Communications & Media Finance & Banking

Read need-to-know updates, commentary, and analysis on Communications & Media issues written by leading professionals.
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Twitter and the (Alleged) $10 Million Tweet

As social media companies and businesses rely more heavily on their social media platforms to make important company announcements, state law claims asserting negligent misrepresentation or failure to adequately disclose...more

Privacy in financial markets, not to be ignored

The Article 29 Working Party published a letter it sent to the European Commission urging it to consider the data protection and privacy issues when adopting the secondary regulations (‘Regulations’) necessary to implement...more

6th Circuit Rules Prior Express Consent Defeats Mortgagor TCPA Claim Against Lender

On August 21, the Cincinnati-based United States Court of Appeal for the Sixth Circuit issued its ruling in Hill v. Homeward Residential, Inc., 2015 WL 4978464 (6th Cir. August 21, 2015), and affirmed a jury verdict...more

New Guidance for Financial Institution Directors and Officers In Cybersecurity Preparedness

Earlier this summer, the Federal Financial Institutions Examination Council (FFIEC) released its highly anticipated Cybersecurity Assessment Tool (Assessment), which is designed to assist financial institutions in identifying...more

Department of Treasury Extends Comment Period on Expanding Access to Credit Through Online Marketplace Lending

On August 18, the Department of Treasury extended the comment period for the public to respond to its Request for Information (RFI) on online marketplace lending, entitled Public Input on Expanding Access to Credit Through...more

The Consumer Financial Protection Bureau's case against Citibank for violations relating to credit card add-on products

Today we’re taking a look at the CFPB’s recent enforcement case against Citibank, N.A. (“Citibank”) and two of Citibank’s subsidiaries, Department Stores National Bank (“DSNB”) and Citicorp Credit Services, Inc. (USA) (“CCSI...more

Consumer Financial Protection Bureau Takes Action Against Payment Processing Company and Mortgage Servicer

The Consumer Financial Protection Bureau (CFBP) recently took action against a payment processing company, Paymap Inc. (Paymap), and mortgage servicing company, LoanCare, LLC (LoanCare), for deceptive conduct in connection...more

Is There a Lesson from Dunkin’ Donuts for Franchisors Outside Quebec?

The Quebec Court of Appeal has recently upheld the 2012 decision of the Superior Court awarding substantial damages – CA$10.9 million – to former franchisees of Dunkin’ Donuts.1 Application for leave to appeal was filed with...more

Treasury Extends Comment Period on Marketplace Lenders RFI

On August 18, the Treasury Department extended the comment period for responding to the Request for Information (RFI) on marketplace lending titled “Public Input on Expanding Access to Credit through Online Marketplace...more

CMA makes payday lending order

CMA has published its final order on the payday lending market. The order requires: - online payday lenders to publish details of their products (including such things as loan duration, loan amount and overall loan...more

Advertising Law - August 2015 #3

Ad Group to FTC: Keep Right to Be Forgotten Out of U.S. - Responding to a petition filed by Consumer Watchdog with the Federal Trade Commission seeking an expansion of the “Right to Be Forgotten” to the United States,...more

Treasury Department Extends Comment Period for Online Marketplace Lending Information Request

The U.S. Department of the Treasury has extended the deadline for submitting comments in response to its request for information (RFI) regarding online marketplace lending. Initially set to close on August 31, 2015, the...more

Germany rolls out IT Security Act

Germany's controversial IT Security Act (ITSG) came into effect on July 25, 2015.[1] The new act seeks to increase protections for German citizens, companies and government institutions that may be vulnerable to a range of IT...more

The SEC’s Common Sense Approach to Private Placements and General Solicitation

Earlier this month the SEC issued concurrently (i) the Citizen VC No Action Letter (in response to a request for guidance authored by Mintz Levin) relating to the use of 506(b) for a private placement online and (ii) a series...more

Two Federal Circuit Courts Weigh In Ahead of Gomez

Just two months before the U.S. Supreme Court hears argument in Campbell-Ewald Co. v. Gomez, two federal circuit court panels have ruled on jurisdictional issues presented in the case. Both the Seventh Circuit in Chapman v....more

SEC Issues Interpretive Guidance On General Solicitations

On August 6, the SEC's Division of Corporation Finance offered interpretive guidance with respect to conducting a private placement under Rule 506(b) of Regulation D without running afoul of the "general solicitation"...more

Spokeo, Inc. v. Robins: Petitioner Argues If There Is No Actual Injury-in-Fact, Plaintiff Lacks Standing to Sue

Following the U.S. Supreme Court’s grant of certiorari on April 27, 2015 in Spokeo, Inc. v. Robins, No. 13-1339, the Petitioner has weighed in with their brief. As you may recall, the question before the Court has the...more

Australian Infrastructure – The Challenges to 2031

Released in May 2015 by Infrastructure Australia, the Australian Infrastructure Audit examines our asset base and sets out the needs and challenges facing the Australian infrastructure sector and its participants over the...more

Treasury Consultation Paper – Another Step Towards Crowd-Sourced Equity Funding

On 4 August 2015, the Treasury of the Australian Government released a consultation paper, facilitating crowd-sourced equity funding and reducing compliance costs (Consultation Paper). This follows the previous discussion...more

Plaintiff’s Counsel Concedes Applicability of Arbitration Provision to TCPA Suit

The Eastern District of North Carolina recently granted a motion compelling arbitration in a TCPA case involving debt-collection calls allegedly made to plaintiff’s cellular telephone. See Rice v. Credit One Fin., No....more

FTC refunds consumers for telemarketing scam

The FTC recently announced that it is sending more than $969,000 to 10,387 customers who were bilked out of their funds through a telemarketing scam operated by Innovative Wealth Builders (IWB)....more

Treasury Department RFI on Online Marketplace Lending Signals Potential Shift Towards Regulation of Small Business Loans

The Treasury Department recently issued a request for information to explore various aspects of “online marketplace lending.” The RFI seeks comment on a broad array of online financial services companies that lend not only to...more

Brussels Regulatory Brief: July

Antitrust and Competition - European Court Confirms Commission’s Jurisdiction for Fighting International Cartels On 9 July 2015, the Court of Justice of the European Union (‘CJEU’) upheld the EUR 288 million fine...more

CFPB files lawsuit against Internet payday loan companies

The CFPB has filed a complaint in federal district court in New York against a group of commonly-controlled companies for allegedly engaging in unlawful conduct in connection with making payday loans over the Internet. With...more

The FCC's TCPA Regulatory Ruling Imposes Tighter Call Restrictions

Last month, the Federal Communications Commission (FCC) released a long awaited declaratory ruling and order, FCC 15-72, addressing several petitions which sought clarification of or exemptions from Telephone Consumer...more

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