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Your Daily Dose of Financial News

by Robins Kaplan LLP on

Lack of workable replacement (so far, at least) be damned—the UK’s Financial Conduct Authority has announced that [the scandal-plagued] Libor will be phased out by 2021 in favor of “transaction-based benchmarks”....more

Rolling in the Regulations for Robo-Advisers

by Bryan Cave on

Robo-advisers have surged in popularity as people seek low-cost, automated investment opportunities. In a worldwide forecast, the number of people to use robo-advisory services is estimated to reach 95.4M by 2021 compared to...more

FTC enforcement under new leadership to focus on consumer harm, fraud

by Ballard Spahr LLP on

Based on a Law360 article reporting on an interview with Thomas Paul, the Acting Director of the FTC Bureau of Consumer Protection, it appears that under its new leadership, the FTC will take a less aggressive approach to...more

Revocation of Consent Under TCPA: Not So Fast

In a recent case under the Telephone Consumer Protection Act (TCPA), the U.S. Court of Appeals for the Second Circuit held that the TCPA does not permit a consumer to revoke prior consent to be contacted by telephone when...more

CFPB issues Spring 2017 rulemaking agenda

by Ballard Spahr LLP on

The CFPB’s Spring 2017 rulemaking agenda has been published as part of the Spring 2017 Unified Agenda of Federal Regulatory and Deregulatory Actions. The preamble indicates that the information in the agenda is current as of...more

D.C. District Court Allows Payday Lenders’ Due Process Claims To Proceed In Case Against “Operation Choke Point”

by Ballard Spahr LLP on

On July 5, 2017, the U.S. District Court for the District Columbia, in the lawsuit filed in 2014 challenging “Operation Choke Point” — a federal enforcement initiative involving various agencies, including the Consumer...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Big American banks (BofA, Citi, Morgan Stanley) are avoiding deals with Chinese conglomerate HNA Group over concerns regarding HNA’s debt level and ownership structure....more

President Trump’s Cuba Proposals Would Roll Back Current Policies

by Snell & Wilmer on

On June 16, 2017, President Trump proposed new Cuba policies that would roll back certain changes made by the Obama Administration. Chief among the President’s sought changes are: a complete ban on economic activities that...more

Second Circuit Holds that Contractually-Given Consent Cannot be Revoked Under TCPA

by Goodwin on

On June 22, 2017, the Second Circuit decided Reyes v. Lincoln Automotive Financial Services, No. 16-2104—a decision which is a win for the TCPA defense bar. In Reyes, the Second Circuit held that, once a consumer consents to...more

Hacker Steals Millions from Virtual Currency Exchange Bithumb

A cyber-attack against–Bithumb–one of South Korea’s largest cryptocurrency exchanges and one of the five largest in the world—has reaped access to the data of 30,000 users and drained their accounts in the process. Bithumb is...more

Fintech Firm Shut Down and Fined by the FTC

by Carlton Fields on

A financial technology firm and its CEO have agreed to pay $104 million to resolve the FTC’s allegation that they misled consumers into providing sensitive personal and financial information, which was later sold without...more

District of New Jersey Grants Summary Judgment and Strikes Class Allegations in TCPA Case

by Goodwin on

Last week, the District of New Jersey issued a noteworthy opinion in a putative TCPA class action against TD Bank and Target. In Martinez v. TD Bank USA, N.A. et al., 2017 WL 2829601 (D.N.J. June 30, 2017), the court held...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

With politics swirling around in the background, the AT&T/Time Warner mega-merger is still up in the air, with DOJ antitrust officials still working away (8 months after the deal was announced) to determine whether...more

FTC Settles Complaint Against Lead Generation Business Selling Consumers’ Sensitive Data

The Federal Trade Commission (FTC) has announced that it has settled its Complaint against operators of the lead generation business Global Media, LLC and its CEO Christopher Kay for $104 million. The judgment has been...more

CFPB files proposed stipulated final judgments in actions against credit repair companies and individuals

by Ballard Spahr LLP on

The CFPB announced that it had simultaneously filed two complaints and corresponding proposed stipulated final judgments in a California federal district court in actions against four credit repair companies and three...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Here’s the other shoe for that news that all the big banks passed their Fed stress tests the other day: are the “bad old days of enormous leverage and freewheeling deals” and the risk inherent in them back, too?....more

EU General Data Protection Regulation and private equity

by Hogan Lovells on

To say that the EU General Data Protection Regulation (GDPR or the Regulation) will change the existing data protection framework in Europe is an understatement. In less than a year, an ambitious, complex and strict law will...more

Second Circuit Holds That TCPA Does Not Permit Unilateral Revocation of Consent Obtained Contractually

by Ballard Spahr LLP on

The U.S. Court of Appeals for the Second Circuit recently held, in Reyes v. Lincoln Automotive Financial Services, that the Telephone Consumer Protection Act (TCPA) "does not permit a consumer to revoke its consent to be...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

European antitrust regulators have dropped a massive $2.7 billion fine on Google for allegedly “unfairly favoring some of its own search services over those of rivals”....more

Lost in the woods? Special treatment for the press, cooperative and savings bank associations and the timber industry in German...

by Hogan Lovells on

Current legislative changes in the German Competition Act and the Federal Forest Act bring a set of new antitrust exemptions. We briefly present them in our blog...more

Financial Services Quarterly Report - Second Quarter 2017: Hong Kong Consultation on Guidelines on Online Distribution and...

by Dechert LLP on

The use of online platforms for distribution of financial products has become increasingly popular in Hong Kong. In May 2017, the Hong Kong Securities and Futures Commission (SFC) issued a Consultation Paper inviting comments...more

Hogan Lovells Obtains Major TCPA Consent Revocation Victory

by Hogan Lovells on

On June 22, 2017, in Reyes v. Lincoln Automotive Financial Services, the U.S. Court of Appeals for the Second Circuit agreed with Hogan Lovells attorneys representing the defendant and held that the Telephone Consumer...more

EU General Data Protection Regulation – a survival guide for private equity

by Hogan Lovells on

To say that the EU General Data Protection Regulation (GDPR or the Regulation) will change the existing data protection framework in Europe is an understatement. In less than a year, an ambitious, complex and strict law will...more

THIS CHANGES EVERYTHING—Second Circuit Holds that Contractual Consent Provisions Cannot be Revoked

by Dorsey & Whitney LLP on

This is the biggest TCPA news since the Omnibus—a silver bullet to defeat most revocation cases was hiding in plain sight the entire time. It seems so obvious now. ...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The latest Wall Street revolution appears to be driven in large part by companies like Creative Planning, a registered investment adviser in a suburb of Kansas City that’s helping lead a shift away from brokers and mutual...more

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