Troutman Sanders

DECEMBER 28, 2023

According to the SEC, each of Barnbridge’s SMART Yield pools constituted unregistered “investment companies” under Section 3(a)(2) of the Investment Company Act. On December 20, the Federal Trade Commission (FTC) announced that it was extending the deadline to submit public comments on a new proposed rule to prohibit junk fees.

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Financial services Credit Unions Credit Unions Banks 52

Troutman Sanders

FEBRUARY 27, 2023

Department of Education (ED) released an announcement about updates that postsecondary institutions must make to their cybersecurity and data protection policies in order to comply with the Federal Trade Commission’s amended Standards for Safeguarding Customer Information (Safeguards Rule), a component of the Gramm-Leach-Bliley Act (GLBA).

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Education Financial Institution Financial services Trade 52

Troutman Sanders

AUGUST 2, 2021

On October 30, 2020, the Consumer Financial Protection Bureau (CFPB or the Bureau) released its long-awaited final debt collection rule — also known as Regulation F. The Bureau supplemented the rule on December 18, 2020 and both parts were adopted pursuant to the Bureau’s authority under the Fair Debt Collection Practices Act (FDCPA).

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Collections Fair Debt Collection Debt collector Creditors 52

Troutman Sanders

JANUARY 25, 2023

As discussed here , on January 4, the CFPB issued its 2022 Fall Rulemaking Agenda containing pre-rule, proposed rule, and final rules under consideration. The CFPB’s recent agenda stated it was considering the comments it received and would issue a proposed rule in January 2023.

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Banks Credit Unions Credit Unions Financial Institution 52

Fraser

OCTOBER 27, 2022

The new rules are a reversion to prior tests, which consider certain “economic reality factors;” factors that were originally set out in a pair of cases before the Supreme Court of the United States in 1947 (See United States v. These proposed rules are open for public comment until November 28, 2022. Silk, 331 U.S. McComb, 331 U.S.

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Acquisition 75

Troutman Sanders

JULY 14, 2022

On June 20, the Louisiana Office for Financial Institutions (OFI) proposed a Rule on licensure, registration, and regulation of persons engaging, or planning to engage, in virtual currency business activity in Louisiana. The proposed Rule also provide fees associated with the requirements and penalties for violations.

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Financial Institution 52

Troutman Sanders

DECEMBER 4, 2023

On November 20, 2023, the California Department of Financial Protection and Innovation (DFPI) issued an invitation for comments on proposed application-related rulemaking under the Digital Financial Assets Law (DFAL). This move comes after Governor Gavin Newsom signed Assembly Bill 39 and Senate Bill 401 , which together create the DFAL.

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Troutman Sanders

NOVEMBER 21, 2023

On November 15, the CFPB’s Fair Credit Reporting Act (FCRA) Disclosures rule was published in the Federal Register. The CFPB’s rule amends an appendix for Regulation V, which implements the FCRA. Furthermore, the guidance mandates licensees to develop and submit a coin-delisting policy to DFS for approval.

Financial services 52

Financial services Retail Banks Collections 52

Troutman Sanders

FEBRUARY 13, 2024

On February 8, a New York bankruptcy judge ruled against cryptocurrency exchange Gemini’s claim that it has a secured claim on more than $800 million in Genesis Global Capital assets. The ruling is a victory for other Genesis creditors who could be due for a full recovery on their claims. million in consumer redress and a $1.1

Financial services 52

Financial services Student loans Student Loans Collection Agencies 52

Troutman Sanders

SEPTEMBER 18, 2023

This was FinCEN’s first enforcement action against a Puerto Rican international banking entity and includes the first violation for failure to implement and maintain an anti-money laundering program under the Gap Rule. Under the terms of the settlement, the company is permanently banned from engaging in consumer leasing activities.

Financial services 52

Financial services Trade Banks Credit Unions 52

Troutman Sanders

FEBRUARY 28, 2022

On February 23, the Consumer Financial Protection Bureau (CFPB) issued an outline of proposals and alternatives (Outline) under consideration related to an automated valuation model (AVM) rulemaking. Among other things, the Outline covers the scope of potential eventual rule requirements. A final rule is not on the immediate horizon.

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Credit Unions Credit Unions Financial services Financial Institution 52

Troutman Sanders

FEBRUARY 21, 2024

The updated rule broadens the CFPB officials eligible to evaluate appeals, the options for resolving an appeal, the matters subject to appeal, and makes additional clarifying changes. The CFPB alleged that the defendants charged thousands of consumers with federal student loans approximately $9.2 For more information, click here.

