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Parallel Universe or Coincidence: The CFPB’s New Data Consumer Protection Principles’ Relationship to GDPR

On October 18, 2017, the Consumer Financial Protection Bureau (CFPB) outlined nine non-binding Consumer Protection Principles (the Principles) for the access and sharing of consumer information between third-party companies....more

Upending Trade Finance through Blockchain Technology

Trade finance, in both domestic and international financial transactions, is often utilized when one company seeks to import a shipment of goods from a supplier (or exporter). These transactions comprise an enormous amount of...more

In the Wake of Equifax: What Auto Dealers Need to Know About Data Privacy

Following the recent Equifax data breach wherein millions of consumers’ private information may have been compromised, it is increasingly clear that consumer-interfacing businesses need to, and in some cases are required to,...more

Bitcoin and Bankruptcy: What You Need to Know about the Value of Bitcoin and Other Cryptocurrencies in Bankruptcy

It is hard to peruse the internet or even mainstream media outlets without hearing about bitcoin. What is this ubiquitous bitcoin? It depends on whom you ask....more

CFPB Walks the Data Privacy Tightrope on Public HMDA Disclosures

In the wake of the Equifax data breach, consumers, companies, and regulators alike are cognizant of the potential exposure of personal information, and many companies are looking at ways to decrease the risk of unauthorized...more

Fintech Forecast: Lawmakers and Regulators Poised to Revamp the Legal Landscape in 2017

Financial technology, or fintech, is poised to be the center of U.S. regulation in 2017. Industry experts estimate that between July 2015 and January 2016, more than $5.5 billion was invested in the fintech sector. As fintech...more

OCC Addresses Long-Standing Questions on Vendor Management Programs

The Office of the Comptroller of the Currency (OCC) recently issued supplemental guidance (Bulletin 2017-21) on third-party risk management. Responding to questions raised by banks and federal savings associations since the...more

The Bank Next Door: Part I – Using Social Media to “Friend” Customers

This blog is the first in a series of articles which will examine the risks, rewards, innovative uses, and changing legal landscape of social media use by financial services institutions. Future blog articles will examine...more

The FTC's Safeguards Rule What to Expect When the Dust Settles

On November 21, 2016, the comment period closed on the Federal Trade Commission's (FTC) request for public feedback on the Standards for Safeguarding Consumer Information Rule (Safeguards Rule). The FTC is considering...more

Banks Should Prepare for Increased Collaboration between IT, Legal and BSA/AML Compliance Departments under New FinCEN Guidance

Last month, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued an Advisory which provided substantial guidance to financial institutions regarding the scope of information that must be...more

Is Your Company Compliant? CFPB Requires Written Enterprise-Wide UDAAP Risk-Management Program

The Consumer Financial Protection Bureau (CFPB) ordered First National Bank of Omaha (FNBO) to pay a $4.5 million civil money penalty and $27.75 million in customer restitution for violations of engaging in deceptive...more

CFPB Sends Clear Message That FinTech Start-Ups Have Same Obligations as Established Companies

In a clear message to FinTech start-ups, on September 27, 2016, the Consumer Financial Protection Bureau (CFPB) ordered online lender Flurish, Inc. to pay $1.83 million in refunds and a civil penalty of $1.8 million for...more

Federal and State Authorities Take First Steps Toward Regulating Blockchain, Mobile Banking and Digital Financial Services

Last week, federal and state lawmakers took significant steps toward specific regulations targeting digital financial technology, mobile banking and cybersecurity, signaling the possibility of wholesale changes to the legal...more

Non-Federally Regulated Banks Are Target of Proposed FinCEN Rules

Last month the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) proposed new rules which would require non-federally regulated banks to implement Customer Identification Program (CIP) requirements...more

North Carolina Clarifies Digital Currency Amidst Growing Interest in Blockchain Technology

Earlier this month, North Carolina’s governor signed into law an updated Money Transmitters Act (MTA), which seeks to clarify the rules for digital currency. The updated MTA defines what North Carolina considers “monetary...more

Banking “Smarts” For Financial Transactions Via Smartphone Technology

Mobile banking is quickly gaining momentum as the most important form of interaction between customers and their banks, and, by some accounts, is expected to become neck-in-neck with online banking and ATM use this year. Each...more

False Claims Act: 2015 Year in Review

This year continued the trend of aggressive False Claims Act (FCA) enforcement by the Department of Justice (DOJ) and high volumes of qui tam lawsuits brought by whistleblowers. In fiscal year 2015, the DOJ marked the fourth...more

Bankruptcy Proof of Claim Form Gets a Makeover

Several of the Official Bankruptcy Forms will be replaced on December 1, 2015. For creditors, the most notable changes will be to two forms: the Proof of Claim form, Form 410, and the Mortgage Proof of Claim Attachment, Form...more

Inside Information: Understanding Consumer Complaint Topics as a Key Defense Against UDAAP

In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) introduced the current version of unfair, deceptive, or abusive acts and practices (UDAAP), making it unlawful for any service provider...more

6/30/2015  /  CFPB , Compliance , Dodd-Frank , UDAAP

Second Bite At Fla. Foreclosures May Not Be So Sweet

Financial services companies pursuing judicial foreclosures in Florida already face a host of unique and challenging hurdles. The varying and often court- or judge-specific procedural, substantive and evidentiary requirements...more

Second Bites at the Apple in Florida Foreclosures May Not Be so Sweet: New Appellate Court Cases Raise the Specter of Statute of...

Financial services companies pursuing judicial foreclosures in Florida already face a host of unique and challenging hurdles. The varying and often-times court- or judge-specific procedural, substantive, and evidentiary...more

Is the End Near for MERS Litigation in Rhode Island?

On September 25, 2014, after years of litigation on the role, authority, and legal standing of Mortgage Electronic Registration Systems, Inc. (MERS) to act on behalf of the mortgagee, the Rhode Island Supreme Court issued 10...more

10/1/2014  /  Appeals , Assignments , Dismissals , MERS
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