Newsletters

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

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

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

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

DOJ Expands FCPA Self-Reporting Protections to Successor Companies

Building on its efforts to encourage self-reporting of Foreign Corrupt Practices Act (FCPA) violations, the Department of Justice (DOJ) announced it will extend protections to voluntary reporting successor companies for preacquisition violations of the target company.


08.02.18

California Continues Oversight of Student Loan Servicers

Following in the recent footsteps of the California attorney general’s lawsuit against the country’s largest student loan servicer, the state’s Department of Business Oversight (DBO) sent letters to 12 servicers seeking information about why they have not applied for licenses ...


07.18.18

States Work to Bring Banking Services to Marijuana Businesses

States are pushing to allow or encourage banking services to be provided to marijuana-related businesses, with efforts spreading from California to New York.


07.18.18

California Considering Bill to Require Disclosures for Small Business Lending

In new California commercial financing-related legislation, a pending state bill would mandate specified disclosures for small business lending, while a recently passed ordinance in Los Angeles will require banks doing business with the city to reveal if they use sales goals.


07.18.18

State Financial Regulators Settle With Equifax Over Data Breach

Pursuant to a consent order with eight state financial regulators, Equifax agreed to take corrective actions following its record-breaking 2017 data breach, but avoided paying any fines or penalties.  


07.18.18

State AGs: No Need for Madden Fix Legislation

A group of state attorneys general reached out to congressional leadership, pushing back against the Madden fix legislation pending in the U.S. House of Representatives.