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FCC Takes Narrowest Read of Congress’ Exemption to the TCPA for Federally Guaranteed Loans

Commentary on the Notice of Proposed Rule Making, Rules and Regulations Implementing the Telephone Consumer Protection Act of 1991, CG Docket No. 02-278, issued May 6, 2016. There was much ado about the Federal...more

Democratic Senators Commission GAO to Study Fintech Industry

On April 18, Senators Sherrod Brown (D-OH), Jeffrey Merkley (D-OR), and Jeanne Shaheen (D-NH) sent a letter to the Government Accountability Office (GAO) requesting that it complete a study on the fintech industry. Under the...more

Republican Congressmen seek CFPB forum on impact of payday lending rule on state and tribal sovereignty

Two Republican members of the House Financial Services Committee, Randy Neugebauer and Mick Mulvaney, have sent a letter to Director Cordray asking him to convene a forum or roundtable of state and tribal officials before the...more

Democratic Senators expected to introduce bill requiring CFPB registration of lenders making small-dollar loans

A group of Democratic Senators led by Oregon Senator Jeff Merkley is expected to introduce the “Stopping Abuse and Fraud in Electronic Lending Act of 2016” or “SAFE Lending Act of 2016.” The bill represents the latest version...more

UK Financial Regulatory Developments - March 2016 #18

FCA finalises CCA first charge mortgage rules - FCA has published its policy statement and final rules following its consultation (see FReD 13 November 2015) on the treatment of first charge mortgages that are regulated...more

President Expands North Korean Sanctions

On March 16, the President issued an Executive Order broadening sanctions in response to North Korea’s continuing pursuit of its nuclear and ballistic missile programs. The order blocks the Government of North Korea and the...more

Capital Formation Legislative Update

On March 22, 2016, Congressman French Hill introduced a bill, HR 4831, that would amend the 100-holder restriction on S corporations in the limited case of shares acquired through crowdfunded offerings or Regulation A...more

Fix Crowdfunding Act Improves JOBS Act

The Fix Crowdfunding Act has been introduced by Representative Patrick McHenry, who was one of the architects of the FAST Act provisions simplifying securities laws. The Fix Crowdfunding Act increases the $1,000,000...more

OFAC Further Amends Cuban Assets Control Regulations – President Obama Authorizes More Travel and U.S. Establishments in Cuba in...

On March 16, 2016, in what could be the final set of amendments  to the Cuban Assets Control Regulations (CACR) under the Obama Administration, the Office of Foreign Assets Control (OFAC) published a Final Rule that further...more

State AGs Urge Senate to Pass Bill Banning Debt Collection Robocalls

On February 10, Indiana Attorney General Greg Zoeller and Missouri Attorney General Chris Koster, along with 23 other state attorneys general, wrote to the Senate Committee on Commerce, Science, and Transportation (Committee)...more

SB 386: Consumer Legal Remedies Act Update

California recently enacted Senate Bill 386. Under existing law, the Consumer Legal Remedies Act, prohibits unfair methods of competition, acts, or practices by any person that either is intended to result of results in the...more

Argentina Lifts its Currency Exchange, Exports, and Imports Restrictions

Mr. Mauricio Macri was sworn-in as President of Argentina on December 10, 2015. Four business days after taking office, Mr. Alfonso Prat-Gay, the new Minister of Finance, announced the fulfilment of the campaign promise to...more

New Federal Budget Deal Provides TCPA Relief for Federal Loan Servicers

For years now, the federal Telephone Consumer Protection Act (TCPA) has been a looming threat to U.S. businesses. Although the TCPA was initially passed “to develop the necessary ground rules for cost-effective protection of...more

One More Reason the New Budget Act Is Good for the Government, and Here’s a Hint: It Relates to the TCPA!

Anyone paying attention to goings-on in Washington last week might have heard a loud, bipartisan sigh of relief when both the House and the Senate passed a budget deal that temporarily averted another government shutdown or...more

Significant Exception to TCPA Likely to Pass

Congress is about to pass the Bipartisan Budget Agreement of 2015. The budget agreement includes significant amendments to the Telephone Consumer Protection Act. As proposed, the TCPA will soon permit autodialed calls to cell...more

New Presumptions of Coordination in CA Political Communications/Independent Expenditures

The California Fair Political Practices Commission (“FPPC”) has overhauled its regulations that define when an independent expenditure will be deemed to have been coordinated with a candidate or ballot measure committee. ...more

Cuba Sanctions Relief: Baby Steps Today, But What About Tomorrow?

For more than 50 years, an embargo and related sanctions regime has restricted U.S. businesses and individuals from virtually all economic activity involving Cuba or its nationals. This regime was implemented through a...more

U.S. Departments of the Treasury and Commerce Announce Additional Revisions to Cuba Sanctions Regulations

Last week, the Department of the Treasury and the Department of Commerce announced additional revisions to the Cuban Assets Control Regulations (CACR) and Export Administration Regulations (EAR), building off the changes put...more

OFAC Updates Cuban Assets Control Regulations Easing Sanctions on Cuba

On September 18, OFAC issued a final rule amending the Cuban Assets Control Regulations (CACR) to reflect policy changes previously announced by the Obama administration. With respect to financial transactions, the...more

You Want to Export to Cuba? Get Ready, But You Probably Can’t Quite Yet.

New rules came out on September 21, 2015 from both the Commerce and Treasury Departments. Although for the most part these changes only slightly broaden or clarify pre-existing exceptions to the embargo against Cuba, they...more

Cuba Sanctions Relief: The Knot Further Loosens

Effective September 21, the U.S. Department of Treasury amended its Cuban Assets Control Regulations (CACR), providing further Cuba sanctions relief. In a coordinated action, the U.S. Department of Commerce simultaneously...more

Canada Expands Sanctions on Russia and the Crimea Region of the Ukraine

On Monday, June 29, 2015, the Canadian government expanded its economic sanctions against Russia and the Crimea region of the Ukraine. Three additional individuals and 14 entities were added to the list under the Special...more

Governor Tomblin Signs into Law Significant Amendments to West Virginia Consumer Credit Protection Act

On March 31, 2015, West Virginia Governor Earl Ray Tomblin signed SB 542 into law. This new law amends frequently litigated sections of the West Virginia Consumer Credit Protection Act (“WVCCPA”), W. Va. Code section 46A, in...more

Changes in US Sanctions on Cuba Present Opportunities and Challenges

The Obama Administration’s recent loosening of trade restrictions on Cuba has the potential to open new opportunities for US businesses. However, there are several obstacles to be overcome before US companies may access...more

Russian Legislation Update

In This Issue: - Corporate: veracity of information submitted for the state registration of companies; cancellation of the mandatory requirement for a company to have a seal - Currency Control - Banking/ Basel...more

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