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Supreme Court to Consider the CFPB’s Constitutionality: Key Takeaways

On Friday, the U.S. Supreme Court agreed to consider the constitutionality of the Dodd-Frank Act law that prohibits the President from removing a CFPB Director except for “inefficiency, neglect of duty, or malfeasance” — the...more

Seeking to Promote Financial Innovation, CFPB Revises No Action Letter Policy and Announces Other Initiatives

On Tuesday, the Consumer Financial Protection Bureau (“Bureau”) published a revised No Action Letter (“NAL”) policy aimed at offering financial innovators an avenue for obtaining more regulatory certainty before introducing...more

11th Circuit Ruling Calls Text Message TCPA Class Actions Into Question

TCPA class actions based on the receipt of unsolicited text messages have grown more common in recent years. However, the Eleventh Circuit’s decision in Salcedo v. Hanna, may upend that trend by holding that a single...more

CFPB Issues Proposed Debt Collection Rule

As we anticipated last week, today the CFPB issued its much anticipated proposal to adopt the first substantive regulations to govern the activity of debt collectors under the Fair Debt Collection Practices Act (FDCPA) since...more

New York’s Lawsuit Contesting the OCC’s Fintech Charter Survives First Legal Hurdle

On May 2, 2019, the U.S. District Court for the Southern District of New York denied the Office of the Comptroller of the Currency’s (OCC) motion to dismiss a complaint brought against it by the Maria T. Vullo, superintendent...more

Affirm GC Manny Alvarez Appointed California DBO Commissioner

On Thursday, March 28, California Governor Gavin Newsom announced that Manuel “Manny” Alvarez, 38, has been appointed Commissioner of the California Department of Business Oversight (DBO)....more

SEC Increases Activity with Retail Investors: Misappropriation

With the SEC prioritizing protection of retail investors, investment advisers are facing increased scrutiny for misappropriation offenses. Adviser representatives are becoming more creative, making it harder for investment...more

CFPB Proposes Changes to No-Action Letter Policy and Creation of Product Sandbox

The CFPB is proposing revisions to its 2016 no-action letter (“NAL”) policy and is planning to establish “BCFP Product Sandbox,” a regulatory sandbox that would encourage financial institutions to explore innovative products....more

State Regulators Sue To Stop OCC Fintech Charter

On October 25, 2018, the Conference of State Bank Supervisors (CSBS) renewed its lawsuit against the Office of the Comptroller of the Currency (OCC) seeking to prevent the OCC from issuing its long awaited special-purpose...more

California Passes Small Business Truth-in-Lending Law

On September 30, 2018, California enacted the nation’s first small business truth-in-lending law when Governor Jerry Brown signed into law SB 1235. The law aims to protect small businesses from predatory lending practices by...more

Feds Love Fintech: Treasury Promises Fintech Charter and a New Approach to Regulation

On Tuesday, the U.S. Department of the Treasury issued its “Nonbank Financials, Fintech, and Innovation” Report, the fourth in a series of reports outlining the Trump administration’s financial regulatory agenda. In the...more

Supreme Court Rejects Tolling for Copycat Class Actions

Class-action plaintiffs cannot toll the statute of limitations indefinitely by filing copycat class actions until certification sticks, the U.S. Supreme Court held on Monday, June 11, in China Agritech, Inc. v. Resh. The...more

Arbitration Clause Cannot Bar Claims for Public Injunctive Relief

On April 6, the California Supreme Court issued the latest in an ongoing series of cases resisting preemption of California state law under the Federal Arbitration Act (FAA) and again testing the limits of the U.S. Supreme...more

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