Consumer Financial Services Committee
Dear CFSC Members:
Happy Holidays to the over 1300 members of the Consumer Financial Services Committee. I'd like to take this opportunity to welcome new members to the
committee and welcome back members who have may have been less active until recently. It is an interesting time (to say the least) to be a consumer
financial services lawyer, and I am sure you all have been very busy navigating the brave new world of consumer finance. The Consumer Financial Services
Committee is here to help you do just that.
For those of you who don't know me, my name is Nikki Munro and I serve as Chair of the ABA Business Law Section's Consumer Financial Services Committee
(CFSC). Together with my Vice Chairs Jim Brown, Julie Caggiano, and Andrew Smith, I invite you to participate in committee activities. The CFSC has a lot
to offer, and by actively participating and encouraging your colleagues to participate, you can get the most out of your CFSC membership.
Join us in Park City, Utah!
There's still time to register for the Consumer Financial Services Meeting in January. This meeting is an all-CLE substantive meeting featuring the latest
developments in consumer financial services technology, litigation, enforcement, regulations and recent actions by federal and state regulators. Meetings
will begin on Saturday, January 11th with the ever popular Beer and Basics program, and conclude Tuesday, January 14th at noon. For new
attendees, don't miss the New Attendees Happy Hour on Monday, January 13th at 5:30pm. And of course, there are tickets available for the CFSC
Committee Dinner on Sunday, January 12th sponsored this year by Buckley Sandler LLP and Hudson Cook LLP. For information on how to register, see
registration information. A
short schedule of the program is
available on the CFSC website under Programs, Meetings and Events.
We hope to see you there! Don't forget your skis! The snow report is available here:
Forces to Be Reckoned With: The CFSC's New Fellows and Ambassadors
By Adamma Obele Muise, Nelson Mullins Riley & Scarborough LLP
The ABA Business Law Section has - once again - accepted a stellar group of attorneys into its Fellows, Ambassadors, and Diplomats ("FAD") program. The
Consumer Financial Services Committee ("CFSC") is fortunate to have several new FADs assigned to the Committee. The FAD program aims to promote and retain
diverse attorneys within the ABA Business Law Section and legal profession by actively recruiting young lawyers, lawyers of color, and lawyers with
disabilities as, respectively, Fellows, Ambassadors, and Diplomats.
FADs are selected from a competitive pool and are encouraged to actively participate in the ABA Business Law Section and their assigned substantive
committee during their two-year term. Each FAD is also assigned a Committee and FAD mentor, who aids in each FADs' professional development and engagement.
Compliance Management Subcommittee
By Rachel Marin, Maurice & Needleman, P.C.
The Compliance Management Subcommittee focuses on relevant compliance management issues relating to consumer financial services law. The Subcommittee is
Co-Chaired by Agnes Bundy Scanlan (Senior Advisor of Treliant Risk Advisors) and Ducie Le (Counsel at the Federal Reserve). Christine Poulon (Associate
General Counsel at PayPal) serves as Vice Chair. The Subcommittee is also supported by three Young Lawyer Liaisons: Mauricio Benavides (Compliance Examiner
at the Consumer Financial Protection Bureau), Nicole Strickler (Partner with Messer & Stilp, LTD) and Rachel Marin (Associate with Maurice &
CFSC Legal Feature
360 Degrees: Regulating Payday Lending from All Angles
By Christopher Dye, Senior Compliance Counsel, Harland Financial Solutions
There's a scene in almost every old cop movie where the hero strongly suggests that the villain come out with his hands up because he's surrounded. That's
probably what most financial service companies engaged in any aspect of payday lending are starting to feel like in today's regulatory environment.
As the Consumer Financial Protection Bureau (CFPB) concludes much of its rulemaking under the Dodd-Frank Act, and now that various state and federal bank
regulators, state attorneys general and Congress have thoroughly sifted through the financial meltdown ashes, these entities are now actively scanning the
horizon for the next big regulatory thing.
Does the Opinion in the Federal Reserve Board Swipe Fee Litigation Herald Stricter Scrutiny Under Chevron?
By Roberta G. Torian, Partner, Reed Smith LLP
This summer, consumer banking lawyers were all abuzz about the strong language used by Judge Richard J. Leon of the U.S. District Court for the District of
Columbia in the matter of NACS et al. v. Board of Governors of the Federal Reserve System.
What could have caused a federal judge to characterize positions taken by a highly-respected federal agency as, among other things, "utterly indefensible?"
Judge Leon was very explicit in his rejection of the position taken by the Board of Governors of the Federal Reserve System (the "Board"). So what was this
litigation all about? What did this opinion mean for Chevron?
CFSC Pro Bono/Community Service
Service To Soldiers
By Amy J. Durant, Member, Bodman PLC
On September 7th & 8th four Bodman PLC attorneys, including Amy Durant who is a CFSC member, traveled to Camp Grayling in
northern Michigan to prepare wills and powers of attorney for deploying service members. While many others in the state were watching the U of M - Notre
Dame game, the four attorneys made the three hour trek to Grayling to give back to our service members. Another Bodman attorney, more conveniently located
in the firm's Cheboygan office, traveled a much shorter distance and assisted deploying service members at Camp Grayling separately on November 6th.
Camp Grayling, which just celebrated its 100 year anniversary, is the nation's largest joint training center, spanning 147,000 acres and three counties and
often serves as the deployment center for Michigan's reserve service members. At the Camp, they participate in a Soldier Readiness Check.
As part of the Soldier Readiness Check process, deploying service members are offered the opportunity to have attorneys prepare estate planning documents
for them. Amy and the other Bodman attorneys sat with JAG attorneys and met with soldiers, one by one, to determine their wishes and prepare appropriate
documents as well as answer other legal questions. In the collegial atmosphere, the Bodman attorneys got to know the JAG attorneys and enjoyed chatting
with, and even sharing cookies with, the service members they were serving.