Description:
State and federal banking regulators continue to push new laws and regulations in financial services. State attorneys general are also actively pursuing initiatives within their states in collaboration with their federal partners. From this there has been an increase in litigation in the field. Join us and our esteemed panelists for an in-depth discussion on these current hot topics and learn more about the new changes in consumer financial services.

Panel: A Look at the Next 4 Years

This panel of financial services attorneys share their analysis of the first several months of the second Trump administration and what it may mean for the consumer protection landscape moving forward. Drawing on initial agency actions, executive orders, and legislative and litigation developments, panelists will discuss trends in regulatory priorities, enforcement activity, and supervision under the new administration. In particular, the discussion will cover changes at the Consumer Financial Protection Bureau, Federal Trade Commission, Department of Justice, prudential banking regulatory agencies and state regulators as well as what those changes mean for market participants. Panelists also will provide thoughts on how businesses may adapt to a pullback in federal oversight while mitigating the risk of state or private actions.

Panel: Credit Reporting Highlights: Unpacking Recent FCRA Related Developments

The CFPB has been very active in the FCRA space with rulemaking and recent enforcement activity. This panel will discuss what these developments mean for institutions and how they can best be prepared operationally going forward. More specifically, this panel will discuss the following:
- In-depth analysis of recent CFPB Consent Orders related to credit reporting and how institutions can use these findings to bolster their credit reporting programs.
- Updates and analysis around FCRA rulemaking and the implications for consumers, furnishers, and the credit bureaus.
- What to expect in the months and years ahead under the Trump administration.

Panel: Charting the Future of Buy Now Pay Later

Buy Now Pay Later is a form of credit that allows a consumer to purchase a product and split the transaction into four or fewer interest-free or low-fee installment payments. During the 2023 holiday season, U.S. shoppers spent 16.6 billion dollars using BNPL, a 14% increase from the previous year. BNPL providers reported that 96% of BNPL purchases made during the 2023 Black Friday weekend in the US were paid on time or early. Notably, nearly a third (30%) of U.S. purchases were paid off early, ahead of their due date, up from the 24% recorded in 2022. A significant portion of BNPL products are bank-issued loans whose originating bank must comply with all applicable federal and state laws and regulations (including the Truth in Lending Act, fair lending laws, and others). Additionally, the bank subjects the BNPL platform to the same compliance obligations as the bank, both as a feature of the BNPL’s commercial arrangement with the bank and pursuant to federal law, which subjects the BNPL platforms to the same regulation and examination as the bank.

The panel will discuss appropriate regulations for BNPL that fit the unique, pay-in-four nature of the product, including modernized credit reporting that accurately captures BNPL data.

Panel: Cryptocurrency

In light of the current regulatory environment, with federal regulation and enforcement of cryptocurrency waning, a discussion on the NYAG enforcement approach to cryptocurrency platforms and the intersections with other enforcement initiatives from the Bureau of Internet and Technology, including how initiatives related to consumer tracking and data security may be applied to crypto platforms.

Panel: Protecting Consumers in the Age of the Internet: How the Online Marketplace Challenges Regulators, and Ways to Work Within the Tangled (Worldwide) Web

A discussion on protecting consumers in online marketplaces, with the inherent challenges of Communications Decency Act limitations, ever-changing content that requires resource-intensive monitoring, jurisdictional challenges, and even court orders as its own obstacle. The discussion will also include a demonstration of successes in online enforcement at DCWP as well as tactics and tools to keep in mind.

Panel: General Business Law 349: How Well Does Our General Consumer Protection Law Serve New Yorkers?

Many are surprised to learn that New York has one of the narrowest consumer protection laws in the country, among the bottom eight states. Both the Consumer Financial Protection Bureau and the Federal Trade Commission have recently urged New York to expand General Business Law 349’s ban on deceptive business acts and practices. This panel will examine the ins and outs of this law and how well it measures up nationally.

Click Here to View Program Agenda & Faculty

Sponsoring Association Committees:
Consumer Affairs, Donald S. Maurice, JR., Chair

Co-sponsoring Association Committees:
Small Law Firm, Adam N. Weissman, Chair