Newsletters

03.15.18

FTC Settles With Payment and Social Networking Service

The Federal Trade Commission (FTC) entered into a Consent Order with an online payment system company, settling charges that its payment and social networking service violated the Gramm-Leach-Bliley Act (GLBA) and related regulations, as well as Section 5 of the Federal Trade Commission Act ...


03.15.18

BSA/AML Failures Prove Costly

Recent enforcement actions demonstrate just how expensive failures with regard to Bank Secrecy Act and anti-money laundering (BSA/AML) compliance can be and how intentional conduct can enhance the severity of a penalty, with the California branch of a foreign bank required to pay upward of $368 ...


03.15.18

New Guidance From SEC, New York’s DFS

Hoping to help covered entities, the Securities and Exchange Commission (SEC) released an update on cybersecurity while New York’s Department of Financial Services (DFS) published guidance for licensed virtual currency businesses in the state.


03.15.18

Madden Closer to Being Fixed

Inching one step closer to passage, the full House of Representatives approved the so-called Madden fix bill by a vote of 245 to 171. 


03.13.18

Warning That Cryptocurrency Exchanges May Be Unlawful Trading Platforms

On March 7, 2018, the Securities and Exchange Commission (SEC) issued a public statement warning that cryptocurrency coin exchanges were possibly operating as unlawful online trading platforms.


02.28.18

FTC Halts Mortgage Loan Modification Scam

The Federal Trade Commission (FTC) put a stop to a mortgage loan modification operation, filing suit in Nevada federal court alleging violations of the Mortgage Assistance Relief Services (MARS) Rule and the FTC Act.


02.28.18

Failed Bank Wins Coverage Despite Prior Acts Exclusion

Despite the existence of a prior acts exclusion in an insurance policy, the officers and directors of a failed bank were entitled to coverage for a lawsuit brought by the Federal Deposit Insurance Corporation (FDIC), the U.S. Court of Appeals for the Eleventh Circuit recently ruled.


02.28.18

OIG Audit Addresses Data Security Concerns at the CFPB

The independent auditor of the Office of Inspector General (OIG) of the Federal Reserve System reported on cybersecurity issues at the Consumer Financial Protection Bureau (CFPB), and the report does not quite fit the picture painted by either advocates or opponents.


02.28.18

Key Whistleblower Decision Addresses Scope of Dodd-Frank Protections

In a unanimous decision issued on February 21, 2018, the U.S. Supreme Court held that the anti-retaliation provisions of the 2010 Dodd-Frank law protect only those whistleblowers who report information to the Securities and Exchange Commission (SEC).


02.28.18

Moving Forward With Cryptocurrency Regulation in 2018

Two months into 2018, it feels a little like the calm before a regulatory storm in terms of cryptocurrency regulation.