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|CFPB Proposed Rules Address Payday Loans and Impose New Customer Diligence Requirements|
Scott A. Cammarn, Peter Carey, Joseph V. Moreno; Cadwalader, Wickersham & Taft LLP;
June 20, 2016, previously published on June 8, 2016The Consumer Financial Protection Bureau (“CFPB”) last week announced long-awaited proposed rules governing payday loans and other high-cost credit products, including that lenders must take steps to ensure prospective borrowers have the ability to repay them.1 The proposed rules, which...
|CFPB Proposes New Rule on Mandatory Consumer Arbitration Clauses|
Lisa M. Ledbetter, Sanjay Narayan; Jones Day;
June 16, 2016, previously published on May 2016Arbitration as a means of dispute resolution is intended to help consumers and businesses save time and money and achieve fair results when compared to traditional litigation. Millions of contracts for consumer financial products and services have a pre-dispute arbitration clause that requires...
|CFPB Fires Another Warning Shot for Processors to Be Aware of Their Merchants’ Activities|
Brian Barrett, Brian M. Murphy, Robert J. Pile, Lewis S. Wiener; Sutherland Asbill & Brennan LLP;
June 14, 2016, previously published on June 14, 2016In a recent line of enforcement actions, the Consumer Financial Protection Bureau (CFPB) has signaled that it will hold payment processors liable if the CFPB believes the processors know or should have known that transactions processed for their processing customers are fraudulent or illegal. The...
|Madden v. Midland Funding, LLC: Solicitor General Recommends Against Certiorari but Explains Flaws in the Second Circuit's Controversial Decision|
Traci L. Lovitt, Matthew A. (Matt) Martel, Anthony M. (Tony) Masero, Joseph B. (Joe) Sconyers; Jones Day;
June 13, 2016, previously published on May 2016This week, the Solicitor General filed a brief recommending that the U.S. Supreme Court deny certiorari in Madden v. Midland Funding, LLC because of, among other things, the absence of a circuit split and the possibility that the appellants may still prevail in the underlying dispute after the case...
|FASB Anticipates June Release for Credit Loss Standard; Community Banks Weigh In|
Peter J. Rivas; Jones Walker LLP;
June 9, 2016, previously published on May 26, 2016The Financial Accounting Standards Board (FASB or the Board) is set to release a final standard for loans and securities write-downs at the end of June. Before it releases its final amendments to U.S. GAAP, the Board will likely meet again to weigh the upcoming standard's costs and benefits.
|Traders and Compliance Professionals Take Note: Phase One of New BIS “Global Code” Establishes “Best Practices” in the Foreign Exchange Markets|
Jonathan H. Flynn, Anthony M. Mansfield, Gregory George Mocek, Jorge Pesok; Cadwalader, Wickersham & Taft LLP;
June 8, 2016, previously published on June 1, 2016Limitations on Use of Confidential Information is Prominent in the New Standards Continuing Recent Enforcement Trend in the Commodities and Derivatives Markets
|Credit Default Risk in Latin America: A Regional Outlook|
Robert da Silva Ashley, Maria Luisa Canovas, Marcello Hallake, Pedro A. Jiménez, Javier L. Martínez del Campo; Jones Day;
June 8, 2016, previously published on May 2016In our January 2016 Commentary, “Are You Ready for the Emerging Market Credit Bust?,” we noted that with emerging market debt levels soaring to unprecedented heights and the inevitable cross-border repercussions of defaults, creditors were going to need a well-planned,...
|FinCEN Issues Final Rules for Customer Due Diligence Requirements|
Jodi L. Avergun, Scott A. Cammarn, Colleen D. Kukowski, Dorothy D. Mehta, Joseph V. Moreno; Cadwalader, Wickersham & Taft LLP;
June 8, 2016, previously published on May 13, 2016On May 11, 2016, the Financial Crimes Enforcement Network (“FinCEN”) issued the final version of its long-awaited “Customer Due Diligence Rules” under the Bank Secrecy Act. 1 The final rules impose a new requirement on “covered financial institutions” - which...
Shalanda N. Franklin; Vandeventer Black LLP;
June 5, 2016, previously published on May 2016Having credit is essential for doing business; it provides funds to grow a business and relief during difficult times. However, the receipt of credit often comes with conditions, including personal risk for the business owner and their relatives. Federal laws prohibit a creditor from imposing a...
|Treasury White Paper Portends Greater Federal Oversight of Marketplace Lending|
Lisa M. Ledbetter, Courtney Lyons Snyder; Jones Day;
June 3, 2016, previously published on May 2016On May 10, 2016, the U.S. Department of the Treasury ("Treasury") released a highly anticipated white paper recommending greater transparency and borrower protections for the marketplace lending industry. The white paper, titled Opportunities and Challenges in Online Marketplace Lending,...