Communications & Media Finance & Banking

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Overdraft Service Program Costs Bank $10M in CFPB Fine

Overdraft services practices were the basis for a $10 million fine from the Bureau of Consumer Financial Protection (CFPB) in a recent action against a national bank operating primarily in the northeast....more

Minnesota AG Settles Suit Against California Online Lender Relating to Alleged “Rent-a-Tribe” Scheme

On August 19, the Attorney General’s Office for the State of Minnesota (Minnesota AG) announced that it had settled a lawsuit against a California-based online lender relating to an alleged “rent-a-tribe” scheme. The...more

New York Issues DFS Permits

Just days after a New York State’s Daily Fantasy Sports law was passed, the New York Gaming Commission announced it has issued temporary permits to 5 DFS operators. The companies are DraftKings, FanDuel, Yahoo, Fantasy Draft...more

California Court Strikes Fail-Safe TCPA Class Definition

Dixon v. Monterey Fin. Services, Inc., No. 15-cv-03298 (N.D. Cal. Aug. 22, 2016) - At issue before the Court was Plaintiff’s Amended Complaint, and Defendant’s second motion to strike class definition as a fail-safe...more

CFPB to Participate in FTC Workshop on Consumer Disclosures

On September 15th, the FTC will hold a workshop to examine the testing and evaluation of disclosures that companies make to consumers about advertising claims, privacy practices, and other information. The FTC’s workshop...more

Teaming Sports Stars, Good Causes Great – But Know the Rules

Many sports figures have created nonprofit organizations to raise funds for a cause close to their hearts. But the reality is that athletes’ foundations aren’t always successful in raising money for charity. This article...more

FCC and Federal Debt Collectors, More Restrictions under TCPA

In July we wrote about the exemption for robocalls made by the federal government (or its contractors) from the restrictions of the Telephone Consumer Protection Act (TCPA). Now, the Federal Communications Commission (FCC)...more

Financial Services Weekly News - August 2016 #3

Editor's Note - MetLife Fights On. MetLife continued to fight its designation as a nonbank systemically important financial institution (SIFI) this week as the insurer filed its reply brief in the Financial Stability...more

Your daily dose of financial news - The Brief – 8.18.16

A SDNY jury has found former JPMorgan banker Sean Stewart guilty of insider trading based on allegations that Stewart was leaking confidential information about health care company mergers to his dad....more

DOJ Doubles Penalties for Violation of the False Claims Act

The Department of Justice (“DOJ”) has issued an interim final rule that dramatically increases the dollar amount for civil penalties that can be assessed against an entity or individual who violates the False Claims Act...more

Your daily dose of financial news - The Brief – 8.17.16

Billionaire hedge-fund manager Steven Cohen (he, formerly of SAC Capital Advisors) has agreed to be barred from commodities trading until 2018 under the terms of a settlement announced by the CFTC yesterday....more

GAO issues report on CFPB SBREFA panels

The Government Accountability Office has issued a report on the CFPB’s use of Small Business Regulatory Enforcement Fairness Act (SBREFA) panels in its rulemaking process. The report, “Observations from Small Business Review...more

TCPA Connect - August 2016

FCC Issues Report and Order on Budget Act Exemptions - On August 11, 2016, the Federal Communications Commission issued a Report and Order implementing Section 301 of the Bipartisan Budget Act of 2015, which amended the...more

FCC Adds New Wrinkle to Collection of Federally Backed Debts

Federal Communications Commission announced new rules on Thursday that imposes limitations on private collection agencies and servicers seeking to collect on behalf of federal debts. While the TCPA places limitations around...more

FCC Issues Two Key TCPA Orders

In the past two weeks, the Federal Communications Commission (FCC) issued two important orders that modified and clarified the agency’s rules for enforcement of the Telephone Consumer Protection Act (TCPA). Both orders are...more

The FCC’s 2016 BBA Implementing Ruling Digested (Volume I): The 10 Things You NEED to Know Before Making Calls to Collect on...

On August 11, 2016 the FCC issued its long-awaited ruling implementing the 2016 Bi-Partison Balanced Budget Act (“BBA”) Amendment that carved out collection calls on government-backed debt from TCPA coverage. In re Rules &...more

CFPB Presents New Regulatory Requirements for Third-Party Debt Collectors

On July 28, 2016, the Consumer Financial Protection Bureau (CFPB) released an outline of proposals and alternatives under consideration for regulating debt collection practices. The outline’s release triggers the formation of...more

Missed Calls Don’t Cut It: Injury in Fact is Required for Each Call and Must Be Traceable to the Use of an ATDS

In the latest dismissal of a TCPA case for lack of Article III standing, a District Court in California held that a plaintiff does not suffer an injury in fact from calls she did not hear, calls she heard but did not answer,...more

Voicemail Message Without Express Statement It Was From Debt Collector Did Not Violate FDCPA, Ninth Circuit Rules

A debt collection law firm did not violate the Fair Debt Collection Practices Act (FDCPA) by leaving a voicemail message for the plaintiff that identified the law firm but did not expressly state that the law firm was a debt...more

EU & Competition Law Update – August 2016

EU: Regulatory Scrutiny of Online Hotel Booking Continues - The 13 July 2016 saw the Competition and Markets Authority (CMA) announce that it had sent a questionnaire to a large sample of hotels throughout the UK. As...more

Pennsylvania Tax Developments - A Reed Smith Quarterly Update

Is Pennsylvania bringing back its tax on “computer-related services”? Pennsylvania’s new “Netflix” tax (enacted as part of Act 84 of 2016) covers more than just digital downloads and streaming services. Effective August 1,...more

Realizing Value from Intellectual Property

Everyone assumes that intellectual property has value, but how do you determine that value? Can you increase it, and can you damage it?...more

FDIC Proposes More Hurdles for Bank Partners of Marketplace Lenders

The FDIC is proposing guidance that will affect marketplace lenders and their banking partners. On July 29, 2016, the FDIC issued FIL-50-2016, which seeks comment on proposed Guidance for Third-Party Lending for...more

California Federal Judge Certifies Class in S2Verify FCRA Class Action Using Spokeo Concreteness Test

Last week, the decision in the Spokeo case influenced a California court’s decision to certify a class in a Fair Credit Reporting Act (FCRA) case. The class of applicants who claim that S2Verify, a background check company,...more

Blog: TSC publishes crowdfunding correspondence with PRA & FCA. “Tax incentives” now at risk?

The UK’s Treasury Select Committee (TSC) has published an exchange of letters with each of the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). In the covering press release, TSC Chair, Andrew...more

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