Posts Tagged ‘Keith Gauer’

  • CFPB Mines Gold from Sterling!

    January 24, 2019 dehs
    Couple shopping at jewelry store 0

    On January 16, the CFPB and the New York Attorney General announced a settlement of claims against Sterling Jewelers, Inc., including brands Kay Jewelers, Goodman, and Jared the Galleria of Jewelry. According to the Complaint, Sterling engaged in unfair and deceptive business practices and violated TILA and Regulation Z in connection with the marketing and sale of credit products at their retail jewelry locations. Davenport Evans lawyer Keith Gauer examines the settlement and provides practical suggestions for banks to consider when originating credit products through third parties at points of sale.

    Read More
  • CFPB Says Payday Loans Out, Alternative Data Underwriting In?

    October 12, 2017 dehs
    Banking eNews Banner Sept17web 0

    The CFPB recently announced regulations that will strictly limit, if not eliminate, traditional payday lending in the United States.  However, the CFPB also published a “No-Action” letter to a fintech company validating the use alternative data in underwriting models to expand the scope of credit available to typically underserved consumers. Davenport Evans lawyer Keith Gauer explains.

    Read More
  • What Will the CFPB Do With Alternative Data?

    June 21, 2017 dehs

    On February 21, 2017, the Consumer Financial Protection Bureau (“CFPB”) published a “Request for Information Regarding Use of Alternative Data and Modeling Techniques in the Credit Process” (the “RFI”). The CFPB received an earful, including multiple responses from various marketplace lending participants, trade groups, consumer advocacy groups, and the major banking trade associations. While the comment period only closed on May 19, 2017, the industry is watching the CFPB closely to determine what, if any, actions the CFPB takes in response to the RFI. Keith Gauer explains.

    Read More
  • Bank’s Duty to Report Human Smuggling and Human Trafficking Financial Activity

    September 30, 2014 dehs

    By Keith A. Gauer South Dakota’s United States Attorney Brendan Johnson has made it a priority in his office to investigate and prosecute cases involving human smuggling and human trafficking in South Dakota. This article discussed the Financial Crimes Enforcement Network (“FinCEN”) release of a new Advisory on September 11, 2014 (FIN-2014-A008) providing specific guidance to banks, both large and small, regarding their role in identifying and reporting financial transactions relating to human smuggling and human trafficking activity.

    Read More