News & Analysis as of

Waivers Financial Services Industry

Ballard Spahr LLP

Rhode Island federal court nixes stand-alone class action waiver

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A Rhode Island federal district court recently refused to enforce a stand-alone class action waiver in the consumer plaintiff’s automobile lease agreement on the ground that it violates state public policy. The court in...more

Foley & Lardner LLP

Not Enough Money to Make the Next Payroll? Know the Law Before You Act

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Recent disruptions in the financial services sector as well as an economic downturn in certain industries, including high tech, may create an immediate and unanticipated liquidity crisis for impacted employers. When faced...more

Shipkevich PLLC

CFPB Proposed New Rule to Establish Public Registry of “Take It Or Leave It” Contract Terms and Conditions

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On January 11, 2023, the Consumer Financial Protection Bureau (CFPB) proposed a new rule to apparently shed light on the dark corners of the financial industry. The proposed rule would create a public registry of the fine...more

McGlinchey Stafford

Did I waive the terms of my contract? - McGlinchey Commercial Law Bulletin - July 8, 2022

McGlinchey Stafford on

Fair Debt Collection Practices Act- In this appeal, the Court of Appeals for the Sixth Circuit reversed and remanded the District Court for the Northern District of Ohio’s decision, finding the debt collector violated the...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending February 7, 2020

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Real Property Update - Fraudulent Transfer: Real property that was worth less than mortgage encumbering it was not an asset per the plain language of section 726.102(2) and, therefore, could not support fraudulent transfer...more

WilmerHale

House Financial Services Committee Introduces Legislation to Overhaul SEC Waiver Process

WilmerHale on

Over the past several weeks, competing views have emerged from Capitol Hill and the SEC over how the Securities and Exchange Commission (“SEC” or “Commission”) should approach waivers of collateral consequences for parties...more

Mayer Brown Free Writings + Perspectives

Proposed Bad Actor Disqualification Act of 2019 and SEC Statement on Contemporaneous Settlement Offers and Waiver Requests

Last month, Representative Maxine Waters, chair of the House Financial Services Committee, introduced a bill entitled Bad Actor Disqualification Act of 2019 (“proposed bill”). The proposed bill is intended to increase...more

Carlton Fields

Fifth Circuit Finds Waiver Of Arbitration Where Motion To Dismiss Argued Merits, Omitted Mention Of Arbitration, And Created...

Carlton Fields on

A consumer (Forby) filed a proposed class action in Illinois state court alleging that One Technologies, L.P. (One Tech) failed to adequately disclose that consumers who accessed their “free” online credit score on the...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Arkansas Legislature Prescribes Contractual Waiver of Jury Trial in Lending Agreements

In late 2017, the Arkansas Supreme Court held that pre-dispute jury trial waivers in loan agreements are unenforceable as per the Arkansas Constitution. The Court provided that, according to the state’s Constitution, the...more

Ballard Spahr LLP

Ninth Circuit Confirms That Liability Waiver in FCRA Disclosure Triggers Liability

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In a case presenting a question of first impression in the federal courts of appeals, the Ninth Circuit has held that a prospective employer violates the Fair Credit Reporting Act (FCRA) when it procures a job applicant's...more

Morrison & Foerster LLP

Are You a “Payment Processor”? Washington State Appears to Significantly Expand Scope of Its Money Transmission Act

One of the defining aspects of the payments revolution of the past few years—at least from a regulatory perspective—has been the question of whether any particular payments service is subject to regulation as money...more

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