On October 3, 2023, the U.S. Supreme Court heard oral argument in CFPB v. Community Financial Services Association of America to decide whether the CFPB’s funding structure violates the Constitution’s Appropriations Clause....more
On February 27, 2023, the U.S. Supreme Court granted the Consumer Financial Protection Bureau’s Petition for a Writ of Certiorari in the closely watched case of CFPB v. Community Financial Services Association of America, and...more
On September 15, President Biden issued an Executive Order on “Ensuring Robust Consideration of Evolving National Security Risks by the Committee on Foreign Investment in the United States” in response to “an evolving...more
In a decision that likely will reverberate throughout the administrative state, a three-judge panel of the United States Court of Appeals for the Fifth Circuit recently held in Jarkesy v. Securities and Exchange Commission...more
In what may mark a sea change in enforcement of the Foreign Agent Registration Act, for the first time in more than 30 years, the Department of Justice has filed a complaint seeking to compel an individual − the former...more
Last week, the U.S. Senate passed S. 3600, the Strengthening American Cybersecurity Act, which represents a significant step forward in the establishment of a national data breach notification law for certain critical...more
On January 19, 2021, the Consumer Financial Protection Bureau (CFPB or Bureau) published a special edition of its Supervisory Highlights focused on its COVID-19 Prioritized Assessments. As Cadwalader previously wrote, the...more
1/27/2021
/ Automotive Loans ,
CARES Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
ECOA ,
Families First Coronavirus Response Act (FFCRA) ,
Financial Institutions ,
Financial Services Industry ,
Infectious Diseases ,
Mortgages ,
Paycheck Protection Program (PPP) ,
Supervisory Highlights
Eighteen months after President Trump signed the Foreign Investment Risk Review Modernization Act (“FIRRMA”) which broadened the power of the Committee on Foreign Investment in the United States (“CFIUS”) to review foreign...more
2/13/2020
/ CFIUS ,
Corporate Counsel ,
Covered Transactions ,
Critical Infrastructure Sectors ,
Cross-Border Transactions ,
FIRRMA ,
Foreign Investment ,
Foreign Persons ,
Investment ,
Investment Opportunities ,
National Security ,
Non-Controlling Interests ,
Real Estate Investments ,
Technology Sector ,
Trump Administration
The national security implications of corporate deals involving foreign investors continues to be a headline-grabbing topic, now more than ever as the United States engages in heated trade negotiations with China amidst...more
8/1/2019
/ CFIUS ,
China ,
Covered Transactions ,
Critical Infrastructure Sectors ,
Cross-Border Transactions ,
Federal Pilot Programs ,
Financial Transactions ,
FIRRMA ,
Foreign Investment ,
National Security ,
Regulatory Oversight ,
Regulatory Requirements ,
Risk Mitigation
California’s ambitious new data privacy law, the California Consumer Privacy Act of 2018 (“CCPA”), will go into effect on January 1, 2020 and promises to bring a new era of digital regulation to America’s shores. ...more
3/4/2019
/ California Consumer Privacy Act (CCPA) ,
Consumer Privacy Rights ,
Cybersecurity ,
Data Collection ,
Data Privacy ,
Data Protection ,
Financial Institutions ,
Financial Services Industry ,
General Data Protection Regulation (GDPR) ,
Personal Data ,
Personally Identifiable Information ,
Privacy Laws
On January 10, 2017, the National Institute of Standards and Technology (“NIST”) released a proposed update to its popular cybersecurity blueprint for organizations and businesses, known as the Framework for Improving...more
When President Obama signed into law the Cybersecurity Act of 2015, which was designed to facilitate information sharing on cybersecurity threats between the public and private sectors, proponents hailed it as “our best...more
Last week, decisions by the United States Supreme Court and the Northern District of Georgia provided further guidance regarding the narrow path required for a class action plaintiff to successfully establish Article III...more
5/24/2016
/ Article III ,
Class Action ,
Cybersecurity ,
Data Breach ,
Fair Credit Reporting Act (FCRA) ,
Home Depot ,
Injury-in-Fact ,
Malware ,
Popular ,
SCOTUS ,
Spokeo v Robins ,
Standing ,
Statutory Damages
On May 10, 2016, the Treasury Department issued proposed regulations that, if approved, will require business entities formed in the United States that are owned by a single foreign person to obtain an employer identification...more
5/19/2016
/ Beneficial Owner ,
Business Entities ,
Employer Identification Number (EIN) ,
FinCEN ,
Foreign Ownership ,
IRS ,
Money Laundering ,
Mossack Fonseca ,
Offshore Funds ,
Panama Papers ,
Recordkeeping Requirements ,
Reporting Requirements ,
Tax Evasion ,
Tax Haven
On December 31, 2015, the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued regulations implementing Executive Order 13694 of April 1, 2015, which authorized the imposition of economic sanctions on...more
On December 18, 2015, President Obama signed into law a $1.1 trillion omnibus spending bill that contained the Cybersecurity Act of 2015 (the “Act”), a compromise bill based on competing cybersecurity information sharing...more
On January 12, 2015, President Obama proposed the Personal Data Notification & Protection Act, which would create a federal standard for data breach notification. The proposed bill is part of a more wide-ranging effort by the...more
On April 10, 2014, the U.S. Department of Justice (“DOJ”) and the Federal Trade Commission (“FTC”) issued an Antitrust Policy Statement on Sharing of Cybersecurity Information explaining that competitors can share legitimate...more
On April 7, 2014, Judge Esther Salas of the U.S. District Court for the District of New Jersey denied the first ever motion to dismiss filed in Federal court that challenged the authority of the Federal Trade Commission (“the...more
The most recently released annual report (for 2012) by the Committee on Foreign Investment in the United States (CFIUS) highlights a sharp increase in abandoned deals involving foreign acquisitions of U.S. businesses.
...more