17 Burst results for "consumer financial services group"

"consumer financial services group" Discussed on Consumer Finance Monitor

Consumer Finance Monitor

05:27 min | 6 d ago

"consumer financial services group" Discussed on Consumer Finance Monitor

"Financial services industry a lot of our content That we provide to our clients and two members of the public. is contained in our blog which also goes by the name of consumer finance monitor. I would commend the blog You're reading and i think it'd be wise for you to subscribe to it. We've been doing the blog now or Actually it's exactly ten years today It's actually the ah ten year anniversary of the blog we live on it. Contemporaneous with the full operation of the cfp be on july twenty. One two thousand and eleven so Let me first of all introduce a are two speakers today. I i'm on complain sqi I'm senior counsel at ballard spahr formerly the chair of the consumer financial services group and At the end of last year. I was Pleased to turn the reins over to to people one of whom Will be presenting today so let me introduce To you Chris willis Chris is co chair of the consumer financial services group Prior prior to that he was chair of the litigation A power of the consumer financial services group and We is practice. focuses to a great extent on Supervisory and enforcement issues particularly at the cfp bay so it would be appropriate of course To have a. Chris is a guest today. Because that's what we're going to be talking about so chris Warm welcome to you. Thanks a lot and you alan. It also almost exactly coincides with my ten year anniversary at the law. Firm to okay Yeah camera remember. Did you come before the begun stood up or was it right after that is not ten days afterwards. Okay okay and also Let me introduce to you The newest partner in our consumer financial services group Jason kover jason Again is a consumer financial services lawyer and focuses more on the regulatory side than on the Supervisory and enforcement side but force as is the case with all the people in our group. We don't make these sort of sharp Demarcations everybody gets involved in of the full array of consumer finance legal activities So jason also. We'll be talking about a couple of subjects. Which i'll mention in a moment Dealing with a bb supervision. So jason also warm. Welcome to you today. okay so The consumer financial marketplace saw significant impacts from cova nine teen pandemic began in march of last year The up he be adapted. Its work By focusing approximately half of its supervisory activities. I'm so called prioritized assessments. Which began in may of last year. A prioritized assessments. Were designed to came real time information from abroad. Group of supervised entities that operate in markets were posing elevated risks to consumers Do to pin dynamic related issues and indeed There was a whole issue of the cfpb supervisory highlights that focused on prioritized assessments. That's not what we're gonna talk about today. We're gonna talk about. Today is the most recent addition of supervisory highlights Factually issued twenty four summer. Two thousand twenty one and i it's edition supervisory highlights. That is forty seven pages in length and as a result of that were dividing it into three segments. And we're gonna be covering one of three segments today And what we're going to cover our things identified by the cfp..

consumer financial services gr ballard spahr Chris willis Chris cfp bay chris Warm Jason kover jason Again Supervisory and enforcement si jason alan Chris cfpb
"consumer financial services group" Discussed on Consumer Finance Monitor

Consumer Finance Monitor

01:41 min | 8 months ago

"consumer financial services group" Discussed on Consumer Finance Monitor

"Welcome to the consumer finance monitor. Podcast where we explore important new developments in the world of consumer financial services. And what they mean for your business your customers and the industry I'm your host. Alan kaplinsky and i share the consumer financial services group at ballard spahr For those of you who want more information about. I'm sure some of the topics will be talking about today. i would refer you to our blog which also goes under the name of consumer finance monitor. We've been doing our blog since two thousand eleven. Actually when the cf pb of i started operating and And every day literally New articles are being posted on our blog. And our podcast. We've now been doing for a little over two years and You can get it anywhere on our website. Bowers spar dot com or wherever you get your Regularly your podcast. It is so I'm really pleased today. to have as a are gassed cape Berry kate i've know for a long time She is a reporter with the american banker. and she has covered The two thousand.

