Newsletters

09.13.18

Sixth Circuit: Death, Taxes and TCPA Claims

A Telephone Consumer Protection Act (TCPA) claim survives the death of the plaintiff, the U.S. Court of Appeals, Sixth Circuit has ruled, declaring the statute is “remedial” in nature and not penal.


08.29.18

Next Phase Begins for DFS Cybersecurity Regulations

A reminder from the New York Department of Financial Services (DFS): Beginning Sept. 4, all banks, insurance companies and other financial services institutions regulated by the DFS must begin complying with several additional requirements of the agency’s landmark cybersecurity regulation.


08.29.18

FinCEN Director Gets Real About Virtual Currency

Financial Crimes Enforcement Network (FinCEN) Director Kenneth A. Blanco recently discussed his agency’s efforts in the area of virtual currency, explaining the fine line between encouraging innovation and protecting consumers.


08.29.18

California Bars Collection of Time-Barred Debt

California’s legislature passed a bill last week further regulating the collection of time-barred debt under the Rosenthal Act, California’s version of the Fair Debt Collection Practices Act (FDCPA).


08.29.18

CFPB Updates: MLA Controversy, GLBA Amendment, Settlement, CFPB Constitutionality

In the latest Bureau of Consumer Financial Protection (CFPB or Bureau) news, the reported halt to Military Lending Act (MLA) examinations has created controversy, an amendment to the Gramm-Leach-Bliley Act (GLBA) annual privacy notice requirements was finalized, and a $14 million settlement was ...


08.29.18

State Regulators Busy With Fintech Sandbox, Investigation and Settlement

In state-specific news, Arizona opened its sandbox for fintech play, Lending Club revealed that Massachusetts is following in the footsteps of the Federal Trade Commission (FTC) and the Georgia attorney general reached a $75,000 settlement with a financial institution over unauthorized fees.


08.16.18

CFPB News: A Settlement, a Loss and More Leadership Fights

The Bureau of Consumer Financial Protection (CFPB or Bureau) settled with a Minnesota-based bank for $30 million over the marketing and sale of its overdraft practices, and lost its suit against a law firm accused of violating the Consumer Financial Protection Act (CFPA) and Fair Debt Collection ...


08.16.18

FTC Steers Arizona Auto Dealers Into Court

In a new complaint filed in Arizona federal court, the Federal Trade Commission (FTC) charged a group of four auto dealers with a host of illegal activities ranging from misrepresenting and omitting key financial terms in advertisements to falsifying information on vehicle financing applications.


08.16.18

States Take Action on Bitcoin Online Lending

State regulators are keeping a close eye on cryptocurrency and digital lending activities, with a cease and desist order involving bitcoin and a new law targeting online lenders.


08.16.18

Add-Ons Cost Kentucky Bank $4.75M in Federal Reserve Board Action

A Kentucky bank must pay $4.75 million in restitution pursuant to a consent order with the Board of Governors of the Federal Reserve System in an enforcement action involving add-on products.