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|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...
|CFPB Targets Mandatory Arbitration Clauses to Protect Consumer Class Actions|
Scott A. Cammarn, Peter Carey, Joseph V. Moreno; Cadwalader, Wickersham & Taft LLP;
June 13, 2016, previously published on May 10, 2016On May 5, 2016, the Consumer Financial Protection Bureau (“CFPB”) issued a proposed rule to prohibit providers of certain consumer financial products and services from using arbitration clauses to block consumers from filing or participating in class action lawsuits.1 In addition, 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...
|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...
|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,...
|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,...
|FinTech Market Study May Lead to Important Regulatory Changes in Canada|
Davit D. Akman, Zirjan Derwa, Denes A. Rothschild; Borden Ladner Gervais LLP;
June 2, 2016, previously published on May 30, 2016The Canadian Competition Bureau has launched a market study into technology-led innovation and emerging services in the Canadian financial services sector. The study is in keeping with the Bureau's commitment in its 2015-2018 Strategic Vision document to "promote and advocate for a more...
|Italian Government Enacts Further Measures to Boost Italian Lending Market|
Marco Frattini, Francesco Squerzoni; Jones Day;
June 2, 2016, previously published on May 2016During the last two years, the Italian government has focused on reforming the Italian lending market, with the aim of boosting access to financing for Italian businesses and improving bankruptcy and enforcement proceedings in Italy. As part of this reform process, the Italian Council of Ministers...
|CFPB Proposed Rule on Consumer Finance Arbitration|
Jennifer L. Gray, Brett M. Kitt, Gil Rudolph, Murray B. Silverstein; Greenberg Traurig, LLP;
May 31, 2016, previously published on May 16, 2016On May 5, 2016, the Consumer Financial Protection Bureau (CFPB) presented for public comment its proposed rule prohibiting the use of mandatory pre-dispute arbitration clauses that waive class action lawsuits. The proposed rule would require providers to explicitly disclose to consumers that the...