"consumer financial services group" Discussed on Consumer Finance Monitor

Consumer Finance Monitor

04:48 min | 8 months ago

"consumer financial services group" Discussed on Consumer Finance Monitor

"Our topic today is going to focus on enforcement at the consumer financial protection bureau. The agency was created by the enactment of the dodd. Frank act back in two thousand ten because stood up in two thousand eleven july two thousand eleven and it's almost been operational for ten years and during that period of time There have been a number of acting directors and and a couple of actual Senate confirmed director and so largely started Richard cordray being director and then with the change in the trump trump becoming president And after some litigation that transpired It mick mulvaney Became the acting or was the acting director and then ultimately a cran. Anger became the director and now with the Election having occurred and With a change to a biden administration in the offing On january twenty to be precise Were a witness change again at the agency. And what we're gonna try to do. Today is to really drill down on The changes that we anticipate Are going to happen. Come january twentieth an end thereafter. And i can't think of two people more qualified to address that subject than my colleagues chris willis and james kim so let me first introduce of a both of them I hardly apt to introduce chris wallace because chris is involved in moderating a of the podcast While today he'll be on the guest side and will be responding to the difficult questions that i'm going to pose to him so chris is the deputy practice leader of the consumer financial services group And he Is a key part of his practice. sense he joined Our firm Many years ago has been focused on the cfp of focus on especially everything that goes on there from a regulatory supervisory or enforcement standpoint but particularly in the fourth area. He probably has handled more cfp be enforcement cases than any lawyer in the country. literally handled dozens of them going back to the very beginning of the agency all the way up to the president. Let me also on now introduced james. Kim james joined us several years ago. after having served for several years in a senior enforcement position at these cfp And james when james was there it was under the directorship of Richard cordray The agency was very very active at time and james was involved in a number of Cutting edge investigations that ultimately resulted in consent orders. Some people James probably calls them calling judge other. People may say pushing the envelope james. But we'll give you the the benefit of the doubt cutting edge so before we begin today. I want to warmly. Welcome Chris and james. Thanks allen we're glad to be here likewise okay.

consumer financial protection trump trump mick mulvaney Richard cordray consumer financial services gr chris willis james kim chris wallace Frank biden chris Senate james Kim james James Chris allen
"consumer financial services group" Discussed on Consumer Finance Monitor

Consumer Finance Monitor

01:36 min | 9 months ago

"consumer financial services group" Discussed on Consumer Finance Monitor

"Welcome to the consumer Finance Monitor podcasts where we explore important new developments in the world of consumer financial services and what they mean for Your Business Your customers and the industry. I'm your host today, Allen Complaints Ski and I shared the consumer. Financial Services. Group at Ballard? SPAHR For those of you who are not familiar with our consumer financial services group I want to mention to you are consumer finance monitor blog, which has been ongoing for almost ten years and Also tell you that we regularly hosts webinars on subjects of interest to the consumer finance industry. This podcast today is adapted from a Webinar that we recently produced that we thought was of sufficiently brought interest in sufficiently important that we should make available to our podcast listeners, and so the name of our podcast today is what a blue wave in the November twenty twenty elections could mean for the consumer financial services industry. The..

"consumer financial services group" Discussed on Consumer Finance Monitor

Consumer Finance Monitor

02:17 min | 11 months ago

"consumer financial services group" Discussed on Consumer Finance Monitor

"Welcome to the consumer Finance Monitor podcast where we explore important new developments in the world of consumer finance and what they mean for Your Business, your customers and the industry. I'm your host today Alan Kaplinsky and I share the consumer financial services group at Ballard SPAHR and Before we get into the the heart of our podcast today Let me just quickly remind you of some other resources that we make available and that I invite you to consult We have a blog called consumer finance monitor dot com same name as our podcast used to be called CFP, monitor, dot com, and then. After the election a few years ago. When we felt that there would be less focused on the CFP, we broaden this subject matter content and accordingly broadened the title of our podcasts We also regularly do webinars, and if you're not signed up for our webinars, invite you to do that you can do that by going on our website and..

