Newsletters

12.14.21

The Surprisingly Broad Reach of CA’s Debt Collection Licensing Act: Applications Due By December 31

Earlier this month, the California Department of Financial Protection and Innovation sent an email with the attention-grabbing subject line “Want to continue operating in California?


11.23.21

U.S. Cyber Regulations Expand: Banking Agencies Approve New Incident Notification Requirements

On November 18, the Office of the Comptroller of the Currency, the Federal Reserve and the Federal Deposit Insurance Corporation adopted a rule that will require banking organizations and their bank service providers to give notice of certain computer-security ...


11.12.21

SEC Commissioner to DeFi: Follow the Law or Face Enforcement

In a recent article, SEC Commissioner Caroline A. Crenshaw encouraged DeFi participants to voluntarily comply with securities law regulations, in particular those governing risk disclosure, warning that additional enforcement actions are likely against those who fail to do so.


11.11.21

OFAC Speaks Again on Ransomware: Mature Cybersecurity Programs Are Important

As employees clicked away at home amid the COVID-19 pandemic lockdown, ransomware attacks surged.


11.04.21

Beyond Big Tech: CFPB’s Payments Data Obsession May Broadly Target Third-Party Data Purchasers

In late October, the Consumer Financial Protection Bureau (CFPB) sent a shot across the bow at Big Tech’s use of consumer payments data.


10.29.21

Hunstein II: 11th Circuit Doubles Down on Dubious Conclusion That Mail Vendor Usage Violates FDCPA

In a surprise to many, an arguably rogue panel of the U.S. Court of Appeals for the Eleventh Circuit has now reaffirmed its earlier decision from Hunstein v. Preferred Collection, 994 F.3d 1341, holding that (1) a plaintiff has Article III standing to sue a debt collector for violating federal debt ...


10.26.21

CFPB Director Chopra’s First Consent Order Confirms Return to Pushing the Envelope

On October 19, 2021, the Consumer Financial Protection Bureau entered into its first consent order under new Director Rohit Chopra, finding that a service provider to state correctional departments violated the Electronic Funds Transfer Act and the Consumer Financial Protection Act in providing ...


10.18.21

New York Commercial Financing Disclosure Requirements Take Effect Soon

On September 21, 2021, the New York Department of Financial Services released its pre-proposed regulations to implement the commercial financing disclosure requirements in S5470-B and S898.


10.13.21

Student Lending: California’s New Requirements for Collection Activity

California’s new Private Student Loan Collections Reform Act leads the way in imposing new and burdensome requirements on the financial services industry.


10.01.21

Chopra Takes the Reins at the CFPB

On September 30, 2021, the U.S. Senate, on a party-line vote, confirmed the nomination of Rohit Chopra to head the Consumer Financial Protection Bureau.