The Consumer Finance Law Review - Edition 1

L Richard Fischer
Obrea Poindexter
Jeremy Mandell
  • Editors:
  • L Richard Fischer , Obrea Poindexter and Jeremy Mandell
  • Morrison & Foerster

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Consumer choice for financial products and services is proliferating across global markets. The ability to reach consumers at any time on their mobile devices and tablets, or on their in-home computers has helped attract substantial capital investment in consumer financial services.1 Consumers in many diverse markets, with varying degrees of size, sophistication and modernisation, can now access myriad financial products and services with just a swipe, tap or click. Traditionally cash-based economies now also have a wide range of options for electronic payments, alternative lending and other banking and financial services.

The staggering capital investment has, in turn, attracted non-traditional providers to the consumer financial services marketplace. From garage-based start-ups to billion-dollar technology firms, companies that previously focused on delivering smartphones, social media platforms or internet-browsing capabilities are developing innovative approaches to meet consumers’ rapidly evolving demands. Traditional market participants, including banks and other non-bank financial service providers, have responded by innovating to improve their product and service offerings to retain and strengthen their customer relationships.

The increasing rate of innovation in consumer financial services, the changing profile of market participants, and the evolving political landscape have given rise to new legal questions or a different spin on longstanding legal theories. This country-by-country survey of recent developments in consumer financial services considers how these new and different legal theories are being addressed in 14 jurisdictions across the globe, with particular attention to payments, deposits, and revolving credit and instalment credit arrangements.

This survey of consumer finance law describes the legal and regulatory approaches taken in the jurisdictions covered. Each chapter addresses the key characteristics of, and current climate within, a particular jurisdiction. Although payments, lending and deposits are the focus of this survey, other financial products and services are discussed where relevant

About the Editors

L Richard Fischer

Rick Fischer is co-chair of the financial services practice group at Morrison & Foerster LLP. Mr Fischer’s practice focuses on retail financial services, privacy, and data security. His practice has a special emphasis on privacy, data security, e-commerce, technology, and financial services joint ventures, as well as compliance and enforcement matters involving the Consumer Financial Protection Bureau and the Federal Trade Commission. Mr Fischer has worked closely with clients on every major legislative and regulatory initiative affecting financial services and payment systems since the mid 1970s.

Obrea Poindexter

Obrea Poindexter is co-chair of the financial services practice group at Morrison & Foerster LLP, heads the firm’s mobile payments group and is co-chair of the fintech group. Ms Poindexter’s practice focuses on financial services regulation, including financial privacy issues relating to the Gramm-Leach-Bliley Act and the Fair Credit Reporting Act; consumer lending issues under the CARD Act, the Truth in Lending Act and the Equal Credit Opportunity Act; debit cards, prepaid cards, electronic banking and payment system issues under the Electronic Fund Transfer Act (Regulation E) and the E-SIGN Act. She also advises clients extensively on issues related to emerging payments systems such as mobile payment systems and person-to-person payments.

Jeremy Mandell

Jeremy Mandell is a senior associate in the financial services practice group at Morrison & Foerster LLP. Mr Mandell’s practice focuses on consumer financial services regulation, with particular attention to payments and emerging payments issues. Mr Mandell has extensive experience working on matters related to retail and interbank payment system issues.


The publisher acknowledges and thanks the following for their learned assistance throughout the preparation of this book:

Ratione Temporis or Temporal Scope

  • Barton Legum, Michelle Bradfield, Niccolò Castagno and Catherine Gilfedder
  • Dentons

Enforcement of Awards

  • Ivan W Bilaniuk
  • Dentons


  • Bart Legum
  • Dentons


  • Michael D Nolan and Elitza Popova-Talty
  • Milbank, Tweed, Hadley & McCloy

Compensation for Expropriation

  • Alexander A Yanos
  • Hughes Hubbard & Reed LLP

Provisional Measures

  • George Burn and Alexander Slade
  • Vinson & Elkins RLLP

Multiparty Proceedings and Mass Claims

  • Jeffrey Sullivan, Marie Stoyanov and Lucia Raimanova
  • Allen & Overy LLP

Objections of Manifest Lack of Legal Merit of Claims

  • Alvin Yeo and Koh Swee Yen
  • WongPartnership LLP

The Bifurcation of Jurisdiction from Merits, and Merits from Damages

  • Colin Y C Ong
  • Dr Colin Ong Legal Services

Annulment of Investment Arbitration Awards

  • Sundra Rajoo
  • Kuala Lumpur Regional Centre for Arbitration (KLRCA)

Covered Investors

  • Yutaro Kawabata
  • Nishimura & Asahi

Trans-Pacific Partnership

  • Andrew Stephenson and Lee Carroll
  • Corrs Chambers Westgarth

The Requirements Rationale Personae

  • Ayham Al-Mashni
  • Aljazy & Co.

Third-Party Funding

  • Miriam K Harwood, Simon N Batifort and Christina Trahanas
  • Curtis, Mallet-Prevost, Colt & Mosle LLP

The Energy Charter Treaty and The Spanish Renewable Energy Awards

  • Clifford J Hendel
  • Araoz & Rueda Abogados

Covered Investment

  • Cyrus Benson, Penny Madden and Ceyda Knoebel
  • Gibson, Dunn & Crutcher LLP

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