"consumer financial services group" Discussed on Consumer Finance Monitor

Consumer Finance Monitor

04:26 min | 11 months ago

"consumer financial services group" Discussed on Consumer Finance Monitor

"Our entire Consumer Financial Services Group, and he devotes a very large part of his practice. To handling. Consumer finance enforcement matters particularly at the CFP both during the cordray administration and. All the way through. To the Kathy Cranach or leadership probably is handled Morrissey PB investigations, lease, anybody else that I know also focused a lot on consulting with clients on our wide range of consumer finance matters so. The way we're going to proceed today is I'm GONNA pose a bunch of questions to prentice prentiss house to say and then give Chris the opportunity to respond, and hopefully we'll get a little dialogue going between China's in Chris who I think may have a different point of view on some of the subjects we're gonNA cover. So first of all Prentiss a given the the seal of walk case and the decision of the Supreme Court which will enable the president of the United States, whoever he or she might be to remove the director of at will you know for good causes back there are no cause at all. Do you see that the baby is going to be moving back and forth between various physicians in the future? As administrations change. And is that desirable or undesirable and should anything be done to fix that? If you think it's a problem. I don't and thanks for inviting me Allen for starters and Chris. I don't see this is that big a deal I mean, of course, in the short run, it has the ironic effect of meaning that Biden can quickly replace the trump appointment so. So the net effect of the of the industry lawsuit was to hasten a democratic appointment But that's how that's how it goes. When you make decisions three years in advance through a law said I you know, I, I, don't think it has a big impact. The idea behind the staggering of the term was to was much done including the financing through the Fed to reduce political pressure because of the extraordinary a power of the financial institution industries in Congress, and so the idea was by staggering the term by. you know that you would be one of the tactics used to reduce political pressure on the agency bottom line though is there was always going to the agency was GONNA turn every five years. Now it's going to turn every four years synchronous with the election and I it's the problem you highlight. Moving from one pole to the other regulatory approach was going to exist. Anyway, it was just a matter of timing the alternative to that. Of course, was the commission and That has it's an and I I was fairly agnostic about it. There's pluses and minuses to both the commission as you see with the FTC, which is the closest Santa Log smooths things out means the agency you know the the likely result is the agency stays within a narrow band of enforcement The downside of that of course is the agency stays within a narrow band of enforcement. So from the point of view of consumer advocates you know doesn't become a very I it doesn't doesn't serve as that government counterbalance to the control of the market So you know I I don't see a big deal is the bottom line I really don't I think the biggest deals a short term effect in cutting short. Term if Biden prevails in the election and takes office, right? Well what do you think Chris?.

Chris Biden Consumer Financial Services Gr prentice prentiss house Prentiss CFP Kathy Cranach Fed Supreme Court China Congress FTC United States Allen president director
"consumer financial services group" Discussed on Consumer Finance Monitor

Consumer Finance Monitor

02:57 min | 1 year ago

"consumer financial services group" Discussed on Consumer Finance Monitor

"Of the Consumer Financial Services Group in the chair of the litigation portion of our group we. What we want to do today because this is a special program can't talk a little bit about the origin of our podcast show and then we thought we would turn to. The CFP. Which Notwithstanding the change in administrations his remained very important. Regulator. In the consumer financial services and I'm sure we will have. If you don't believe that now we will have convinced you of that by the time done. So Chris, let me introduce you and. I understand you've got why don't you start off in the format can be very informal. With each of us a asking different questions. Either related to the podcast shows. How going and We're what the future holds in store, and then we're going to talk about the CFP, be. Under a enter. So go ahead, Chris yeah thanks Allen Linden, and I'd like to add I sort of comments about this being our hundred podcast. It's a really special occasion for us. We're so happy to have been doing this now for two years and looking forward to doing it for. Years to come but. The podcast was originally your idea Allen I remember distinctly when you came and sent me an email and said, hey, should we do a podcast and so like the listeners probably WanNa know why did we initiate this podcast two years ago? What was the reason for it? Schorr. Well. To be the honest about Chris the real impetus for doing the podcast came from my youngest son my youngest son one day was talking to me about what do we do? What kinds of business development initiatives is our consumer financial services group involved in and I bragged about the fact that we have produced a blog. The. Very first blog at our law firm. That got launched on July twenty, one, two, thousand and eleven the very day. The CFPB got stood up I talked about all the webinars. That we do each year, say anywhere from forty or fifty, a year I talked about the alerts that we issue and and a variety of other things and he looked to be rather puzzled and..

Consumer Financial Services Gr Chris Allen Linden CFPB Schorr Allen
"consumer financial services group" Discussed on Consumer Finance Monitor

Consumer Finance Monitor

02:20 min | 1 year ago

"consumer financial services group" Discussed on Consumer Finance Monitor

"You're not on the list for our webinars Just go on our website, find your way to the consumer financial services group and There will be a way for you to sign up for our a webinars and our our podcasts are available Once a week, we released a new podcast generally with the exception of a couple of holidays on Thursday of each week. So let me introduce our. Speakers Today. I is Mark Levin. Mark is the litigation partner in our consumer financial services group. Mark was literally one of the pioneers who counsel are banking and our other consumer financial services clients about using arbitration provisions with class action..