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Financial services Student loans Student Loans Financial Institution 52

Troutman Sanders

SEPTEMBER 7, 2021

Mortgage compliance professionals will have the perfect opportunity to hear first-hand from the regulators and policy makers that make the rules as well as get practical advice to meet today’s compliance challenges. Attendees will have an opportunity to be with peers and confront shared challenges together toward a better outcome.

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Jimerson Firm

JULY 21, 2021

After these initial considerations, corporate counsel should work with competent outside counsel to develop an action plan for defending against the class action with an eye towards disposing of the lawsuit as swiftly as possible. According to Rule 1.220, Florida Rules of Civil Procedure, the class of members must be defined in the complaint.

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Judgment Fair Debt Collection Government Financial services 98

Burr Forman

MAY 11, 2021

On May 5, 2021, the Department of Labor (DOL) announced a final rule to withdraw a Trump-era independent contractor rule for determining how to classify workers under the Fair Labor Standards Act (FLSA). The DOL identified several reasons for its withdrawal of the rule.

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Troutman Sanders

JULY 21, 2021

On June 16, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule to explain the basis for its position that the CFPB possesses the authority to “examine supervised financial institutions for risks to active duty servicemembers and their dependents (i.e.

Financial Institution 52

Financial Institution Lender 52

Troutman Sanders

FEBRUARY 21, 2023

Critically, in its complaint, the SEC described UST as a security — the first time the SEC concluded that a stablecoin meets the definition of an “investment contract” under the Howey Test. For more information, click here. For more information, click here. For more information, click here. On February 7-8, EU and U.S.

Financial services 52

Financial services Student loans Student Loans Banks 52

Troutman Sanders

OCTOBER 31, 2022

According to the CFPB, while charging these fees across the board potentially violates existing law, financial institutions may employ more tailored fee policies that charge depositor fees only in situations where a depositor could have avoided the fee, such as when a depositor repeatedly deposits bad checks from the same originator.

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Banks Financial Institution 52

Troutman Sanders

JANUARY 30, 2024

On January 24, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would prohibit covered financial institutions from charging fees, such as nonsufficient funds fees, when consumers initiate payment transactions that are instantaneously declined. This rule requires communications to be fair, factual, and balanced.

Financial services 52

Financial services Financial Institution Banks Credit Unions 52

Troutman Sanders

JANUARY 17, 2021

Letitia James , are attempting to stop the Office of the Comptroller of the Currency (“OCC”) from implementing its new True Lender Rule that is now in effect. The OCC’s True Lender Rule allows nonbank lenders, including payday and auto title lenders, to partner with national banks when issuing loans.

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Lender Banks Loans 52

Burr Forman

MAY 13, 2021

Department of Labor (“DOL”) revised the Labor Management Reporting Disclosure Act of 1959 (“LMRDA”) “persuader” disclosure rules to broaden the number of companies, labor consultants and individuals who were required to file LMRDA disclosure paperwork. Toward the end of the Obama administration in 2016, the U.S. TAKE ACTION. Download PDF.

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Troutman Sanders

OCTOBER 27, 2022

Today, the CFPB released an Outline of Proposals and Alternatives Under Consideration for industry participants to weigh in on the Section 1033 rulemaking. Chopra described the impetus for the new rule as part of an intentional shift by the CFPB away from “fine print” privacy notices and toward procompetitive regulation.

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Banks Financial Institution Credit Unions Credit Unions 52

Jimerson Firm

FEBRUARY 20, 2024

To ensure compliance, businesses must track amendments to the FTSA and TCPA and developments in case law interpreting the FTSA and TCPA. Without reviewing the specific consent policies, procedures, and language employed, it is impossible to determine if a business has sufficiently obtained a called party’s consent under the FTSA and TCPA.

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Jimerson Firm

MARCH 7, 2024

The Act addresses situations that may not rise to the level of a “Taking” under the Florida Constitution or the U.S. The term “action of a governmental entity” was revised to include adoption or enforcement of any “ordinance, resolution, regulation, rule, or policy.” See Section 70.001, Florida Statutes. Constitution.

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Government 59

Jimerson Firm

JANUARY 27, 2023

The NCAA has enacted policies to allow student athletes to enjoy the benefits of this NIL and receive compensation for its usage on their terms. However, understanding NCAA NIL policies will ensure that athletes and school avoid potential pitfalls that may away the unwary. What is NIL?

