Winter 2012
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Leadership Message

Julie Caggiano
Consumer Financial Services Committee

Dear CFSC Members:

The Consumer Financial Services Committee ("CFSC") has a multitude of resources and programs that are available to all of its members, including in-house counsel. As an in-house attorney, the top 5 reasons that I think the CFSC is extremely beneficial to in-house counsel are as follows.

#5 - Leadership Opportunities

The CFSC provides numerous leadership opportunities to serve as a Chair or Vice-Chair of one of the 32 substantive or administrative CFSC subcommittees, special committees, or task forces, depending on where your personal interests lie. As a CFSC leader, you can organize CLE programs, comment on legislative and regulatory matters, develop pro bono projects, or write a scholarly legal article for the annual consumer financial services survey of current issues for The Business Lawyer. These CFSC leadership positions can also lead to leadership positions within the ABA Business Law Section, which several of our CFSC colleagues have held, including Lynne Barr, Roland Brandel, Terry Franzen, Don Lampe, Jeff Langer, Jackie Parker, and me.

#4 - Network with the Best and Brightest Minds in the Business

Where do you get the opportunity to network with and pick the brains of the leading consumer financial services lawyers in the country other than at the three CFSC meetings each year? There is also the opportunity to discuss the unique challenges and practice issues facing in-house counsel and exchange ideas with other in-house counsel at the In-house Counsel Roundtable meetings and calls (see the related article, Spotlight on the In-House Counsel Roundtable.)

#3 - Excellent and Timely CLE

The CFSC's meeting programs and CLE are developed by experts throughout the country and are an incredible opportunity for learning. You will hear discussion of the most important consumer financial services topics of the day from industry attorneys, regulators, consumer advocates, and academics for a 360-degree perspective. In-house CFSC members who cannot attend a meeting in person have free access to all written program materials from the CFSC meetings though the CFSC website found at

#2 - Meet New People and Make New Friends

In addition to developing career opportunities, I have made many, many good friends through the CFSC. The CFSC meetings are a collegial environment to meet new acquaintances, catch up with old friends and colleagues, and expand your network.

#1 - Break out of the Silo of Your Law Department and Your Company

The CFSC provides exposure to the entire spectrum of consumer financial services and can provide advance warning of legal issues and litigation risks that may also be applicable to your company's business activities. Networking with other attorneys can provide insights relevant to your career development. Even if your company does not pay for you to attend CFSC meetings, they are a valuable investment in yourself and your professional development.

Julie R. Caggiano
Consumer Financial Services Committee

Meeting Promos/Postcards

Springtime in DC

The CFSC Spring Meeting is just weeks away!

The CFSC meeting, which is part of the larger Business Law Section Spring Meeting in Washington, DC, will kick-off with the "Beer and Basics" program on Wednesday, April 3, from 4-6 pm, followed by our welcome reception at 6:30. From there, we will continue with a full schedule of excellent programs on timely topics, beginning at 8:00 am April 4 and ending at noon on April 6.

Don't miss out on the Committee Dinner Thursday evening, April 4, at Sequoia, situated in Washington Harbour, with a gorgeous view of the Potomac River, starting with a cocktail reception at 7:00 pm, with dinner to follow at 8:00 pm. Dinner tickets are available through the Spring Meeting registration page.

The cherry blossoms should still be in bloom. What better time is there to spend time in DC? We hope to see you there!

Golf Tournament Recap
By Yasamine Christopherson, Nelson Mullins Riley & Scarborough LLP

About two dozen members of the Consumer Financial Services Committee took a break from CLEs to hit the links at the LaPlaya Golf Club in Naples, Florida. Golfers competed in teams for best overall score and individually for longest-drive and closest-to-the-pin prizes. Fortunately, the scoring format was kind to the occasional golfers. Teams were allowed to take their best drive and play the hole out from there.