"consumer financial services group" Discussed on Consumer Finance Monitor

Consumer Finance Monitor

04:06 min | 1 year ago

"consumer financial services group" Discussed on Consumer Finance Monitor

"Are Available on any podcast platform that you. Tend to use So we have a What I think is GonNa be a very interesting show today and the topic we're going to talk about. Is something that has consumed the see how the aid for almost senses inception and that is what were they going to do if anything about dealing with payday lending there had been certainly the time of the Knapman of Dodd Frank There was very much a focus and concern about the industry the industry singled out in Dodd Frank because payday lenders were one of the groups said were automatically subject to supervision by the. CFP. And Fairly early on. But apparently, maybe not early enough when you. Look back at the history of the DP and what it did in the area small dollar London vase started looking into the industry and I can't think of a better person to get really tell us the story of the CF TB and its connection to payday lending. Nanna. Later. morphed into more than just payday lending but nobody better to tell us that story and bring us up to date than my longtime colleague and friend Jeremy Rosenbloom Jeremy is partner at Ballard. SPAHR he co-chairs the Consumer Financial Services Group with me and he has really followed the payday lending industry since its inception. was there really the birth of the industry? An has represented a lot of. Companies engaged in that business or related businesses and really understands that business inside and out. So first of all Jeremy Very. Warm welcome to you today your own. Here. So let let's go Will Lay Foundation for before we get to what's going on right now but in two thousand Seventeen Richard Cordray the den director of the CFPB be issued a final rule pertaining to small dollar lending and as I. Recall the events he did. It is one of the last things from a regulatory standpoint that he accomplished before he resigned as director of the CFPB he'd be go back to Ohio to run for governor. Could. You tell us or summarize for our listeners? What was in that final rule and what impact it would have had on the industry if it had ever gone into felt. Sure L.. So. Richard. cordray. Was No fan of payday rounding think it's fair to say that he was. viscerally hostile to the industry. And his role reflected that. There were two principle components there were building to repay. Also..

Jeremy Rosenbloom Jeremy Richard. cordray CFPB Dodd Frank director Will Lay Foundation Consumer Financial Services Gr London Ballard partner Ohio
"consumer financial services group" Discussed on Consumer Finance Monitor

Consumer Finance Monitor

03:01 min | 1 year ago

"consumer financial services group" Discussed on Consumer Finance Monitor

"Welcome to the consumer Finance Monitor podcasts where we explore important new developments in the world of consumer, financial services, and what they mean for Your Business, your customers and the industry. I'm your host, Alan. Kaplinsky I'm the chair of the consumer financial. Services Group at Ballard SPAHR and I'll be moderating today's program for those of you who want even more information about consumer finance so the topic we're talking about today. Don't forget to frequently consult our blog, which is also. Known by the same Moniker, we call a consumer finance monitor DOT com. We've been doing our blog ever since the CFP became operational in two thousand eleven, so there is a ton of information there. We also regularly hosts webinars on subjects of interest to those of us that are in the industry, so.

"consumer financial services group" Discussed on Consumer Finance Monitor

Consumer Finance Monitor

01:32 min | 1 year ago

"consumer financial services group" Discussed on Consumer Finance Monitor

"Welcome to the consumer Finance Monitor podcast where we explore important new developments in the world of consumer, financial services and what they mean for your. Business Your customers and the industry I'm your host. Alan Kaplinsky and I am the chair of the Consumer Financial Services Group at Ballard SPAHR and I'll be moderating our program today. For those of you want even more information? Don't forget about our blog. CONSUMER FINANCE MONITOR DOT COM. We've hosted the blog since two thousand eleven. When cf BB gun stood up and there's a lot of relevant industry content there we also regularly hosts webinars on subjects of interest to those in the industry. So make sure you subscribe to our blog at you can do that through a self subscription, or if you WANNA get on our mailing list to get invites to our webinars. Dan Send an email to us at. Ballard spahr well sounded to me to my attention, Kaplinsky, a ballard SPAHR DOT com and I will.

"consumer financial services group" Discussed on Consumer Finance Monitor

Consumer Finance Monitor

01:36 min | 1 year ago

"consumer financial services group" Discussed on Consumer Finance Monitor

"Monitor. Her podcasts were we explore important new developments in the world of consumer finance. And what they mean for Your Business Your customers. There's and the industry I'm your host today. Allen complained ski the chair of the Consumer Financial Services Group at Ballard SPAHR and I'll be moderating today's program for those of you who want even more information don't forget about our blog which is also call consumer finance monitor. We've been doing the blog since two thousand eleven so there's a lot of content there including content on the subjects. That we're going to be talking about today. We also regularly hosts webinars on subjects of interest to those of you in the Industry Street. So if you want to subscribe to our blog or get on the list for webinars visit us at Ballard SPAHR DOT com. And if you like our podcast please let us know about it. Leave us a review Wherever you procure your podcasts be it Apple Apple Google play or spotify or any other podcast site so today. I'm very pleased to be joined by. I Chris Willis who is the chair of the Litigation the Consumer Financial Services Litigation in Group And also the deputy chair of the entire consumer financial.

