I am pleased to announce that Jeff Pilgrim of Pilgrim Christakis LLP and I are chairing this year’s National Institute on Consumer Financial Services Basics (the “Institute”).  The Institute is hosted annually by the Consumer Financial Services Committee of the American Bar Association.

Ballard’s CFS Group routinely sends new Group members to the Institute, and the feedback we get is uniformly positive. … Continue Reading

A class action lawsuit filed in September 2020 against Nike alleging that its policy requiring retail employees to wear Nike-branded, opaque masks discriminated against deaf and hard of hearing consumers under Title III of the Americans with Disabilities Act (“ADA”) deserves attention from retail banks and non-bank financial services companies with brick-and-mortar facilities open to the public. … Continue Reading

The American Arbitration Association (AAA) and its international division, the International Centre for Dispute Resolution (ICDR) announced that no hearings will take place in AAA-ICDR hearing facilities until at least April 17.  Case management staff will contact parties and arbitrators to discuss alternative arrangements, including the use of video, teleconferencing, or postponements. … Continue Reading

In this podcast, we review recent developments dealing with the provision of financial services to the cannabis industry, including state approaches to banking services, the status of hemp legalization, the interplay between federal and state cannabis law, FinCEN guidance on BSA expectations, the status of federal regulatory and enforcement activity, and the status and prospects of proposed federal legislation.… Continue Reading

On December 12, the Credit Union National Association (“CUNA”) filed an amicus brief in D.C. Federal District Court opposing Leandra English’s motion for a preliminary injunction to block President Trump’s appointee for Acting CFPB Director, Mick Mulvaney, from exercising the powers of that office. The Court has already denied English’s motion for a temporary restraining order.… Continue Reading

The Supreme Court is considering a cert petition requesting that it hear the Lucia case, which we have blogged about extensively due to its potential impact on the outcome of the PHH case. Significantly, the DOJ recently filed a brief in the case siding against the SEC and with Lucia, who is challenging the constitutionality of how the SEC’s Administrative Law Judges (“ALJs”) are appointed.… Continue Reading

As we’ve mentioned, the finance industry recently filed suit to overturn the CFPB’s arbitration rule in the U.S. Federal District Court for the Northern District of Texas. Shortly after the case was filed, it was assigned to Judge Sidney A. Fitzwater.

Judge Fitzwater was appointed to the bench in 1986 by President Ronald Reagan.… Continue Reading

On September 5, the Consumer Financial Protection Bureau (CFPB) published a blog post regarding what to do in the event of a natural disaster like Hurricane Harvey.  The CFPB recommends that affected consumers consolidate their financial information by using a checklist and take the following steps after their most urgent needs (like food and safety) have been met:

  1. start the claims process by calling the insurance company;
  2. register for FEMA assistance;
  3. contact their mortgage servicer and tell them about the situation, including damage to the home;
  4. contact their credit card company and any other creditors to explain the situation before the next payment is due; and
  5. contact utility companies to suspend service if the home is too damaged to live in.
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Several federal agencies have issued reminders and requirements related to banking and credit services for borrowers affected by Hurricane Harvey.  We previously reported on mortgage-related guidance issued by Fannie Mae, Freddie Mac, HUD, and VA regarding mortgage loans.

On August 26, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), and Conference of State Bank Supervisors (CSBS) issued a joint press release  urging financial institutions in disaster areas to “work constructively with borrowers in communities affected by Hurricane Harvey.” … Continue Reading

U.S. Department of Housing and Urban Development (HUD)

On Monday, August 28, HUD announced that it was committed to “speed federal disaster assistance to the State of Texas and provide support to homeowners and low-income renters forced from their homes due to Hurricane Harvey.”

The following forms of relief are available to people in impacted counties (currently, Aransas, Atascosa, Austin, Bee, Bexar, Brazoria, Brazos, Caidwell, Calhoun, Cameron, Chambers, Colorado, Comal, DeWitt, Fayette, Fort Bend, Galveston, Goliad, Gonzales, Grimes, Guadalupe, Hardin, Harris, Jackson, Jasper, Jefferson, Jim Wells, Karnes, Kerr, Kleberg, Lavaca, Lee, Leon, Liberty, Live Oak, Madison, Matagorda, Montgomery, Newton, Nueces, Refugio, San Patricio, Tyler, Victoria, Walker, Waller, Washington, Wharton, Willacy and Wilson counties) (the “disaster area”):

Expedited Funds.Continue Reading