Annual Survey of Consumer Financial Services Law
Debt Collection Practices and Bankruptcy
The subcommittee focuses on two different areas: consumer debt collection practices and the aspects of bankruptcy which affect consumer financial services. With respect to debt collection, the subcommittee monitors developments under the federal Fair Debt Collection Practices Act and state laws regulating the collection of debts. Among other things, the subcommittee is following the potential liability of creditors for the activities of their debt collectors, the requirement that the "actual debt" be included in communications, and the evolving standards for determining whether communications are "misleading." The subcommittee also reports on several developing consumer bankruptcy areas, including the proposed amendments to the bankruptcy code, the interaction between reaffirmation, repossession and the discharge injunction, and the use of class actions in bankruptcy courts.
Deposit Products and Payment Systems
The focus of the Deposits Subcommittee is the state and federal law governing deposit accounts. These laws include the Truth in Savings Act (Federal Reserve Board Regulation DD), Expedited Funds Availability (Federal Reserve Board Regulation CC), and Federal Reserve Board Regulations Q and D, all of which directly affect deposit accounts. We also track developments in the Bank Secrecy Act, OFAC, and the Interagency Guidelines on Non Deposit Investment Products, to the extent that they affect the administration and advertising of deposit products.
Diversity and Inclusion
Electronic Financial Services and Digital Currency
The Electronic Financial Services and Digital Currency Subcommittee addresses regulatory and other legal developments in electronic banking which relate to the consumer. Its activities include coordination of its projects with the ABA Subcommittee on Electronic Financial Services ("EFS Subcommittee"), which was formed by the Section of Business Law to coordinate all Section activities in the area of electronic financial services. Activities sponsored and coordinated by the EFS Subcommittee have included a Task Force on stored value cards, the Electronic Financial Services Regulatory and Policy Forum, a list service for addressing federal legislative and regulatory developments, and a working group to develop a model home banking agreement.
Fair Access to Services
Federal and State Trade Practices
The Federal and State Trade Practices Subcommittee tracks and reports upon the regulatory and enforcement activities of the Consumer Financial Protection Bureau, Federal Trade Commission, and State Attorneys General affecting consumer financial services. These activities include actions related to unfair, deceptive, and abusive acts or practices (UDAAP), consumer reporting, credit information and disclosures, privacy, fair lending, and debt collection practices.