The California Department of Business Oversight (DBO) has issued an Invitation for Comments (“Invitation”) relating to the scope of the “agent of a payee” exemption under the Money Transmission Act, Cal. Fin. Code §2000 et...more
The payments and money transmission regulatory landscape continues to evolve. A key new development is that Michigan has affirmed by legislation that “agent of a payee” transactions meeting certain criteria are not subject...more
In between holiday shopping and merriment, we here at the Financial Services Report are pondering what’s in a name. Not much, said Shakespeare. Isaac Asimov begged to differ in a mystery story about who killed one of the...more
12/12/2018
/ Appeals ,
Arbitration ,
Auto-Dialed Calls ,
BSA/AML ,
Consumer Financial Protection Bureau (CFPB) ,
Fair Lending ,
Financial Services Industry ,
FinCEN ,
HMDA ,
Lenders ,
Mortgages ,
OCC ,
Opt-Outs ,
Payday Lending Rule ,
Privacy Laws ,
SCOTUS ,
TCPA
EDITOR’S NOTE -
So much for the lazy days of summer. It’s been a busy couple of months on both coasts. In a case of déjà vu all over again, a New York federal court found that the CFPB structure is unconstitutional and that...more
9/12/2018
/ Arbitration ,
BSA/AML ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Fair Credit Reporting Act (FCRA) ,
Fair Lending ,
Financial Services Industry ,
FinTech ,
Fixing America’s Surface Transportation Act (FAST Act) ,
Mortgages ,
OCC ,
RMBS ,
TCPA ,
U.S. Treasury ,
Volcker Rule
As we have noted on multiple occasions, one of the most important questions in the non-bank payments revolution — at least from a regulatory perspective — is whether a particular payments service is subject to regulation as...more
The Banking Department of the Vermont Department of Financial Regulation (the “Banking Department”) recently entered into a consent order with a money transmission licensing applicant (the “Applicant”). The consent order...more
BELTWAY -
The Wayback Machine -
Congress passed, and on May 24, 2018, the president signed into law, the Economic Growth, Regulatory Relief, and Consumer Protection Act (S.2155). The law makes significant changes to...more
6/8/2018
/ Arbitration ,
Auto Lease ,
Banking Sector ,
BSA/AML ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Economic Growth Regulatory Relief and Consumer Protection Act ,
Fair Lending ,
FDCPA ,
FFIEC ,
FinTech ,
GAO ,
General Data Protection Regulation (GDPR) ,
HMDA ,
Securities and Exchange Commission (SEC) ,
SIFMA ,
TCPA
Last week, the Federal Communications Commission (“FCC”) issued a public notice (the “Notice”) seeking comment on key aspects of the Telephone Consumer Protection Act (“TCPA”) that were addressed in the recent decision in ACA...more
On May 14, 2018, the Office of the South Carolina Attorney General (“AG”) issued a press release announcing that it has created a Money Services Division (“Division”) within the AG’s office and that, effective May 14, the...more
Late last week, the D.C. Court of Appeals issued its much-anticipated ruling in ACA International et al. v. Federal Communications Commission, No. 15-1211 (Mar. 16, 2018).The ruling appears to pare back significantly the...more
The 2018 Winter Olympics are over. We watched two 17-year-olds win gold medals in sports that didn’t exist when we were 17. The Garlic Girls, with nicknames from their favorite breakfasts, and the U.S. men’s team won medals...more
3/13/2018
/ Arbitration ,
BSA/AML ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Cybersecurity ,
Fair Lending ,
FDIC ,
Financial Services Industry ,
FinTech ,
Prepaid Payment Products ,
Restitution ,
TCPA ,
Vicarious Liability
In the last few years, as advertising has followed consumers from legacy media such as television to online video and social media platforms, the Federal Trade Commission has been attempting to ensure that participants in...more
As we have noted previously, 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 a particular payments service is subject to...more
With much fanfare, the Federal Trade Commission (FTC) continues to take actions relating to so-called “social media influencers” who allegedly fail to disclose material connections to the products or brands they endorse....more
EDITOR’S NOTE -
Through hurricanes, wild fires, the publication of Hillary Clinton’s book, the birth of Amal and George Clooney’s twins, and the Dodgers’ historic losing streak, Director Richard Cordray and the CFPB’s...more
9/21/2017
/ Arbitration ,
BSA/AML ,
Credit Repair Services ,
Data Breach ,
Fair Credit Reporting Act (FCRA) ,
Fair Lending ,
False Claims Act (FCA) ,
FCC ,
FinTech ,
OCC ,
Ransomware ,
RESPA ,
Spokeo v Robins ,
Standing ,
Stress Tests ,
TCPA ,
U.S. Treasury ,
Volcker Rule
EDITOR’S NOTE -
Summer blockbuster season is officially upon us. Have you seen Wonder Woman yet? What about Guardians of the Galaxy Part 2? It’s déjà vu all over again with Baywatch, Pirates of the Caribbean, Alien,...more
6/20/2017
/ Arbitration ,
Blockchain ,
BSA/AML ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Card Surcharges ,
Credit Cards ,
Credit Reporting Agencies ,
Disclosure Requirements ,
Expressions Hair Design v Schneiderman ,
Fair Lending ,
FCC ,
FinTech ,
First Amendment ,
HERA ,
Lending ,
Money Laundering ,
Mortgages ,
OCC ,
Prepaid Payment Products ,
SCOTUS ,
Small Business ,
TCPA ,
Trump Administration
Welcome to the newest edition of Socially Aware, our Burton Awardwinning guide to the law and business of social media.
