Jeremiah S. Buckley Authored an American Banker Article, "Secretary Mnuchin's Challenge: Rethink Consumer Finance"
Our nation's consumer finance laws, enacted nearly 50 years ago, are outdated. Reams of disclosures go unread and billions are spent by banks to comply with hypertechnical regulations. Perhaps more worrisome, the silent premise underlying many of these laws is that the key to assuring consumer...Articles
Special Alert: OCC Issues Highly-Anticipated Guidance for Evaluating Charter Applications from Fintech Companies
On March 15, 2017, the Office of the Comptroller of the Currency (OCC) issued further guidance regarding how it will evaluate applications by fintech companies to become Special Purpose National Banks (SPNBs). In its release, the OCC summarized the more than 100 comments it received in response to...Articles
Special Alert: District Court Confirms Telephonic Consent to Preauthorized ACH Debits Complies with ESIGN and EFTA
On February 17, a U.S. District Court in Nashville, TN found that a creditor complied with both the Electronic Signatures in Global and National Commerce Act  (“ESIGN”) and the Electronic Fund Transfer Act  and its implementing regulation, Regulation E  (collectively “EFTA”) when it...Articles
David Baris, Margo H. K. Tank, and Lori J. Sommerfield Authored a Law360 Article, "ADA Compliance for Financial Institutions In The Crosshairs"
During the second half of 2016, numerous financial institutions of all sizes began receiving demand letters from plaintiffs firms representing disabled individuals and seeking settlements for violations of website accessibility standards related to Title III of the Americans with Disabilities Act (...Articles
On February 27, the U.S. District Court for the Southern District of New York issued a ruling in Madden v. Midland Funding, LLC ,  holding that New York’s fundamental public policy against usury overrides a Delaware choice-of-law clause in the plaintiff’s credit card agreement. The court allowed...Articles
The Bank Secrecy Act regulatory regime depends heavily on the sharing of information—from financial institutions to the government, from the government to institutions, and from institutions to each other. Robust information sharing better positions institutions to conduct customer due diligence;...Articles
As the Bank Secrecy Act approaches its 50th anniversary, legitimate questions have arisen about the efficacy of anti-money-laundering requirements and the burden of compliance. The pace of technological advances in the financial services industry, coupled with the negative consequences of...Articles
Special Alert: D.C. Circuit Grants Petition For Rehearing in CFPB v. PHH Corp.; Vacates Judgment Based on Bureau’s Unconstitutionality
On February 16, the U.S. Court of Appeals for the D.C. Circuit granted the CFPB’s petition for rehearing en banc of the October 2015 panel decision in CFPB v. PHH Corporation. Among other things, the panel decision declared the Bureau’s single-Director structure unconstitutional and would have...Articles
On February 3, President Trump signed an executive order (the Executive Order) directing the Treasury Secretary and the heads of the member agencies of the Financial Stability Oversight Council (FSOC) to review financial laws and regulations—including the Dodd-Frank Act and regulations implementing...Articles
Mortgage Compliance Magazine - NFIP Reauthorization and Reform: Are More Changes Coming to Lenders' Flood Insurance Requirements
The National Flood Insurance Program (NFIP or the Program) will expire on September 17, 2017, unless it is timely reauthorized. Because the Program is $23 billion in debt, there is significant speculation regarding whether and how Congress may restructure the Program this year. Changes to the NFIP...Articles