Consumer Protection Agency Limits Payday Lenders: Understanding Proposed Regulation
In an effort to provide comprehensive federal regulation to payday and small dollar loans, the Consumer Financial Protection Bureau (CFPB) has recently issued a proposal and will likely issue a notice of proposed rulemaking later this year, requiring certain consumer protections, such as forcing lenders to limit the number of times borrowers can renew and repay their loans. Having stirred immense attention from consumer finance industries, it pays to take a closer look into this new CFPB proposal.
In this two-hour LIVE Webcast, a panel of key thought leaders organized by The Knowledge Group will provide an overview to help you better understand the critical elements of the proposal and its potential effects on the payday, installment, and auto title loan industries.
Key issues that will be covered in this course are:
- CFPB’s Proposal regarding Payday, Installment, and Auto Title Lending Regulations
- Ability-to-repay Requirements
- Limits on Rollovers
- “Debt Trap Prevention” Vs. “Debt Trap Protection”
- Potential Risks and Implications for Payday, Installment, and Auto Title Lenders
- Common Violations and Risk Mitigation Strategies
Paul Hastings LLP
Weiner Brodsky Kider PC
- Intro to CFPB
- Summary of Proposal
- Ability to Repay Overview
- Limits on Rollovers
- Debt Trap Prevention
- Potential Risks and Implications
- Common Violations and Risk Mitigation
- Enforcement Actions and Ways to Mitigate Risks
Sabrina Rose-Smith, Partner
Goodwin Procter LLP
Who Should Attend:
- Consumer Finance Attorneys
- Chief Financial Officers
- Payday Loan Consultants
- Payday Lenders
- Installment lenders
- Auto Title Lenders
- Financial Reporting Managers
- Finance Managers
- Compliance Officers
- Other Related/Interested Professionals
Sabrina Rose-Smith is a partner in Goodwin Procter’s Consumer Financial Services Litigation Group. Her nationwide practice includes both defending financial institutions against consumer class actions and government enforcement actions, and regulatory compliance counseling for banks, credit card issuers, mortgage lenders and specialty finance companies. She is the lead editor of and key contributor to Goodwin Procter's LenderLaw Watch blog, which monitors, chronicles and analyzes news and legal issues affecting clients and others in the consumer finance industry.
Ms. Rose-Smith defends financial services clients in cases involving the Truth In Lending Act (TILA), the Fair Debt Collection Practices Act (FDCPA), the Real Estate Settlement Procedures Act (RESPA), the Fair Housing Act (FHA), the Equal Credit Opportunity Act (ECOA), the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), the Telephone Consumer Protection Act (TCPA), state and federal unfair and deceptive trade practices (UDAP) statutes and other alleged violations of law arising from her clients’ lending, servicing and/or collections activity.
Sabrina Rose-Smith is a partner in Goodwin Procter’s Consumer Financial Services Litigation Group. Her nationwide practice includes both defending financial …
Gerald Sachs is of counsel in the Global Banking and Payment Systems practice at Paul Hastings and is based in the firm’s Washington, D.C. office. Prior to joining Paul Hastings, Mr. Sachs was Senior Counsel for Policy and Strategy of the Consumer Financial Protection Bureau’s (CFPB) Office of Enforcement. At the CFPB, he assisted the office with strategic planning, drafting internal policies and procedures, coordinating with state and federal regulators, conducting investigations, providing supervisory exam support, and working on intra-agency initiatives. In addition, he led two teams of attorneys that focused on auto finance, credit cards, mobile payments, emerging payments, prepaid cards, and digital currency.
Prior to working with the CFPB, Mr. Sachs served as an Assistant United States Attorney in the Northern District of Georgia where he prosecuted both civil and criminal cases relating to money laundering and asset forfeiture, economic crimes, computer crimes, narcotics trafficking, and the False Claims Act. Before joining the United States Attorney’s Office, Mr. Sachs worked as an attorney for the Federal Trade Commission’s Southeast Region Office in Atlanta, Georgia where he investigated and prosecuted consumer protection cases related to unfair and deceptive acts and practices.
Gerald Sachs is of counsel in the Global Banking and Payment Systems practice at Paul Hastings and is based in …
Jason W. McElroy is a partner at Weiner Brodsky Kider PC, where his practice focuses on representing companies in the financial services sector in civil litigation, government investigations, and regulatory compliance. Jason has experience with a wide range of federal and state consumer protection laws, including RESPA, TILA, FDCPA, FCRA, UDAP, and Consumer Protection Acts. Jason has represented clients in federal and state trial and appellate courts, and has represented clients in matters against the U.S. Department of Justice, the Consumer Financial Protection Bureau, the Federal Trade Commission, the U.S. Department of Housing and Urban Development, and multiple states’ Attorneys General.
Jason also provides regulatory counsel to financial companies regulated by the CFPB, including assisting with preparation for regulatory examinations, representation in investigations, and targeted reviews. Jason regularly speaks at industry functions nationwide regarding regulatory and litigation matters affecting the financial services industry. Jason also currently serves on the Editorial Advisory Board for Banking Law 360, and is a member of the American Bar Association’s Consumer Financial Services Committee.
Jason W. McElroy is a partner at Weiner Brodsky Kider PC, where his practice focuses on representing companies in the …
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About Goodwin Procter LLP
Founded in 1912, Goodwin Procter LLP is a leading Global 100 law firm, with offices in Boston, Hong Kong, London, Los Angeles, New York, San Francisco, Silicon Valley and Washington, D.C. We have one of the preeminent consumer financial services litigation and enforcement practice groups in the nation, as recognized by Chambers, US News and The Legal 500. Our team of industry specialists counsel and defend clients across a broad spectrum of consumer financial services matters, including regulatory counseling and examinations, government investigations, enforcement proceedings and litigation. We regularly handle high-stakes matters for many of the nation’s largest financial services companies, including prominent banks, mortgage companies, credit card issuers, student lenders, auto finance companies and insurers. For more information, visit www.goodwinprocter.com. Follow us on Twitter @GoodwinProcter / @LenderLawWatch.
About Paul Hastings LLP
With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings has the global reach and extensive capabilities to provide personalized service wherever its clients need the firm. Paul Hastings offers a complete portfolio of services to address its clients’ complex, often mission-critical challenges – from structuring first-of-their-kind transactions to resolving complicated disputes to providing the savvy legal counsel that keeps business moving forward.
About Weiner Brodsky Kider PC
Weiner Brodsky Kider PC WBK is a national law firm providing counsel to the consumer financial services industry across the U.S. We have teams devoted to regulatory compliance, licensing, corporate and transactional matters, representation before government agencies, and litigation. Our clients range from start-ups to Fortune 500 companies, including depository and non-depository institutions, large homebuilders, settlement service providers, and trade associations.