In November 2023, a class action lawsuit was filed against the genetic testing company, 23andMe. The plaintiffs alleged that a data breach resulted in the unauthorized disclosure of 6.9 million users’ personal and genetic information… more
The FDIC, the OCC and the Justice Department earlier this month issued updated standards for bank mergers. The three agencies acted separately, although officials noted that they had worked with the other agencies involved… more
On September 24, California Governor Gavin Newsom signed into law a package of consumer protection laws, with three bills aimed directly at collection practices. These new laws introduce significant changes in the areas of commercial… more
The California Legislature recently passed Assembly Bill 3129 (“AB 3129” or the “Bill”), which, if signed by California Governor Gavin Newsom, would increase oversight of healthcare entity transactions involving private equity… more
Confirmation of a chapter 11 plan providing for the reorganization or liquidation of a debtor is the culmination of the chapter 11 process. To promote the fundamental policy of finality in that process, the general rule is that a final… more
Global companies face significant risks in their supply chains of compliance with OFAC’s economic sanctions regime. OFAC has emphasized the importance of conducting supply chain risk assessments and audits… more
An earlier Tax Tracker discussed the NYS Court of Appeals decision that revived a lawsuit brought by the Tax Equity Now (TENNY) coalition, which claims that New York City’s property tax system violates the federal Fair Housing Act… more
The Inflation Reduction Act of 2022 (the “IRA”) allows firms to develop and sell clean energy tax credits. In our last update, we discussed the uncertain future of energy tax credit sales as we head into the election… more
As the landscape of artificial intelligence (AI) continues to evolve, it's crucial for businesses to navigate the Federal Trade Commission's (FTC) stance on AI claims. The FTC's Operation AI Comply is cracking down on companies using… more
EPA Proposes Removing Affirmative Defense Provisions from Eighteen Clean Air Act Emission Standards - In a proposed rule published on June 24, 2024, EPA has proposed to remove eighteen affirmative defense provisions for… more
On September 26, 2024, Ross, Anglim, Angelini & Co., LLP (“Ros Anglim”) filed a notice of data breach with the Attorney General of Massachusetts after discovering that a data security incident compromised sensitive information in the… more
In Circular 26-24-19, the Department of Veterans Affairs (VA) sets forth documentation requirements for fees and charges that may be imposed on veterans in connection with VA-guaranteed home loans, other than the VA funding fee and… more
New York State Governor Kathy Hochul signed NYS Senate Bill 8647 (Martins)/Assembly Bill 10355 (Stern) into law this week… more
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...… more
On September 12, the IRS reminded plan sponsors to review and comply with IRS Notice 2024-02 (the “Notice”), which extended and consolidated deadlines for employers and others sponsoring 401(k), 403(b), 457(b) and other retirement… more
On September 25, 2024, Worldwide Clinical Trials Holdings, Inc. (“Worldwide”) filed a notice of data breach with the Attorney General of Texas after discovering that confidential information in the company’s possession was subject to… more
As the enactment of chapter 15 of the Bankruptcy Code approaches its 20-year anniversary, U.S. bankruptcy courts are still grappling with some unresolved issues concerning how its provisions should be applied to best harmonize… more
On September 17, 2024, the FDIC board approved a notice of proposed rulemaking that would increase recordkeeping obligations for bank deposits received from third party, non-bank companies that accept those deposits on behalf of… more
On September 19, USTelecom — The Broadband Association (USTelecom), a major telecommunications trade organization, sent a letter to the Federal Communications Commission (FCC) expressing its concerns about the proposed enhancements to… more
Organisations that make international transfers of personal data have undergone significant challenges and changes over the last few years. With the invalidation of the Privacy Shield agreement in 2020 and the introduction of the “New… more
The United Kingdom’s Equality and Human Rights Commission (EHRC) recently named several organisations that missed the deadline to report their 2023–2024 gender pay gap data. If the data remains unreported, the EHRC will take further… more
In Barclays Service Corporation and another v HMRC, the First Tier Tribunal (the “FTT”) has held that the UK branch of an overseas company did not qualify as a member of a value added tax (“VAT”) group in the UK… more
On 19 September 2024, the Belgian Data Protection Authority (DPA) issued new Guidance on the interplay between the recently adopted EU Regulation on Artificial Intelligence (the AI Act) and the General Data Protection Regulation (the… more
On September 19, 2024, the Federal Trade Commission (FTC or Commission) released a long-awaited staff report, A Look Behind the Screens: Examining the Data Practices of Social Media and Video Streaming Services (the Report), the… more
Campaign Finance & Lobbying Compliance - At its open meeting the week of September 15, 2024, the Federal Election Commission (FEC) approved a Notice of Disposition of a rulemaking and a draft interpretive rule regarding Artificial… more
Judge Randy Crane (E.D. Tex) ruled on August 26, 2024 that the CFPB did not exceed its authority under Dodd Frank when it issued its final Section 1071 small business lending rule. The court also rejected other Administrative Procedure… more
On September 16, 2024, the Securities and Exchange Commission (SEC) filed civil charges against former CEO Paul D. Roberts, former Chief Financial Officer Joshua A. Weiss, and former Audit Committee Chair Grainne M. Coen of AI company… more
There was a flurry of DOJ whistleblower program activity over the last two weeks as the U.S. Attorneys’ Offices for the Eastern District of New York (EDNY Program), District of New Jersey (DNJ Program), Southern District of Florida… more
Several prominent hotel chains have faced lawsuits for allegedly turning a blind eye to human trafficking on their premises. These cases often point to hotel staff’s failure to act on evident red flags, like frequent cash payments, a… more
On September 19, 2024, Wright, Moore, DeHart, Dupuis & Hutchinson (“WMDDH”) filed a notice of data breach with the Attorney General of Massachusetts after discovering that certain information in the company’s possession was subject to… more