In this edition, we explore the threat to U.S. jobs posed by rapid advances in emerging technologies;...more
4/21/2017
/ Communications Decency Act ,
Copyright ,
Cross-Device ,
DMCA ,
Federal Trade Commission (FTC) ,
Google ,
Mobile Apps ,
Safe Harbors ,
Snapchat ,
Stored Communications Act ,
Technology Sector ,
Tracking Systems ,
Trump Administration ,
WhatsApp
With corporate data security breaches on the rise, the New York State Department of Financial Services (NYDFS) has adopted rules requiring financial institutions to take certain measures to safeguard their data and inform...more
4/11/2017
/ Audits ,
Compliance Dates ,
Covered Entities ,
Cyber Attacks ,
Cybersecurity ,
Data Breach ,
Data Security ,
Encryption ,
Financial Institutions ,
Financial Services Industry ,
Incident Response Plans ,
NYDFS ,
Reporting Requirements ,
Risk Assessment
The New York State Department of Financial Services (NYDFS) has released guidance for covered financial institutions regarding its cybersecurity rule (the “Cybersecurity Rule” or “Rule”) that took effect on March 1, 2017. ...more
The closely watched New York State Department of Financial Services (NYDFS) cybersecurity standards for covered financial institutions are now final and take effect March 1, 2017 in less than a week. The final rule largely...more
Well over a year after holding a workshop addressing privacy issues associated with cross-device tracking, Federal Trade Commission (FTC) staff have issued a report. The report sets the stage by describing how cross-device...more
EDITOR’S NOTE -
Hope you survived all of those awkward Thanksgiving holiday conversations— amazing how divided people are on whether the court got it right in the PHH case, isn’t it? So on we go into the holiday season,...more
12/7/2016
/ Arbitration ,
Article III ,
Blockchain ,
CalOPPA ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Card Surcharges ,
Cybersecurity ,
Data Breach ,
Distributed Denial of Service ,
ECOA ,
FDCPA ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
FinTech ,
HMDA ,
HUD ,
LGBTQ ,
Military Lending Act ,
NYDFS ,
OCC ,
OIG ,
Prepaid Payment Products ,
Risk Management ,
Servicemembers Civil Relief Act (SCRA) ,
Spokeo v Robins ,
Truth in Lending Act (TILA)
Commercializing user-Generated Content: Five risk reduction strategies -
We’re in the midst of a seismic shift in how companies interact with user-generated content (UGC).
For years, companies were happy simply to...more
Editor’s Note -
So much for summer! The weather is cooling, the kids are back to school, and we better not see you wearing white so long after Labor Day! For those of you having a little trouble getting back in the...more
9/21/2016
/ Anti-Money Laundering ,
Arbitration ,
Civil Monetary Penalty ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Digital Currency ,
EU ,
EU-US Privacy Shield ,
Fair Lending ,
FDIC ,
Federal Trade Commission (FTC) ,
FinCEN ,
Foreclosure ,
Homeowner Bill of Rights ,
Mortgage Lenders ,
Municipalities ,
OCC ,
Online Banking ,
Securities and Exchange Commission (SEC) ,
Standing ,
Tax Revenues ,
TCPA ,
Telemarketing ,
Volcker Rule
Recent enforcement decisions within the digital advertising industry indicate a shift in—and a clarification of—the required disclosures for companies engaged in interest-based advertising (IBA).
In particular, these...more