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Online Lending and CFPB Expectations

Online Lending and CFPB Expectations
Product Code - LGN249
Speaker(s): Ronald L. Rubin, Hunton & Williams LLP; Mercedes Kelley Tunstall, Ballard Spahr Stillman & Friedman LLP
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While the Consumer Financial Protection Bureau (CFPB) has not yet directly regulated online lenders as a class, a broad array of CFPB regulations and enforcement actions affect online lenders. These include recent enforcement actions either in court or in administrative proceedings against payday lenders; recent new rules under Regulation Z, which implements the Truth in Lending Act (TILA); regulations implementing Regulation E that cover electronic fund transfers; regulations that govern the conduct of debt collectors; and rules implementing Regulation P, which governs the privacy of consumer financial information.

Join us for this discussion of non-mortgage online lending and the CFPB. Specifically, the faculty for this program will address ways to design an online presence and manage a business so that, should the CFPB come knocking, your clients can be as prepared as possible. They will address the types of disclosures, electronic contracting, advertising, and loan servicing in the context of CFPB expectations and will also give practical tips on how to ensure that proper due diligence with third parties and appropriate compliance and auditing controls are implemented as well as how to best handle customer complaints.

Educational Objectives:

• Learn how to design a low-risk online lending presence.
• Understand where the legal and regulatory minefields are and how to avoid them.
• Discover how the CFPB has totally redefined how businesses are allowed to financially interact with their customers.

Who would benefit most from attending this program?

Corporate counsel advising financial business clients; lawyers who have a financial services practice; branch managers; compliance officers; electronic banking managers; risk management officers.

Program Level: Intermediate
Prerequisite: A general understanding of banking regulations and financial markets.
CPE Delivery Method: Group Internet-Based Live
Field of Study: Specialized Knowledge and Applications
Recommended CPE Credit: 1.0 credit
Anticipated CLE Credit: 1.0 credit (may vary based on from which jurisdiction requested)

For additional information, please see the “CE Credit” tab. 

Ronald L. Rubin, Hunton & Williams LLP; Mercedes Kelley Tunstall, Ballard Spahr Stillman & Friedman LLP

Ronald L. Rubin, Hunton & Williams LLP
Ron Rubin, a partner with Hunton & Williams, was one of the earliest employees at the Consumer Financial Protection Bureau (CFPB), where he was an enforcement attorney in the Supervision, Enforcement and Fair Lending Division. He played an important role in building the new agency’s enforcement capabilities, created the standard format for all of the Office of Enforcement’s policies and procedures, and drafted many critical internal rules of operation such as the Enforcement Action Process and the NORA procedures. Mr. Rubin has extensive knowledge of the Dodd-Frank Act and other consumer financial laws overseen by the CFPB.

Mr. Rubin began his career by gaining extensive trial experience as a criminal prosecutor. He then spent seven years investigating and prosecuting securities law violations as senior special counsel at the United States Securities and Exchange Commission, and he was a managing director in the Legal and Compliance Department of Bear, Stearns & Co.

Mr. Rubin earned a J.D. from the University of Pennsylvania Law School, an M.B.A. from the University of Chicago Booth School of Business, and a B.A., cum laude, from Brandeis University. He is admitted to practice in the District of Columbia, California, Massachusetts, New York, Florida and Pennsylvania.

Mercedes Kelley Tunstall, Ballard Spahr Stillman & Friedman LLP
Mercedes Tunstall is a partner with Ballard Spahr, where she is Practice Leader of the firm’s Privacy and Data Security Group. She is also a member of the software and business methods practice team in the firm's Patents Group. Ms. Tunstall counsels clients on compliance with consumer financial services laws, including unfair, deceptive, and abusive acts or practices, as well as the investigations, rulemakings, and proceedings of the Consumer Financial Protection Bureau and the Federal Trade Commission. She has substantial experience working with clients to develop new financial products and services, including mobile wallets, virtual currencies, and prepaid cards.

Ms. Tunstall also works with clients from a spectrum of industries on mobile and other e-commerce initiatives, privacy and cybersecurity issues, and the use of social networking sites for marketing, customer service, and crowdsourcing purposes. She has testified on virtual currencies before two subcommittees of the U.S. Senate Committee on Banking, Housing and Urban Affairs.

Before joining Ballard Spahr, Ms. Tunstall was lead counsel for Global Marketing and Deposits at Ally Financial. She also worked in-house for Bank of America, where she managed all legal aspects of e-commerce, and at HSBC, where she managed consumer financial services litigation. Ms. Tunstall was a Staff Attorney at the Federal Trade Commission, where she investigated and litigated the Commission’s first Internet hijacking case, among other Internet fraud matters.

Ms. Tunstall earned a J.D. from the University of Michigan Law School, where she served as Assistant Editor of the Michigan Journal of International Law, and a B.Music degree, magna cum laude, from DePauw University. She also studied at the Vienna Conservatory of Music. Ms. Tunstall is admitted to practice in the District of Columbia, Illinois, and Virginia as well as before the U.S. District Court for the Eastern District of Virginia.

This program’s CLE-credit eligibility varies by state. Bloomberg BNA is an accredited provider in the states of New York*, California, Pennsylvania, Texas and Virginia, and most other jurisdictions grant CLE credit on a per-program basis. At this time, Bloomberg BNA does not apply directly to the states of Florida, Rhode Island, Montana and Hawaii although credit is usually available for attorneys who wish to apply individually. Additionally, the following states currently do not grant credit for Bloomberg BNA OnDemand programming: Arkansas, Ohio, Nebraska, and Delaware. All requests are subject to approval once the live webinar has taken place or the customer has viewed the OnDemand version. Please contact the Bloomberg BNA accreditations desk if you have specific questions that have not been addressed.

*Bloomberg BNA is an accredited provider in New York for experienced attorneys only.

Hardship Policy
For information regarding Bloomberg BNA’s Hardship Policy, please visit the Continuing Education Information page.

Individual programs, subjects, and formats may not receive credit in some states and there may be specific rules regarding who may earn credit or the maximum number of credit hours that may be earned with specific formats. For specific questions, contact your state MCLE regulatory entity for specific questions about your MCLE rules or visit the American Bar Association’s website for general information on accreditation.

If you have further questions regarding a specific state or how to file for CE credit, please contact Bloomberg BNA customer service at 800-372-1033 and ask to speak to the CLE Accreditation Coordinator or send an email to