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Troutman Sanders

SEPTEMBER 14, 2023

Policies that impose restrictions on competition and raise consumer switching costs must be carefully scrutinized. As discussed here , the CFPB is currently undertaking a rulemaking under Section 1033 of the Consumer Financial Protection Act as part of the financial services industry’s movement toward “open banking.”

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Banks Retail Financial services 52

Troutman Sanders

JANUARY 18, 2022

On January 10, the Federal Trade Commission’s final rule , amending the Standards for Safeguarding Customer Information (Safeguards Rule) under the Gramm-Leach-Bliley Act (GLBA), became effective. We wrote about the final rule when it first published in October 2021 (see here ).

Financial Institution 52

Financial Institution Trade Credit Bureau Collection Agencies 52

Troutman Sanders

MARCH 28, 2022

Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients through this unprecedented global health challenge. We regularly update this site with COVID-19 news and developments, recommendations from leading health organizations, and tools that businesses can use free of charge.

Financial services 52

Financial services Financial Institution Credit Unions Credit Unions 52

Troutman Sanders

SEPTEMBER 11, 2023

FinCEN’s alert explains the scam’s methodology; provides behavioral, financial, and technical red flags to help financial institutions identify and report related suspicious activity; and reminds financial institutions of their reporting requirements under the Bank Secrecy Act. For more information, click here. On September 8, Michael S.

Financial services 52

Financial services Student loans Student Loans Banks 52

Troutman Sanders

MARCH 18, 2024

HB 574 creates a new chapter to the Wisconsin Statutes that requires EWA providers to be licensed by the Division of Banking and imposes substantive and disclosure rules. HB 574 expressly exempts EWA offered by licensees under the new law from the licensed loan company provisions in Wis.

Credit Unions 52

Credit Unions Credit Unions Banks Debt collector 52

Troutman Sanders

OCTOBER 30, 2023

The FTC’s Safeguards Rule requires nonbanking financial institutions, such as mortgage brokers, motor vehicle dealers, and payday lenders, to develop, implement, and maintain a comprehensive security program to keep their customers’ information safe. For more information, click here. For more information, click here.

Financial services 52

Financial services Financial Institution Trade Banks 52

Troutman Sanders

AUGUST 4, 2022

The CFPB is currently engaged in rulemaking under Section 1033 of the Dodd-Frank Act, which authorizes the CFPB to establish standards for sharing consumer financial data. Financial institutions already need to meet significant data privacy requirements under federal law and are monitored by the CFPB for compliance.

Banks 52

Banks Credit Unions Credit Unions Financial Institution 52

Troutman Sanders

MARCH 17, 2022

However, Director Soltani recently announced that rules will not be promulgated until Q3 or Q4 of 2022. While this puts us somewhat past the July 1 rulemaking schedule in the statute, it allows us to balance staffing of the agency while undertaking substantial information gathering to support our rules.”.

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Government Lawyers 52

Burr Forman

MAY 19, 2021

Inasmuch as immigration affairs remained at the forefront under the previous administration, America’s immigration system continues to be a pressing topic for the Biden administration. As a result, the court decision went into effect and USCIS announced it would apply the prior Public Charge Rule interpretation going forward.

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Troutman Sanders

MARCH 31, 2021

This potential shift is significant because traditionally the FTC has relied on Sherman, Clayton, and FTC Act enforcement actions and consent decrees to develop federal antitrust law, not rulemaking. The FTC has adopted only one antitrust rule. The FTC never used the Tailored Clothing Rule, and eventually repealed it in 1994.

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Trade Manufacturing Government Retail 52

Troutman Sanders

JANUARY 31, 2023

As discussed here , on October 27, 2022, the CFPB released an Outline of Proposals and Alternatives Under Consideration for public comments on the CFPB’s Section 1033 rulemaking. The proposed rules are limited, at this time, to deposit accounts, credit cards, digital wallets, prepaid cards, and other transaction accounts.

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Credit Unions Credit Unions Banks Trade 52

Burr Forman

DECEMBER 20, 2021

On December 17, 2021, a 2-1 ruling from a three-judge panel of the Sixth Circuit Court of Appeals lifted a stay on the Occupational Safety and Health Administration’s COVID-19 vaccination and testing Emergency Temporary Standard. The rule does not require that employers pay for testing.

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