Financial Services Spotlight

July 2016 Second Half Developments

Posted by Roy Andersen on Jul 27, 2016 12:00:00 PM

Overview

The CFPB has issued its proposed regulations to regulate payday loans and other similar high cost extensions of credit. An extensive study of these types of loans revealed that there were some unfair and deceptive practices and a lack of focus on whether the consumers had the wherewithal to repay these loans on schedule without continuing to renew such credits.

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Topics: CFPB, Daylight Overdrafts, Payday Loans, Home Mortgage Data, Transnational Criminal Organizations

About the Spotlight


The Financial Services Spotlight examines the regulatory and technology developments impacting banks, asset managers and other financial services providers—where challenges meet opportunities.

 

Meet the Authors


Roy C. Andersen, of counsel in Sullivan & Worcester's New York office, is a member of the Corporate Department. Mr. Andersen focuses on bank regulatory and compliance matters, including international banks and their branches and agencies in New York.

Joel Telpner, partner in the firm's New York office, is a seasoned advisor, strategist and problem solver. Mr. Telpner brings more than 30 years of legal experience in a career that includes time as an AmLaw 100 partner, the former U.S. general counsel of a global financial institution, and a venture capitalist. He is recognized for his ability to deftly manage complex financial transactions, especially those involving sophisticated structured finance and derivatives matters and has an extensive and unique combination of transactional and regulatory experience.

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