast, Ashley Taylor is joined by Kim Phan and Kristen Eastman to discuss the Consumer Financial Protection Bureau's (CFPB) 1033 proposed rule, also known as the Personal Financial Digital Rights rule. This rule, part of the Dodd-Frank Act, aims to place limits on the ability to access consumer data as well as any subsequent uses of such data. It focuses on entities subject to the Truth in Lending Act (TILA) and Regulation Z, such as depository institutions, credit card companies, and payment processors. The proposed rule requires these entities to make financial records available both to consumers and their authorized third parties.The group discusses the proposed rule's lack of specificity regarding the "qualified industry standard" that companies must meet. They also discuss the potential of state attorneys general and plaintiffs' lawyers using the proposed rule for enforcement actions and litigation.The CFPB has not yet issued guidance on the proposed rule's enforcement, and the group anticipates that the proposed rule could be finalized as early as next year. However, they also note that the proposed rule's timeline could be affected by litigation surrounding the CFPB's authority and funding.
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