In this episode of Moving the Metal, Troutman Pepper attorneys Brooke Conkle and Chris Capurso discuss the Consumer Financial Protection Bureau’s (CFPB) new report on negative equity in auto lending. This report, the first of its kind, utilizes data from the CFPB’s 2023 Auto Finance Data Pilot, which was issued to major banks, finance companies, and captive lenders. Brooke and Chris analyze the impact of the report, including what the report may indicate for the bureau’s upcoming priorities.
In this episode of Payments Pros, Keith Barnett is joined by Eli Polanco, founder and CEO of Nivelo, to discuss critical issues in payroll processing. They highlight the significant impact that the Money Transmitter Modernization Act (MTMA) will have on payroll processors in the states that have adopted the portion of the MTMA requiring payroll processors to obtain money transmitter licenses.
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Jesse Silverman, a seasoned member of Troutman Pepper’s Financial Services team, and Alex Johnson, a fintech industry expert and author of the Fintech Takes newsletter. The episode delves into the evolving landscape of bank-fintech partnerships and banking as a service, exploring the regulatory challenges and existential risks faced by fintech companies. The conversation highlights the need for more robust regulatory frameworks, improved consumer disclosures, and the importance of serious, well-vetted partnerships to ensure the sustainability and innovation of the fintech sector. Tune in to gain insights into the future of fintech and the critical role of regulatory compliance in fostering a secure and innovative financial ecosystem.
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Partners Ron Raether and Tim St. George to discuss a landmark victory in a major data breach class action multidistrict litigation. The team delves into the details of the successful defense of an attempt at class certification involving a ransomware attack on software provider Blackbaud. This episode highlights the strategic legal maneuvers, team approach, extensive discovery, and expert practices that led to this important industry win. Don’t miss this in-depth case study and learn how the Troutman Pepper team navigated one of the largest and most complex data breach cases in history.
In this inaugural episode of Moving the Metal, Troutman Pepper attorneys Brooke Conkle and Chris Capurso examine the major requirements of the FTC’s proposed CARS Rule. After a refresher on the rule’s requirements, Brooke and Chris discuss the current status of the litigation surrounding the rule, including a discussion of the briefs and data submitted by the FTC and the trade groups fighting the rule. Tune in as Brooke and Chris look under the hood to examine the FTC’s fine print and where the rule currently stands in the courts, helping your auto finance company avoid regulatory pitfalls.
In this special crossover episode of The Consumer Finance Podcast and Payments Pros Podcast, Chris Willis and Josh McBeain interview two colleagues who delve into the Consumer Financial Protection Bureau’s (CFPB) recent interpretive rule that classifies buy now, pay later (BNPL) transactions as credit cards. Mark Furletti and Jason Cover explore the implications of this rule under Regulation Z, including the introduction of the term “digital user account” and its impact on BNPL providers. The discussion covers the regulatory requirements, potential challenges for compliance, and the broader legal context, including the possible effects of the Loper Bright case on administrative interpretations. With a July 30 compliance deadline looming, the episode provides critical insights for industry stakeholders navigating this significant regulatory shift.
In this special crossover episode of The Consumer Finance Podcast and Payments Pros Podcast, Chris Willis and Josh McBeain interview two colleagues who delve into the Consumer Financial Protection Bureau’s (CFPB) recent interpretive rule that classifies buy now, pay later (BNPL) transactions as credit cards. Mark Furletti and Jason Cover explore the implications of this rule under Regulation Z, including the introduction of the term “digital user account” and its impact on BNPL providers. The discussion covers the regulatory requirements, potential challenges for compliance, and the broader legal context, including the possible effects of the Loper Bright case on administrative interpretations. With a July 30 compliance deadline looming, the episode provides critical insights for industry stakeholders navigating this significant regulatory shift.
In this episode of The Consumer Finance Podcast, Chris Willis discusses the complexities and potential pitfalls of bank-fintech partnerships. Joined by colleagues Alexandra Steinberg Barrage, Matthew Bornfreund, and Jesse Silverman, the conversation delves into the structure of banking-as-a-service (BaaS) relationships, regulatory pressures, and key friction points such as BSA/AML compliance and ledgering. The team offers practical solutions for both banks and fintechs to ensure successful collaborations, emphasizing the importance of clear roles, responsibilities, and robust compliance measures. This episode is essential listening for anyone involved in or considering a bank-fintech partnership.
In the latest episode of Unauthorized Access, host Sadia Mirza welcomes Kaitlin Clemens, the newest member of Troutman Pepper’s Incidents + Investigations team. Kaitlin shares her journey into incident response and cybersecurity, transitioning from plaintiff-side litigation to crisis management in the cybersecurity space. She opens up about the challenges and rewards of her role, shedding light on the critical importance of having a supportive team.
In this episode of Payments Pros, host Keith Barnett discusses the Federal Trade Commission’s (FTC) lawsuit and $10 million settlement against the payment facilitator, BlueSnap. On May 1, the FTC filed a complaint alleging that BlueSnap and its executives aided and abetted a debt relief service provider’s violations of the Telemarketing Sales Rule, along with violating Section 5 of the FTC Act.