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In this episode of The Consumer Finance Podcast, Chris Willis is joined by Troutman Pepper Partner Jeremy Rosenblum and Neil Currie, vice president at the American Arbitration Association (AAA). They discuss the phenomenon of mass arbitration and the recent revisions to the AAA’s rules to address this. The conversation covers the new AAA rules, the fee structure, and the benefits of using AAA over other arbitration administrators. They also discuss strategies for drafting arbitration clauses to avoid the challenges of mass arbitrations. The episode provides valuable insights into the complexities of mass arbitration and offers practical advice for businesses navigating this challenging landscape.

In the third episode of this four-part series, Ethan, Addison, and Trey discuss several state-level developments that occurred in the digital asset sector during 2023. The group discusses the inception of New York Department of Financial Services’ (NYDFS) BitLicense regulation, its evolution, and the NYDFS’ introduction of guidance describing the procedures a digital asset custodian must engage in to ensure the provision of safekeeping services in a consumer-friendly manner. The main principles of the guidance aim to protect consumers by requiring digital asset custodians to, among other things, segregate digital assets owned by consumers and to prevent the establishment of debtor-creditor relationships with consumers that utilize custodial services.

Troutman Pepper attorneys Brooke Conkle and Chris Capurso helm this episode to discuss the Consumer Financial Protection Bureau’s (CFPB) recent annual report on consumer complaints for 2023. Although the report primarily focuses on consumer reporting, it includes an auto-finance section for those involved in auto loans and leases. Out of 1.6 million total complaints only 17,000 to 18,000 were directed toward auto finance-related issues; however, Brooke and Chris highlight some key takeaways. The bottom line: The CFPB pursues auto finance actions, and the most effective way to gain insight into the Bureau’s thinking is to examine the issues highlighted in the complaint report and ensure your processes are properly prepared.

In this episode of The Consumer Finance Podcast, Chris Willis is joined by colleague Jesse Silverman. They discuss the crucial steps fintech firms need to take to establish and maintain successful partnerships with banks. Silverman, with his unique background as a state regulator, CFPB staff member, and fintech executive, provides insights into the preparation, due diligence, and onboarding processes. He emphasizes the importance of understanding the bank’s compliance requirements, having clear policies and procedures, and ensuring a robust information security system. Silverman also discusses the benefits and challenges of using a Banking as a Service (BaaS) partner. The episode provides valuable advice for fintech companies looking to navigate the complexities of partnering with banks in a highly regulated industry.

In the second episode of this four-part series, Ethan, Addison, and Trey explore the CFPB’s proposed rule to define a market for general-use consumer payment applications under its larger participant authority, and its impact on digital asset financial services companies. The group discusses the integration of digital assets into the traditional financial system and the associated regulatory concerns. The episode concludes with a discussion of two significant FTC enforcement actions filed against digital asset financial services companies in 2023, underlining the potential consequences for stakeholders operating in the industry.

In this episode of Troutman Pepper’s FCRA Focus podcast, host Kim Phan delves into the topic of dispute resolution through the e-OSCAR system with special guest, Joel Strickland, the director of customer success at e-OSCAR. Joel shares valuable insights into the resources available to data furnishers, including e-OSCAR University and the annual users conference, Simplicity. This episode illuminates the functionalities and benefits of the e-OSCAR system for FCRA dispute resolution and clarifies the limitations of e-OSCAR’s role in the dispute resolution process, underscoring the importance of legal and compliance consultations for data furnishers.

In this pivotal episode of The Consumer Finance Podcast, host Chris Willis, alongside colleagues Brooke Conkle and Chris Capurso, explores the Consumer Financial Protection Bureau’s (CFPB) groundbreaking proposal for regular and extensive data collection within the auto finance industry. This episode is part of our special series on auto finance, where we unpack the implications of this initiative, rooted in the authority of Section 1022 of the Dodd-Frank Act, for both the industry and consumers. As the auto finance sector experiences significant growth amid rising prices and rates, we shed light on the CFPB’s strategy to enhance market monitoring and ensure transparency. Join us as we explore the potential impacts of this development, the reactions from major auto finance companies, and what this means for the future of consumer financial services. Don’t miss this insightful discussion that navigates the complexities of regulatory changes and their effects on the auto finance landscape.

In this episode of Payments Pros, Carlin and Keith welcome back Jordan Bennett, Nacha’s senior director of network risk management, for a two-part series on the newly approved rules designed to combat credit push fraud. Credit push fraud has been on the rise, and Nacha released a risk management framework to increase awareness and mitigate such frauds.