Consumer Financial Services Gr Consumer Financial Services Ballard SPAHR Chris Willis Apple Allen spotify Google
"consumer financial services group" Discussed on Consumer Finance Monitor

Consumer Finance Monitor

01:38 min | 1 year ago

"consumer financial services group" Discussed on Consumer Finance Monitor

"Welcome to the consumer. Finance Monitor senator. PODCASTS where we explore important new developments in the world of consumer financial services. And what they mean for Your Business Your customers and the industry I'm your host today Alan Kaplinsky and I shared the consumer financial services group at Ballard SPAHR and I'll be interviewing My partner who is the vice chair of our our consumer Financial Services Group and the chair of our Look Consumer Financial Services Litigation. Group at Ballard SPAHR SPAHR. And I'm referring to Chris Willis for those of you who want even more information delve forget about our blog cons- which is also called consumer finance monitor dot com. We've quoted the blog since two thousand eleven so there's a lot of relevant industry content there including content about the topic that we're gonNA address today. We also regularly hosts webinars on subjects fixed interest to those of you in the industry so to subscribe to our blog or to get on the list for our webinars visit US Ballard SPAHR DOT com. And if you like our podcast let us know. Leave a review on Apple podcast..

"consumer financial services group" Discussed on Consumer Finance Monitor

Consumer Finance Monitor

01:42 min | 1 year ago

"consumer financial services group" Discussed on Consumer Finance Monitor

"In finance Under house where we explore important new developments in the world of consumer financial services and what they need for Your Business Graham I'm the chair of the Consumer Financial Services Group at Ballard SPAHR for those of you want even more information about various consumer finance hobbits don't forget about our block consumer finance monitor dot com which shares same name as our podcast program we'd been doing our block since two thousand eleven and there's a lot of content there we also regularly sweb on subjects of interest to those of us in the industry so just subscribe to our blog or to get on the list for our webinars this visit our website Ballard spahr dot com if you like our podcast let us know about it leave us a review on apple podcast Google play or wherever you get your podcasts while I'm very pleased to be joined today by our special guests Paul Watkins Who's director of the CFP Office of innovation the topic today is this CFP B.'s.

Consumer Financial Services Gr Ballard SPAHR director CFP Office Ballard Google Paul Watkins
"consumer financial services group" Discussed on Consumer Finance Monitor

Consumer Finance Monitor

01:33 min | 1 year ago

"consumer financial services group" Discussed on Consumer Finance Monitor

"Welcome to the consumer finance monitor your pockets were we explorer important new developments in the world of consumer finance and what they mean for. Your Business Your customers and the industry. I'm your host today. Allen compliancy. I'm the chair of the Consumer Financial Services Group at Ballard SPAHR and I'll be moderating today's podcast for those of you who want even more information. Don't forget about our block consumer. FINANCE IS MONITOR DOT COM shares the same name as our podcast show. We've been doing our blog since two thousand eleven. There's a lot of content there they are we also regularly host webinars on subjects of interest including the subjects that we're going to be talking about today. so make sure you subscribe to our blog. Make sure you get on our list for Webinars by visiting US at Ballard SPAHR DOT COM and and if you like our podcast please let us know about it. Leave us a review on apple podcast. Google play or wherever you get your podcast programming. I'm very pleased to have as my guests today my partner Kemp Fan Kim uh-huh works out of our DC office and she's a member of our privacy and data security group and our consumer Financial Services Mrs Group..

