Financial services and website accessibility issues, a CFPB RFI tracker, and more in this issue of Consumer Financial Services Practice Digest
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Risk and Reward—Financial Services, Fintech, and Website Accessibility Issues A great website or app is already expensive to produce—so make sure you do not end up paying more down the road. As we have recently discussed, the application of the Americans with Disabilities Act (ADA) is rapidly evolving. When the Act became law in 1991, no one had even considered the possibility of an Internet service that delivered flowers, but now a lawsuit on that issue is going to trial under the ADA. |
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Fintech and Venable in California Fintech and lending innovation continues to be at the forefront of investors, banks, and technology companies. Venable attorneys recently attended the annual LendIT conference that also coincided with Venable's move to newer offices in the Financial District of San Francisco (since arriving in the Bay area in 2013). |
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CFPB Requests for Information Tracker The CFPB has published in the Federal Register a series of Requests for Information (RFIs) seeking comment on enforcement, supervision, rulemaking, market monitoring, and education activities. The RFIs will provide an opportunity to submit feedback and suggest ways to improve outcomes for both consumers and covered entities. |
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Criminal and SEC Action Involving Initial Coin Offering The list of cases involving ICOs continues to grow. The SEC recently charged the founder and COO of a Delaware corporation with conducting a securities offering without registering with the SEC, allegedly in an attempt to deceive and entice investors to participate in the ICO, along with other criminal charges. The U.S. Attorney's Office for the SDNY also announced that it is independently pursuing criminal charges against the Defendants. The underlying issue remains the same, and this case highlights the various serious potential exposure risks for ICOs that run afoul of the securities laws. |
| STATE ENFORCEMENT SPOTLIGHT | |
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State AGs Urge Congress to Protect State Enforcement of the FDCPA On April 19, 2018, a bipartisan group of 20 state attorneys general sent a letter to Congress opposing a bill they say would impede their ability to enforce the federal FDCPA, 15 U.S.C. §§ 1692 et seq., "which currently prohibits debt collectors, including attorney debt collectors, from engaging in unfair and deceptive practices." The letter is especially notable for the light it sheds on state enforcement activity regarding debt collection. | |
| UPCOMING EVENTS | |
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May 11, 2018: "Hot Topics in Financial Services Litigation and Enforcement," at ACI's Women Leaders in Financial Services Law and Compliance Event May 15, 2018: "Lucia v. SEC – What Does the Decision Mean for the Consumer Financial Services Industry?" a Venable Hosted Webinar May 17, 2018: "The Chief Compliance Officer Perspective," at COMPLY2018 Conference July 24, 2018: "CFPB/FTC Debt Collection Update," at ACA International 2018 Convention | |