Summer 2013
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Leadership Message


Nikki Munro
Chair
Consumer Financial Services Committee

Dear CFSC Members:

In this Leadership Message, we discuss changes to the CFSC's meeting schedule, new subcommittee leadership, and two new Committee initiatives: a special women's event at the Winter Meeting in Park City and new Oral History Project to interview leading Committee members on the history and development of consumer financial services law.

CFSC's Last ABA Annual Meeting

The second weekend in August marked another successful CFSC meeting, at the ABA Annual Meeting in San Francisco. Those of you who were able to attend saw programs about small dollar lending, big data, compliance management, and the CFPB's amicus program. We were, as always, blessed with exceptional programming, a good turnout from the membership, and much-appreciated participation from high-profile government regulators from the CFPB, FTC and elsewhere. Read More...

Meeting Promos/Postcards

REGISTER NOW!

Consumer Financial Services Basics 2013

September 30 - October 01, 2013

University of Maryland
Francis King Carey School of Law
500 W Baltimore St
Baltimore, Maryland

Facing the most comprehensive revision of federal consumer financial services law in 75 years, even experienced consumer finance lawyers might feel it is time to get back in the classroom. This live meeting is designed to expose practitioners to key areas of consumer financial services law, whether you need a primer or a refresher.

It is time to take a step back and think through some of these complex issues with a faculty that combines decades of practical experience with law school analysis. The classroom approach is used to review the background, assess the current policy factors, step into the shoes of regulators, and develop an approach that can be used to interpret and evaluate the scores of laws and regulations that affect your clients.

You can register and find more information at http://www.americanbar.org/calendar/2013/09/consumer-financial-services-basics-2013.html.

CFSC Constituents


Lynne B. Barr

Lynne B. Barr: Shaping Consumer Financial Service Law from Electronic Banking to Dodd Frank
By Rachel Marin

Lynne B. Barr is a partner with Goodwin Procter LLP and chair of its Consumer Financial Services Practice and Banking Practice groups. She is highly respected for her extensive experience in electronic banking, and she helped establish the ABA's position on The Dodd Frank Wall Street Reform and Consumer Protection Act. Barr has devoted her career to consumer financial services, received prestigious awards, and has held many leadership positions in the American Bar Association ("ABA"), including Chair of the Consumer Financial Services Committee ("CFSC") and the Business Law Section. Read More...

Subcommittee Spotlight

The Housing Finance Subcommittee of the Consumer Financial Services Committee launched a monthly call-in program in March 2013. The Subcommittee presents a different topic of interest to housing finance lawyers and consumer financial services practitioners. The program takes place on the second Wednesday of each month, from 2:00 p.m. to 3:00 p.m. Eastern time. After the speakers finish their presentation, callers submit questions that leads to further discussion.

Each of the programs is recorded and the program materials are placed on the Consumer Financial Services Committees' website for later playback and review. This resource is open to all members of the Consumer Financial Services Committee and its friends. There is no charge for the program and we invite your participation.

This article will summarize the programs that have been presented and discuss future programs.

Completed Programs

In March 2013, Joe Reilly and Shara Chang of Buckley Sandler, LLP presented the first webinar on the Consumer Financial Protection Bureau's final ability to repay and qualified mortgage rule. Reilly and Chang outlined the rule, discussed various issues associated with it, and responded to listeners' questions concerning the rule and the directions given by the Bureau. Read More...

CFSC Legal Feature

Fair Debt Collection Practices Act - Not Just for Debt Collectors Anymore
By Heather Thayer, Thayer Legal Services PLLC

The Consumer Financial Protection Bureau (CFPB) has signaled its interest in regulating the debt collection industry. For example the CFPB moved relatively quickly to assert its regulatory authority over larger debt collectors. In two bulletins issued on July 10, 2013, the CFPB has made it clear that its interest in collection practices is not limited to traditional debt collectors. Although the Fair Debt Collection Practices Act (the FDCPA) only applies to debt collectors and not to creditors collecting their own debts, in the first of the two bulletins the CFPB announced that it will apply many FDCPA standards to creditors. In the second bulletin, the CFPB put all regulated entities on notice that certain standard collection representations may be deceptive and that all persons collecting debts should take care to ensure that potentially deceptive statements are not being used in debt collection. Read More...

So What Else Is There Besides the CFPB In Housing Finance?
By Christine Acree, Ellie Mae Inc.

The biggest news in 2013 in Housing Finance has been the activities of the CFPB. Other players have also been active. Here are the highlights from the Housing Finance Subcommittee's August 10, 2013 presentation at the ABA Annual Meeting in San Francisco. Read More...

CFSC Pro Bono/Community Service

Street Law's Legal Diversity Pipeline Program

Recently members of the Pro Bono Subcommittee, in coordination with the CFPB Financial Literacy team, have been discussing ways that our members can apply their experiences and knowledge to provide pro bono assistance to our various communities. One possibility involves the possibility of partnering with an organization called StreetLaw. In years past, corporate law firms have helped promote financial literacy by conducting sessions explaining credit card rates, APRs, and late fees, helping students learn how lawyers think, and how the credit marketplace operates. StreetLaw presents another avenue for law firms and corporate legal departments to engage with their local communities.

Street Law, Inc. is a 41-year-old nonprofit organization that creates classroom and community programs that teach thousands of people worldwide about law, democracy, and human rights. Street Law strives to provide accessible, engaging, and interactive programs that empower students and communities to become active, legally-astute contributors to society. The Legal Diversity Pipeline Program introduces students of color to the law and the legal profession by partnering law firms and corporate legal departments with local, diverse high school law classes. Read More...