The impact of nullifying CFPB's arbitration rule, state financial services licensing, and more in this issue of Consumer Financial Services Practice Digest

2 min

Cash and Credit Cards

Impact of Arbitration Rule CRA Vote on CFPB Regulations

The President has signed the resolution nullifying the CFPB's Arbitration Rule which joins 14 other federal agency regulations that have been repealed under the CRA. The disapproval resolution, which was passed by the House in July, was passed by the Senate late in the evening on October 24. The rule prohibits companies from using class action waivers in arbitration agreements.

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Process Flowchart

Progress and Challenges in Streamlining State Financial Services Licensing

Andrew Bigart and Evan Minsberg published "Progress and Challenges Streamlining State Financial Services Licensing" in the October issue of Global Banking & Finance Review.

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New Compliance Rules

"Remaining Compliant in a Sea of Changing Expectations," 2017 ACA International Fall Forum and Expo

Members of the collections industry are expected to keep abreast of compliance mandates from a variety of sources: FDCPA litigation, state attorneys general and regulators, and the CFPB, to name a few. These channels will often signal a change in expectations before a particular requirement becomes the law of the land, and failing to heed the writing on the wall could lead to significant liability exposure. At the ACA International Fall Forum, Venable attorneys, Alexandra Megaris and Katherine Lamberth, and John Schroeder, Midwest Regional Director, Office of Supervision Examinations, Consumer Financial Protection Bureau, presented on best practices for compliance change management, including how to proactively identify emerging issues, and on expectations and considerations regarding decisions to preemptively adopt certain practices, upcoming debt collection rulemaking, and more. For presentation slides, click here.

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UPCOMING EVENTS

November 9, 2017: Recent FCRA Trends and Updates Impacting Furnishers, Webinar

April 25-27, 2018: Consumer Financial Services Legal and Regulatory Update at the 2018 Financial Counseling Association