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Podcast


TAKEAWAYS FOR BANKS FROM THE CFPB’S RECENT CONSENT ORDER ON GARNISHMENT ORDERS

July 28, 2022

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In a recent consent order with a national bank, the CFPB found that the bank
committed UDAAP violations in its process for handling garnishment orders and by
including certain waiver language in its deposit account agreements. We discuss
the specific aspects of the bank’s process that the CFPB found to be improper
and what banks should consider when reviewing their own garnishment procedures
in light of the consent order. We also look at what the consent order means for
how banks can address liability concerns arising out of the handling of
garnishment orders in deposit account agreements.

Alan Kaplinsky, Ballard Spahr Senior Counsel, hosts the conversation, joined by
Mike Gordon, a partner in the firm’s Consumer Financial Services Group, and
Jessica Simon, Of Counsel in the firm’s Bankruptcy and Restructuring Group.

View the recording transcript here.


MORE EPISODES

 * Podcast | Consumer Finance Monitor
   
   THE ROLE OF GOVERNMENT REGULATION AND THE CFPB’S APPROACH, WITH SPECIAL GUEST
   CARY COGLIANESE, PROFESSOR OF LAW, UNIVERSITY OF PENNSYLVANIA LAW SCHOOL, AND
   DIRECTOR OF THE PENN PROGRAM ON REGULATION

 * Podcast | Consumer Finance Monitor
   
   A CLOSE LOOK AT THE JUSTICE DEPARTMENT’S SETTLEMENT WITH META (FORMERLY
   FACEBOOK) TO RESOLVE ALLEGED FAIR HOUSING ACT VIOLATIONS ARISING FROM META’S
   TARGETED ADVERTISING SYSTEM

 * Podcast | Consumer Finance Monitor
   
   USING ARTIFICIAL INTELLIGENCE IN UNDERWRITING CONSUMER LOANS, WITH SPECIAL
   GUEST TEDDY FLO, GENERAL COUNSEL AND SECRETARY OF ZEST AI

 * Podcast | Consumer Finance Monitor
   
   INNOVATIVE PRODUCTS: UNDERSTANDING THE REGULATORY AND ENFORCEMENT RISKS


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Copyright © 2022 by Ballard Spahr LLP.
www.ballardspahr.com
(No claim to original U.S. government material.)

All rights reserved. No part of this publication may be reproduced, stored in a
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written permission of the author and publisher.

This alert is a periodic publication of Ballard Spahr LLP and is intended to
notify recipients of new developments in the law. It should not be construed as
legal advice or legal opinion on any specific facts or circumstances. The
contents are intended for general informational purposes only, and you are urged
to consult your own attorney concerning your situation and specific legal
questions you have.

 * Alan S. Kaplinsky
   Senior Counsel
   kaplinsky@ballardspahr.com
    * Tel 215.864.8544

 * Michael Gordon
   Partner
   gordonm@ballardspahr.com
    * Tel 202.777.6010

 * Jessica Mickelsen Simon
   Of Counsel
   simonjm@ballardspahr.com
    * Tel 424.204.4349

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