Consumer Financial Services Gr DOT COM Ballard SPAHR US Kemp Fan Kim Mrs Group Google apple Allen partner
"consumer financial services group" Discussed on Consumer Finance Monitor

Consumer Finance Monitor

02:20 min | 2 years ago

"consumer financial services group" Discussed on Consumer Finance Monitor

"Welcome to the Consumer Finance Monitor repack house where we explore important new developments in the world of consumer financial services and what they mean for Your Business Your customers Bruce and the industry. I'm your host today. Allen Complain Ski I'm the chair of the Consumer Financial Services Group at Ballard Ballard SPAHR and I'll be moderating today's program for those of you who want more information don't forget about our blog also named consumer finance monitor Dot Com. We've been doing our blog since two thousand eleven so there is a lot of information mation and content there we also regularly hosts webinars on subjects of interest to those of you that are in the consumer finance industry so to subscribe to our blog or to get on the list for webinars visit us at Ballard SPAHR DOT COM. If you like our our podcast please let us know about it..

Ballard Ballard Consumer Financial Services Gr Bruce Allen Ski
"consumer financial services group" Discussed on Consumer Finance Monitor

Consumer Finance Monitor

19:35 min | 2 years ago

"consumer financial services group" Discussed on Consumer Finance Monitor

"Podcast. This is something that i know you're gonna find great interest and that is the recently released f._d._i._c. consumer consumer compliance supervisory highlights for almost sense the creation of the c._f._p. <hes> <hes> <hes> that agency has been issuing supervisory highlights. This is a recent development for the f._d._i._c. so obviously the f._d._i._c. and the banks that are regulated by the f._d._i._c. the do consumer sumer compliance exams of the f._d._i._c. <hes> they <hes> probably have they liked what the cfpb p._b. Was doing i mean <hes> and now they're going to try to copy it and i think <hes> the the first edition of the highlights allied side would say is a could a good first effort by the f._d._i._c. so let me introduce my guest us today and my guests are colleagues of mine ballard spahr both of them members of the consumer financial services group and both of them highly qualified to talk about the topic today. Let me first introduce james kim. James ames is a partner in our consumer financial services group and works out of our manhattan office prior to joining our firm. James served a stint in the c._f._p.'s manhattan office where he was the senior enforcement attorney while he was in the p._b. He he led nationwide investigations evolving consumer credit mobile financial services emerging payment systems and processing warpage origination debt collection excetera james's also very heavily involved in coordinating join enforcement initiatives with the f._t._c. and state attorneys general at our firm james advises banks other companies and individuals in matters is involving financial regulation and litigation and the myriad of federal consumer finance laws. You also defense banks and non banks being investigated by federal and state government agencies including a force c._f._p. Bay <hes> welcome welcome to our show today. James bo ronnie is a member of our consumer financial services group. He works out of our d._c. Office bow joined us several years ago from the p._b. Where he was a presidential management fellow and later in examiner incharge he worked in both compliance and enforcement and at the c. p. b. he'd lead compliance exams the bank and non bank institutions as the examiner in charge and as the team lead in his responsibilities included meeting with senior management if financial institutions to discuss and address alleged violations since joining us <hes> bo council many of our clients as they prepared for c._n._n. P._b. exams or during c._f._p. Be exams bo has the unique perspective to bring to bear since he's been on both sides the cfpb p._b. Exams some of which have involved in to enforcement matters so bo warm warm welcome to you as well okay so <hes> first question to lead things off bo what what are supervisory highlights and why are they important. Thanks thanks for including on the podcast today. Supervisory highlights <unk> are used by the regulators to publish anonymous exam findings and outcomes to help companies subject to federal regulators supervision with their efforts to apply with applicable laws and perhaps more importantly <hes> supervisor highlights help. Most companies anticipate what the regulator will be looking at. We're going to be focused on during next exam so here with this first condition of the f._d._i._c.'s consumer compliance supervisory highlights the f._d._i._c. he's giving us and f._d._i._c. supervised banks a high level overview of consumer compliance issues at the f._d._i._c. identified during twenty eight t being examinations in reported the f._d._i._c. notes that it conducted approximately twelve hundred consumer compliance exam last year and in this report it provides some of the most salient issues encore that the f._d._i._c. identify during those two thousand eighteen consumer compliance exams so this publication provides a distillation of the most important violations of law identified by the f._d._i._c. during those twelve hundred consumer compliance exams conducted <hes> last year so supervisory highlights like this publication provide f._d._i._c. banks and other banks and financial institutions and with similar products practice it gives them a roadmap of potential violations of law that your federal regulator may come ask about during <hes> your next exam. Thanks <hes> <hes> but i am i right the technically speaking <hes> these supervisory highlights would only apply apply to institutions that are subject to consumer compliance examination by the f._d._i._c. or put differently. You