Congratulations go to Catherine Lane, who won the prizes for both the longest drive and closest to the pin for the ladies. The men's prizes went to Jeff MacHarg for longest drive and Brian Munro for closest to the pin for the men-congratulations to Jeff and Brian, as well. Of course, it wouldn't be a lawyer's golf tournament without something to argue over. The team of Manny Alvarez, Ronald Rubin, and Ernest Williams were the official winners. However, the Alvarez/Rubin/Williams team was fortunate that they were not disqualified for reporting their scores late. If time had been a disqualifying factor, the winners would have been the team of Burton Brillhart, Jeremy Mandell, John Morton, and Anthony Sharet.

Controversy aside, the golf tournament was fun for all, which is what it's all about. Many thanks to Hudson Cook for sponsoring the golf tournament.

CFSC Constituents

Spotlight on the In-House Counsel Roundtable
By Grace Powers, Bank of America

This article will spotlight the newly revitalized In-House Counsel Roundtable. The In-House Counsel Roundtable has been in existence within the ABA Business Law Section's Consumer Financial Services Committee ("CFSC") for a number of years. However, under the capable leadership of Subcommittee Chair, Karen A. Morauski and Vice-Chairs, Julie R. Caggiano and Danielle Reyes, there's been a renewed focus on the interests and needs of in-house counsel constituents within the CFSC.

The In-House Counsel Roundtable ("Roundtable") is open to all lawyers practicing as in-house counsel in the area of consumer financial services law. This special subcommittee within the CFSC focuses on providing a forum for in-house counsel to discuss issues facing them within this practice area. This forum for in-house counsel is especially important given today's increased supervisory oversight and regulation for companies in the consumer finance arena.

The benefits of in-house counsel participating in the Roundtable include participation in a Roundtable members-only listserv and the opportunity to call in or attend closed membership meetings for in-house counsel members in order to have frank, open discussions on topics of interest to in-house counsel. Additionally, the Roundtable surveys its members to suggest future programming ideas of specific interest to in-house counsel, such as the recent programs during the Winter CFSC Naples meetings in January 2013 on preparing for Consumer Financial Protection Bureau (CFPB) exams and learning the nuts and bolts of ACH transactions. The Winter CFSC meeting also included a special break out session titled, "Compliance in Practice: In-House Counsel's Chance to Ask What the CFPB Really Wants" moderated by Roundtable member, Trish Obara, which gave in-house counsel the opportunity to ask questions of representatives of the CFPB. Finally, in-house counsel members have a valuable opportunity to network with other in-house counsel members to exchange ideas and share opportunities within their respective companies during events such as In-House Counsel happy hours.

If you are an in-house counsel interested in learning more about the Roundtable, please check out the Roundtable subcommittee page at You can also contact the Roundtable leadership, Chair Karen A Morauski, and Vice Chairs Julie R Caggiano, and Danielle Reyes.

Ralph J. Rohner: A "Balanced Observer" and Participant in the Development of Consumer Finance Law
By Rachel F. Marin, Maurice & Needleman, P.C.

Ralph J. Rohner is known for his contributions to the development and analysis of consumer financial services law. He served as staff counsel to the U.S. Senate Banking Committee and Federal Reserve Board, where he worked on consumer finance legislation, including amendments to the Truth in Lending Act. He was also dean and law professor at the Columbus School of Law at Catholic University and authored case books on consumer financial services law. In addition to working with the federal government and in academia, Rohner also worked on behalf of financial institutions and describes himself as "a perfectly balanced observer of the process."

Born in New Jersey, but raised in Baltimore, Maryland, Rohner remembers growing up in Baltimore as "terrific," and he remains a fan of the local football and baseball teams. He still lives in the area with his wife. Rohner was a natural born leader and has been drawn to leadership roles because "that is where the action is." If a particular organization sounded interesting or exciting, he would find a way to participate. For Rohner, the "reward" of participating in activities was to obtain more leadership opportunities. For example, he thought that if he served as the assistant treasurer of an organization, then he would have the chance to attend the organization's executive officer's meetings. Rohner sought out many leadership roles starting at a young age, through activities such as the school newspaper and yearbook, his college fraternity, serving as editor and chief of the Law Review, and as a moot court champion. Read More...

