Last year, the Internal Revenue Service (IRS) revised a question regarding digital assets that appears at the top of certain 2022 income tax returns. Now, in IR-2023-12, the IRS has provided guidance on how to answer that...more
As 2022 draws to a close, what better time to revisit our most popular insights of the last year and see what topics have engaged our client industries?
Our attorneys work hard to stay on the cutting edge of industry...more
12/23/2022
/ Blockchain ,
Cannabis-Related Businesses (CRBs) ,
Commercial Bankruptcy ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Decriminalization of Marijuana ,
Digital Assets ,
Financial Institutions ,
Foreclosure ,
Moratorium ,
Trademarks ,
Virtual Currency
The regulatory framework for cryptocurrency and DeFi in general is still a little murky. That hasn’t stopped regulatory bodies from bringing enforcement actions against players in this space. What’s on the horizon when it...more
The Federal Trade Commission (FTC) has announced that the effective date for the new substantive information security requirements in the revised Safeguard Rule has been extended from December 9, 2022 to June 9, 2023....more
On October 11, 2022, the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC) acted in parallel to issue the first joint action in the cryptocurrency market against Bittrex. Bittrex...more
How are these developments with cryptocurrencies and decentralized finance going to impact areas that range from insurance to employment to litigation?
In this episode of the More with McGlinchey podcast, attorneys Aaron...more
Cryptocurrency has gained in popularity. Many finance companies have begun offering digital loyalty points and rewards. This sounds appealing until it’s time to figure out how and when digital currency may be taxed.
In this...more
The world of decentralized finance, blockchains, virtual and cryptocurrency have grown exponentially in recent years. Many financial institutions are looking to enter or expand their operations in the digital economy, but the...more
You are likely aware that the Fair Credit Reporting Act (FCRA) 15 USC 1681 et. seq. requires furnishers of information to report the information accurately. Recently, several payment rating/account status cases have been...more
For nearly a decade, financial institutions operating in states with regulated cannabis markets (whether medicinal or recreational) have struggled with their ability to offer banking services to entities legally operating...more
On May 17, 2022, the Federal Deposit Insurance Corporation (“FDIC”) adopted a final rule establishing a new subsection B to the Federal Deposit Insurance Act (“FDIA”) addressing False Advertising, Misrepresentation of Insured...more
Whether you are an existing domestic company expanding to offer a consumer finance product or service, a new domestic company looking to enter the space as a start-up, or a foreign company looking to expand into the U.S....more
On May 24, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it is replacing the Office of Innovation with the newly-established Office of Competition and Innovation. The CFPB intends to “help spur...more
Creditors often ask when the Fair Credit Reporting Act’s (FCRA) rules relating to firm offers of credit apply. Do they apply when the creditor makes a prequalified offer? Does that change if the creditor makes a prescreened...more
Now, more than ever, consumer report information impacts the everyday life of consumers in a meaningful way. Not only are consumer reports used by creditors, but also employers, insurers, landlords, and more.
It should...more
The Federal Deposit Insurance Corporation (FDIC) recently published a notice seeking public comments on how to modernize its sign and advertising requirements. The FDIC requires banks to display the FDIC sign where deposits...more
On April 1, 2021, the Supreme Court held in a 9-0 decision that an “automatic telephone dialing system” is a device that has the capacity either to store a telephone number using a random or sequential generator or to produce...more
The Telephone Consumer Protection Act (TCPA), and the barrage of litigation that stems from its various interpretations, is always in the news. In fact, there is so much change that it’s often hard for a casual follower to...more
3/18/2021
/ Auto-Dialed Calls ,
Data Breach ,
Facebook ,
FCC ,
Identity Theft ,
Opt-Outs ,
Robocalling ,
SCOTUS ,
TCPA ,
Telemarketing ,
TRACED Act
The Telephone Consumer Protection Act (TCPA) is always the subject of litigation. The United States Supreme Court recently ruled that the government debt exception, which was added to the statute in 2015, was...more
As expected, the change in presidential administrations is leading to a change in administrative policies. All consumer financial service providers who are subject to the jurisdiction of the Consumer Financial Protection...more
Alert May 18, 2020 The economic impact of COVID-19 has already proven catastrophic for many businesses and consumers. Many employers are reducing their staffing or closing their doors permanently. As of May 8, 2020, the...more
5/18/2020
/ CARES Act ,
Consumer Credit Protection ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Credit Reporting Agencies ,
Credit Reports ,
Creditors ,
Fair Credit Reporting Act (FCRA) ,
Forbearance Agreements ,
Loan Modifications ,
Loans ,
Unemployment