Perspectives on Consumer Financial Services

As recently as last week, the Consumer Financial Protection Bureau has continued on its campaign of federal consumer protection and enforcement decisions.

Arent Fox Partner Jenny Lee and Associate Susan Tran recently wrote the article, “Consumer Protection in the New Economy: Privacy Cases in E-Commerce Transactions or Social Media Activities,” that was published in The Consumer Finance Quarterly Report, Volume 73, No. 1.

On July 11, 2019, I presented at the American Bankers Association webinar, entitled, “Mortgage Disclosure Cures and Corrections — Mitigating Liability.” Below is a summary of the points presented in the webinar and additional analysis.

On April 17, 2019, Kathleen Kraninger, President Trump’s appointed director of the Consumer Financial Protection Bureau, delivered her first major address at the Bipartisan Policy Center since taking on the role on December 6, 2018.

On May 7, 2019, the Consumer Financial Protection Bureau (CFPB) issued a Notice of Proposed Rulemaking under the Fair Debt Collection Practices Act (FDCPA), Dodd-Frank Wall Street Reform, and Consumer Protection Act (Dodd-Frank).

Financial institutions and service providers subject to the Gramm-Leach-Bliley Act likely will face enhanced requirements to protect consumers’ personal financial information under the first substantial proposed amendments to the Safeguards Rule in more than 15 years.

Arent Fox Consumer Financial Services Practice Group Leader Jenny Lee was quoted in the American Banker article, “Why CFPB Payday Revamp is an Even Bigger Deal Than You Think,” on the impact of the Consumer Financial Protection Bureau’s (CFPB) overhaul of its payday lending rule rollback.

Less than twenty-six business days after Kathy Kraninger become Director of the Consumer Financial Protection Bureau, the agency obtained an $11 million civil money penalty in a joint enforcement action filed in the United States District Court for Southern District of New York.

With recent developments in voice-controlled infotainment systems, the automotive industry seeks to bring greater connectivity between consumer brands and drivers on-the-go.

Arent Fox Partner Jenny Lee will be a speaking at the American Conference Institute’s 19th National Forum on Prepaid Card Compliance on January 30th, 2019 in Washington, DC. She will be featured on the panel, “Consumer Financial Data Aggregation in the Prepaid Space: Identifying Key Concerns and the

Arent Fox Partner Jenny Lee will be speaking on the panel, “Examining the Latest Activity of the CFPB, Coordination Amongst the Different Federal Agencies and What to Expect from Federal Enforcement Going Forward,” as part of the 31st National Forum on Consumer Finance Class Actions on July 23-24.

Arent Fox Consumer Financial Services Partner Jenny Lee will present a webinar through the American Bankers Association on the topic, “Mitigating Liability & Self Reporting,” on July 11, 2019.