Subcommittee Spotlight

Federal and State Trade Practices Subcommittee
By Steven Forry, Ice Miller LLP

The Federal and State Trade Practices Subcommittee is led by Chair Eric Mogilnicki (Partner, Wilmer Cutler Pickering Hale and Door, LLP) and Vice-Chair Katherine Armstrong (FTC Division of Privacy and Identity Protection). Under their leadership, the Subcommittee focuses on the regulatory and enforcement activities of the Federal Trade Commission, prudential regulators and, increasingly, the Consumer Financial Protection Bureau ("CFPB"). Regulation and enforcement activities cover a broad spectrum of consumer protection laws, including credit reporting, credit information and disclosure, privacy, fair lending, debt collection practices, and UDAP (unfair and deceptive acts or practices) and UDAAP (unfair, deceptive, or abusive acts or practices).

UDAAP/UDAP was a particular focus of the CFPB and regulators in 2012, with three consent orders issued against credit card companies American Express, Discover, and Capital One. The Subcommittee presented on those topics at the Winter 2013 Committee meeting, including presentation by a senior counsel at the CFPB. In 2013, the Subcommittee will continue to monitor law enforcement and other regulatory actions that impact the consumer financial services industry. The Subcommittee will again be presenting at the ABA Business Law Section's Spring 2013 Meeting in Washington, D.C. and looks forward to meeting new faces.

Truth in Lending Subcommittee
By Marci VanAdestine, Whyte Hirschboeck Dudek S.C.

The Truth in Lending Subcommittee of the Consumer Financial Services Committee (CFSC), which is co-chaired by Cathy Brennan of Hudson Cook and Jeffrey Naimon of Buckley Sandler and vice-chaired by Stephanie Cohen of PNC Mortgage, focuses primarily on the all major developments in the Truth in Lending Act (TILA) and its implementing regulation, Regulation Z. These developments include court decisions impacting the interpretation of the law, as well as proposed and published rules promulgated by its regulator, the Consumer Financial Protection Bureau (CFPB). TILA is an important part of the consumer financial services world - although its purpose, when codified in the 1960s, was to merely ensure disclosure of important information to consumers, it has developed into one of the most intricate and detailed consumer protections laws. Therefore, the subcommittee works to spotlight important and timely issues for CFSC members arising from the law.

Over the next year, it is the subcommittee's plan to stay abreast of new developments in the law and ensure that CFSC members are made aware of them. The subcommittee expects there to be many new developments. For example, the Dodd-Frank Act (DFA) mandated that the CFPB issue certain TILA rules, such as the provision of periodic statements and requirements for prompt payment crediting for mortgage loans (which were just issued and become effective next year). The CFPB also recently published "Ability to Repay" rules as required by the DFA, and is now, however, considering making certain exceptions to these rules. These are merely examples of the changes taking place. Be sure to stay tuned!

CFSC Legal Feature

CFPB Examination Preparation
By Agnes Bundy Scanlan, Esq., Co-Chair Compliance Management Subcommittee

At the 2013 winter meeting of the Consumer Financial Services Committee, the Compliance Management, Fair Access to Housing and Federal and State Trade Practices Subcommittees presented a program on Preparing for Consumer Financial Protection Bureau ("CFPB") Exams and Enforcement. Presenters included attorneys and representatives from the CFPB, FDIC, Buckley Sandler, Wilmer Hale and Promontory. The panelists discussed what to expect and how to prepare for exams and enforcement actions by CFPB. Further, the panelists addressed lessons learned, who was involved, etc.

Under Dodd Frank, the CFPB has the authority to conduct examinations of banks with assets over $10B, etc. The CFPB's approach to these examinations is quite aligned with that of the other federal banking regulators. The following are some consistent CFPB examination themes from the perspective of US financial services' in-house compliance risk management professionals ("banks"). Read More...

Getting Mobile: Offering Financial Services through the Mobile Channel
By Mercedes Kelley Tunstall, Ballard Spahr LLP

Innovation in financial products and services has been focused on the mobile channel for the last couple of years and shows no signs of slowing down. This article talks about the state of the mobile market for financial products and services (warning: the shelf life of that portion of this article will be less than twelve months) and then walks through the top legal considerations associated with the mobile channel. Read More...