A challenge to CFPB's arbitration rule, the FTC pursues credit card launderers, and more in this issue of Consumer Financial Services Practice Digest

2 min

U.S. Capitol Building

CFPB's Arbitration Rule Is Challenged Under the CRA

Congressional Republicans in both chambers of Congress recently initiated the process under the CRA to nullify the CFPB's recently released rule governing the use of arbitration agreements for certain consumer financial products.

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handcuffs and cash

Lather, Rinse, Repeat, FTC Continues to Pursue Entities Engaged in Credit Card Laundering

"Credit card laundering" or "factoring" refers to the practice of processing credit card transactions for one company through the merchant processing account of another company. In recent years, the FTC has sued several companies for engaging in this practice or assisting allegedly fraudulent merchants to launder card payments through multiple processing accounts.

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lending laws

Change Starts Within: FTC Process Reforms Address CID Practices

Last month, the FTC announced process reforms following up on the Ohlhausen agenda. In a press release, the FTC described BCP process reforms addressing the use of CIDs—which are administrative subpoenas used to collect information and documentation in investigations.

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July 17, 2017: Regulatory Compliance in an Evolving Legal Landscape at the ACA International 2017 Convention and Expo. Presentation materials are available here.

July 25-26, 2017: Elements of a Successful Compliance Management System and Vendor Management Rules of the Road at the OLA Compliance University. Presentation materials are available here.

August 1, 2017: Compliance Catch 22: Thriving in an Evolving Regulatory Environment at the RMA Executive Summit. Presentation materials are available here.


August 30, 2017: What's Next for the CFPB? at the NASCUS Summit 2017

September 12, 2017: An Overview of the CFPB's Final Arbitration Agreements Rule via CLE webinar

September 17-19, 2017: Andy Arculin and Allyson Baker will serve as panelists at MBA's Regulatory Compliance Conference 2017.

September 18, 2017: Mortgage Bankers Association Reception, Hosted by Venable LLP. More details to follow.