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Read need-to-know updates, commentary, and analysis on Communications & Media issues written by leading professionals.

Your Daily Dose of Financial News

by Robins Kaplan LLP on

If Netflix is to be believed (and, you know, it is a public company), there’s a LOT more Stranger Things and House of Cards on the way... Turns out Nelson Peltz’s failed quest for a P&G board seat was crazy close. As in,...more

CFPB files lawsuit against debt relief companies for alleged misrepresentation of government affiliation

by Ballard Spahr LLP on

Last week, the CFPB filed a lawsuit in Maryland federal court against two commonly-owned debt relief companies, their affiliated payment processor, and three individual principals  for alleged violations of the Telemarketing...more

House Financial Services Committee schedules Oct. 11 mark-up of “Madden fix” bill

by Ballard Spahr LLP on

Among the more than 20 bills that the House Financial Services Committee is scheduled to mark-up this Wednesday, October 11, is a bill to provide a “Madden fix” as well as several others relevant to consumer financial...more

OCC reacts to CFPB’s final payday loan rule by rescinding its deposit advance product guidance

by Ballard Spahr LLP on

Hours after the CFPB released its final payday/auto title/high-rate installment loan rule on October 5, 2017, the OCC rescinded its guidance on deposit advance products. ...more

CFPB Issues Long-Awaited Short-Term Lending Final Rule

by Pepper Hamilton LLP on

On October 5, the CFPB issued it long-anticipated Payday, Vehicle Title, and Certain High-Cost Lending Rule covering certain short-term loans. The final regulation, published more than 15 months after it was proposed in June...more

CFPB issues final payday/auto title/high-rate installment loan rule

by Ballard Spahr LLP on

The CFPB issued its final payday loan rule last week in a release running 1,690 pages. Lenders covered by the rule include nonbank entities as well as banks and credit unions. In addition to payday loans, the rule covers...more

CFPB Issues Final Payday/Auto Title/High-Rate Installment Loan Rule

by Ballard Spahr LLP on

The Consumer Financial Protection Bureau (CFPB) issued its final payday loan rule last week in a release running 1,690 pages. Lenders covered by the rule include nonbank entities as well as banks and credit unions....more

U.S. Treasury Warns Financial Institutions of Venezuelan Corruption and Money Laundering

The Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury issued an advisory on September 20 warning U.S. financial institutions of “money laundering schemes used by corrupt Venezuelan...more

Preliminary Thoughts on the New CFPB Rule

by Ballard Spahr LLP on

It will take a while to digest the CFPB’s 1,700-page release on payday, title and high-rate installment lending but, naturally, I have a number of preliminary observations...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

A sobering look at the post-recession economic recovery shows that while by many measures US economic figures are again strong, the recession caused wounds that “have not fully healed”—including the loss of more than 1.5...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Yahoo—via new parent Verizon Communications—has officially tripled its estimate of the number of accounts affected by its 2013 cyber hack, putting the total at a staggering 3 billion (aka, all of them)....more

OCIE Releases Risk Alert Regarding Advertisements of Investment Advisers

by Bracewell LLP on

On September 14, 2017, OCIE published a Risk Alert identifying issues associated with Rule 206(4)(1) of the Investment Advisers Act of 1940 (the “Advertising Rule”). The Risk Alert was based on observations of the OCIE staff...more

Funds Talk: October 2017 - SEC Issues Risk Alert Regarding Advertising Rule Compliance Based on Recent OCIE Examinations

On Sept. 14, 2017, the Securities and Exchange Commission (the “SEC”) issued a risk alert outlining certain compliance issues identified by the regulator’s Office of Compliance Inspections and Examinations (“OCIE”) related to...more

The Online Lending Policy Summit Recap

On September 25, the Acting Comptroller of the Currency and leading participants in the online lending industry gathered in Washington, D.C. at the second annual Online Lending Policy Institute (OLPI) Online Lending Policy...more

Seventh Circuit Holds Voice Mail Message Is A Communication

The Seventh Circuit has held that a voice mail message left for a consumer is a “communication” under the FDCPA. In Hart v. Credit Control, LLC, 2017 U.S. App. LEXIS 18375 (11th Cir. Sept, 22, 2017), the debt collector left...more

Equifax Breach: Lessons Corporations Must Learn from Equifax’s Poor Planning and Response

Equifax’s stunning security breach and inadequate response has now claimed its most prominent victim – the CEO of Equifax, Richard Smith, announced his immediate resignation. In light of this rapid fall from grace, here...more

SIM Swap Scams Targeting Cryptocurrency Investors

by Revision Legal on

SIM swap scams are nothing new. Telecommunications providers such as Verizon, AT&T, T-Mobile, and Sprint have been aware for over ten years that unauthorized third parties regularly attempt to obtain access to customer...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The ‘book is backing off of a 2016-proposed stock reclassification that “would have solidified Mark Zuckerberg’s control over the social network” after a shareholder suit that would have seen Zuck on the stand in a Delaware...more

SEC Issues Risk Alert on the Most Frequent Advertising Rule Compliance Issues and Use of Accolades in Advertisements

by Proskauer Rose LLP on

I. Advertising Rule Compliance Issues - On September 14, 2017, the staff of the SEC's Office of Compliance Inspections and Examinations (OCIE) issued a National Examination Program Risk Alert on the most frequent advertising...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Uber’s got more than a spot of bother on its hands in London after this morning’s announcement that the company’s largest market in Europe won’t renew the ride-hailing service’s license to operate in the city (citing “a lack...more

SEC Wants the Truth and Nothing but the Truth in Advertising

Tell the truth, the whole truth, and nothing but the truth: that’s the message to registered investment advisors from the Office of Compliance Inspections and Examinations (OCIE) in a recent risk alert about the SEC’s...more

Ocwen Predictably Reaches High-Dollar TCPA Settlement Following Class-wide Preliminary Injunction

by Dorsey & Whitney LLP on

By the time the gavel struck back on June 26, 2017, another high-dollar TCPA settlement was inevitable. On that date, Judge Matthew F. Kennelly of the Northern District of Illinois entered an order preliminarily certifying a...more

SEC Issues Guidance on Investment Adviser Advertising Rule

by Dorsey & Whitney LLP on

On September 14, 2017, the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) issued a new Risk Alert outlining the most frequent compliance issues relating to Rule 206(4)-1 (the “Advertising Rule”) under the...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

So much for the quiet off-ramping for SoFi’s Mike Cagney. The fintech company’s board announced on Friday that Cagney is out immediately as CEO, not at the end of the year as Cagney had announced earlier in the week....more

After Equifax: What Should the Public Do?

As we have discussed in previous posts, Equifax Inc. suffered a cybersecurity breach potentially affecting 143 million individuals in the United States. Although Equifax’s investigation is ongoing, the data at risk includes...more

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