would not cover the larger banks those that have ten billion or more in assets <hes> who who's a consumer compliance exams are dumb by the c._f._p. Am i right there well technically. They're not even binding on f._d._i._c. Supervised is banks. <hes> there's a recent interagency statement made clear that supervisory guidance like this unlike a law or regulation does not. I have four law agencies including the bureau f._d._i._c. federal reserve o._c._c. and away. They all made clear that they don't take aac enforcement actions based on supervisor guidance so a financial institution. That's not supervised by the f._d._i._c. is not required to follow f._d._i._c. z. Supervisory guidance and guidance doesn't have the force of law for f._d._i._c. supervised banks but regardless of whether you're subject to f._d._i._c. supervisory is we oversight or you just have products or processes similar to those at issue in these supervisory highlights. I would strongly recommend <hes> that companies companies should review these observations and consider whether you may have similar issues i think if before you took a test you are allowed to see the test results of hundreds of other test takers who've taken that same test you're studying for and you could use those test results to bone up on your own studying and improve your our own test score so while it's not binding required. I don't know why you wouldn't take the opportunity to review exam results. There's some revised <hes> summarized in supervisory three highlights like this to potentially improve your own exam outcomes and potentially ward off a possible enforcement investigation and end <hes>. This is a new thing for the f._d._i._c. right. <hes> i mean they have not previously issued. Supervisory guidance related to consumer issues. This is their first edition of other consumer compliance provisory highlights so bo. You were an examiner in charge at the c._f._p. Before joining our firm did you use. Supervisory is we highlights issued by the c._f._p. <hes> in connection with examinations you were conducting. Oh yeah i certainly <hes> <hes> those bureau provisory highlights and other federal regulatory <hes> supervisory highlights are not only for the regulators to alert industry issues day by defy but they're also tremendous tools for examiner so <hes> before sending the initial information requests and kicking off an examination <hes> i would and an exam leaders generally <hes> would regularly consult both supervisory highlights to consider previous findings at other companies across the country and then use those findings to help focus their own exams yet. I take it <hes> while you would do that. When you would write somebody somebody up you know for violation. Did you back then and i recognize you. Were at the c._f._p. Few years ago would you actually rely yeah. I on the suit site the supervisory guidance back then <hes> no certainly within any of the written correspondence we'd have with our supervised improvised institutions. We wanna use the text of the rank or the text of the cometary as the basis for our patients certainly in discussions we would bring up and provide links for the company to that prior supervisory highlight but that was more a part of just to going supervisory dialogue about <hes>. When did your c._m._s. Identified this or why. Do you think your c._m._s. Did not identify this potential riskier and that was the point of that discussion but we never used it as a basis for communicating. The preliminary findings dance tunes okay <hes> tho- james <hes>. You're at the c._f. P._b. As well although you were worked worked in the enforcement area <hes> do enforcement attorney said the bureau review supervisory highlights rely upon them definitely <hes> there. There's no doubt about it. Let's talk about the bureau first and then the federal prudential regulators because i think enforcement attorneys played different roles those agencies but but at the c._f._p. Everyone should be reminded number. One that enforcement attorneys although invisible visible still support examinations so you have enforcement attorneys in the background of advising the supervisory personnel all the examiners about potential issues especially ones that are thornier such as you'd apps so i think like others like the examiners themselves <hes> enforcement attorneys read various supervisory highlights primarily from the bureau but from the other agencies and certainly now with the f._d._i._c. putting consumer supervisor highlights the they showed in a will include this in the reading list to stay abreast of <hes> potential issues that or patterns that may be emerging in in these supervised provis institutions and then to at the cfpb p._b. This is where the bureau is different than the banking regulators the o._c._c. the f._d._i._c. in the majority of the enforcement actions at the c._f._p. Originate outside of examination so i think there's always been this myth breath. That exams were feeders. Primarily the primary feeders enforcement investigations that simply was not the case enforcement attorneys have a wide variety we of sources of information they breed newspaper articles just like everyone else they read the supervisory highlights for ideas of they also have sources sources even formations from complaint databases state agencies so i i my point is is that the supervisory highlights were among the various sources of information that enforcement attorneys would use to originate new investigations aside from handoffs from supervision and then turning to the you know the the prudential regulators of whom we have plenty of dealings with. I think it's a little bit different. They are i'm sure they review them for a lot of the reasons that that they discussed except they probably don't read them to originate investigations at most these thinking agencies agencies the enforcement attorneys are getting handoffs from supervision. Were violations have been