On September 24, the Consumer Financial Protection Bureau (CFPB or Bureau) announced a significant development in its efforts to implement open banking rules in the United States. The Bureau has initiated a public comment process for… more
Good morning! This is Akin’s newsletter on climate change policy and regulatory developments, providing information on major climate policy headlines from the past week and forthcoming climate-related events and hearings..… more
New York’s Freedom of Information Law (FOIL) is the state version of the federal Freedom of Information Act, commonly referred to as FOIA. New York’s FOIL has experienced dramatic changes in recent years. As previously reported here in… more
This year has witnessed a rapid increase in legislation seeking to study and regulate machine learning and artificial intelligence (AI) models. So far in 2024, Congress has doubled the number of proposed bills seeking to study and… more
Washington State’s Equal Pay and Opportunities Act (EPOA) requires employers with 15 or more employees to include salary ranges and benefit information in job postings. Violations have resulted in over 100 EPOA class action lawsuits in… more
Southern District Holds Insured Not Entitled To Judgment On Pleadings As To Duty To Defend Because Extrinsic Evidence May Show Duty Is Terminated- Color Techniques, Inc. (CTI) sold ingredients used in cosmetic formulations and was… more
Earlier this month, the Consumer Financial Protection Bureau (CFPB) resolved its long-running lawsuit against Navient Corporation. The enforcement action culminated in a $120 million settlement of which $100 million was in restitution… more
On September 13, 2024, the United States Court for the District of Massachusetts dismissed a pro se litigant’s claims against four executives of a bank for alleged violations of the Truth in Lending Act (TILA) and certain provisions of… more
In Jack Daniel’s v. VIP Products, the U.S. Supreme Court was asked to decide whether a chewable “Bad Spaniels” dog toy shaped like a bottle of Jack Daniel’s whiskey violated Jack Daniel’s trademark rights. VIP claimed its dog toy was… more
California Governor Gavin Newsom has recently signed into law two bills seeking to address the use of Artificial Intelligence (AI)-created digital replicas of individuals. In his signing statement, Governor Newsom explained, “[w]e… more
Here’s a refresher: Discriminating against a subclass of a sex (e.g., older women or black women) is still discrimination. In McCreight v. AuburnBank, the Eleventh Circuit clarified a few things for the lawyers related to the different… more
Vascular Solutions LLC, et al. v. Medtronic, Inc., et al., No. 2024-1398 (Fed. Cir. (D. Minn.) Sept. 16, 2024). Opinion by Mazzant (sitting by designation), joined by Moore and Prost… more
Those tracking CIPA litigation are familiar with the recent decision holding in favor of a company whose site had an online chat operated by a vendor. The court in that case held (1) that the company had not violated the California… more
The US Court of Appeals for the Second Circuit clarified its standards for establishing personal jurisdiction over foreign defendants that conduct business over the internet. American Girl, LLC v. Zembrka, DBA www.zembrka.com;… more
I guess if you do this job long enough, you’ll see just about everything. This time, it’s the attorney general of Mississippi wading into the legality of beverages containing hemp. And it’s a doozy… more
In contrast to the somewhat abstract doctrine-driven attorney-client privilege, courts have described the work product doctrine as “intensely practical.” Their treatment of defendants’ surveillance videotape of personal injury… more
On September 12, 2024, the first tranche of amendments to the Privacy Act 1988, referred to as the Privacy and Other Legislation Amendment Bill 2024 (the Bill), was introduced to the Australian Parliament… more
To modify an old saying: “Nothing is certain but death, taxes...and corporate opposition to government regulations.” Over the decades, companies and interest groups have frequently challenged government regulations in court—and they… more
Addressing for the first time whether a functional limitation must carry the same meaning in all claims, the US Court of Appeals for the Federal Circuit determined that it need not, vacating a district court decision to the contrary… more
In May 2024, the White House announced a Joint Policy Statement and Principles (Statement ) on voluntary carbon markets (VCMs) in conjunction with the U.S. Department of Energy, the U.S. Department of the Treasury, and the U.S… more
In this episode of "The Eyes on Washington Podcast," Public Policy & Regulation attorneys Rich Gold and Dimitrios Karakitsos sit down with Arjun Mody, Staff Director to the Senate Republican Conference, to cover the legislative aspects… more
On September 13, 2024, the White House announced that it will take several steps to crack down on use of the “de minimis exemption” for imports of unsafe and unfairly traded goods. The de minimis exemption currently allows goods with… more
On September 19, 2024, a Dallas County District Court denied Texas Attorney General Ken Paxton’s request for an injunction seeking to prohibit the State Fair of Texas from banning handguns on fairgrounds. After the Attorney General… more
On September 10, Senators Jack Reed (D-RI), Sherrod Brown (D-OH) and Tammy Duckworth (D-IL) penned a letter expressing their support for a new interpretive rule by the CFPB classifying “Buy Now, Pay Later” (BNPL) providers as credit… more
The global financial crisis in 2008 saw distressed real estate assets flooding the market as values plunged and borrowers defaulted on loans secured against their properties. In 2024, some have predicted a real estate crash… more
Readers of this article may think I am referring to Orcas, sometimes known as “killer whales.” But what I am referring to is the new form of Assessment Area in the 2023 CRA Rule. However, the analogy/metaphor may be appropriate because… more
Automatic renewals continue to be a big priority for state regulators. When companies work to develop strategies to comply with the growing patchwork of specific state laws in this area, they often start by looking at California, since… more
On September 16, the NCUA released its Q2 2024 State-Level Credit Union Data Report, which covered the performance of federally insured credit unions over the year. According to the NCUA, the latest Quarterly U.S. Map Review revealed… more