previously identified. Two examinations in the enforcement attorneys <unk> are essentially kind of taking that taking those findings and then um handling it through a public consent order rather than confidential supervisory means but they're not using museum to originate new enforcement actions typically <hes> let me let's now delve into a few of the items that were mentioned in the f._d._i._c. supervisory highlights the first issue noted by the f._d._i._c. <hes> bo relates to overdraft programs programs. We've seen similar concerns from the c._f. P._b. and other regulators savelly this isn't really a new issue. That's right the p._b. A and federal reserve among others have previously shared these concerns about overdraft practices and public publications and statements which again highlights highlight the overlapping nature of these publications so again i would say f._d._i._c.'s provides banks would be well served to pay close attention to bureau and other regulators laters supervisor highlights even if you're not subject to their supervision so here the f._d._i._c. identified to overdraft issues one one with practices related to use of an available balance method and a second regarding overdraft fee disclosures so i the f._d._i._c. identified a concern where banks they're using an available balanced method assessed overdraft fee on any point of sale signature is your base transactions <hes> but settled against a negative available balance even though the institution may have previously authorized the transaction based on sufficient should funds available at the time of your authorization so jesse provide an example to illustrate this <hes> in their example consumer. It has an account balance of fifty dollars at the beginning of the day and a point of sale signature based transaction of thirty dollars would authorize against the fifty dollar balance and that would lower consumers available balance to twenty dollars now if the customer authorized another thirty dollar transaction but second and transaction would authorize against an insufficient available balance and that was lower the consumers balanced to negative ten dollars <hes> the concern arises where <hes> at first transaction settled after the second transaction that posted and the banks payment system assessed or fees at final all settlements such that or fees or assessed on both transactions even though the consumers balance was sufficient to cover that first transaction when it was authorized thrived the second concerned the f._d._i._c. identified <hes> they found some banks did not sufficiently disclose how or jeff fees are assessed so that <hes> in the words of reasonable consumer would understand when an overdraft could be imposed so hopefully the f._d._i._c. z. Within the supervisory highlights your calls out ways to mitigate the risk of these violations so first off the p._s._e. Recommends that for financial institutions using the available balance method that they should ensure that any transaction is authorized against the positive available balance does not incur an overdraft fees even if that transaction later settles against a negative available balance and two if you recommend that companies should consider their overdraft program descriptions that are given to consumers to make sure they're providing clear and conspicuous disclosures about potential overdraft fees so that consumers can understand when overdraft fees will be assessed <hes> and make informed decisions to avoid the assessment of such overdraft fees so so those are the overdraft concerns from the f._d._i._c. in these supervisory highlights james number of state attorneys general recently made an announcement mental about overdrafts what that announcement about he had just a few weeks ago in early july in fact in a letter dated july ally one you had twenty five state agee's submitted joint letter to the c._f._p. B basically calling on the bureau knots lots to roll back or scale back the existing overdraft rule enraged e and in fact the the state agencies he's and then the commissioner in hawaii were proposing stricter regulation and overdraft to extend it beyond debit transactions to also cover a._c._h. Is and check transactions but i think that the the origination or the reason for this is that in may of twenty nineteen leaned bureau announced that would revisit and reconsider a series of rules including the overdraft rule specifically to see it was overly burdensome. Where the cost benefit analysis <hes> was such that you you know the the cons outweigh the pros especially for smaller entities <hes> but i think consumer advocates and <hes> the stating genius they're concerned that the review the rule <hes> focused purportedly on small entities can be a trojan horse so to speak for the bureau to rollback the rule in general for all institutions russians <hes> and and i think that's the reason for the rule i mean fit letter in the letter the note that there's no data that they're aware of of a supporting such rollback and that in fact the data shows that regi the overdraft rule has greatly protected consumers and produced overdraft fees so <hes> you know that that's just a i think important thing for people to note that in addition to complying with existing rule <hes> <hes> there there is a battle essentially on whether or not the current rules should be revisited scaled-back were expanded. Am i right. James said <hes> the reason for the focus on the overdraft rule is because of a requirement a statutory requirement that says has every ten years the ten years after the promulgation of a regulation the agency needs to examine the impact on small all businesses and it was an is if the c._f._p. Out of concern had tremendous concern about the overdraft draft rule and decided to do a review of it right..

f._d._i._c. James bo ronnie supervisor cfpb James attorney james kim James ames manhattan partner c._f._p. commissioner hawaii agee jeff jesse