On April 24, 2020, President Trump signed the Paycheck Protection Program and Health Care Enhancement Act (the “Enhancement Act”), which extends the availability of the several Small Business Administration (“SBA”) loan...more
The California Attorney General recently published a report assessing CCPA compliance costs. The report attempts to quantify the monetary value of consumers’ personal data, and estimates the total value of personal data...more
12/3/2019
/ B2B Transactions ,
California Consumer Privacy Act (CCPA) ,
Consumer Privacy Rights ,
Corporate Counsel ,
Data Brokers ,
Data Processors ,
Minors ,
Personal Information ,
Popular ,
Privacy Laws ,
State Attorneys General ,
Subject Access Request (SAR)
On October 11, 2019, the California Attorney General (the “California AG”) issued draft regulations (the “Draft Regulations”) pursuant to his authority under the California Consumer Privacy Act of 2018 (“CCPA”). The...more
10/17/2019
/ Anti-Discrimination Policies ,
California Consumer Privacy Act (CCPA) ,
Comment Period ,
Consumer Privacy Rights ,
Covered Entities ,
Minors ,
Notice Requirements ,
Personal Information ,
Privacy Laws ,
Proposed Regulation ,
State Attorneys General
As of December 31, 2021 (the “Effective Date”), the use of LIBOR as an index for commercial and consumer loans will likely cease - which presents lenders and other industry participants with the challenges to address: (a) the...more
On July 9, 2019, the California Senate Judiciary Committee advanced a number of proposed amendments to the California Consumer Privacy Act (“CCPA” or the “Act”), including changes that would significantly impact the treatment...more
Since its adoption last year, U.S. financial institutions have been confronted with the challenge of planning their compliance with the California Consumer Privacy Act (the “CCPA”). The CCPA becomes effective in two stages -...more
On May 29, 2019, the California Assembly took a major step to rationalize the coverage of the CCPA by excluding employee information from the definition of “consumer.” Specifically, the term “consumer” was amended to exclude...more
On May 2, 2019, the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”)—the U.S. agency tasked with administering and enforcing the U.S.’s economic and trade sanctions programs—published A Framework for...more
5/23/2019
/ Audits ,
Chief Compliance Officers ,
Compliance ,
Corporate Culture ,
Economic Sanctions ,
Enforcement ,
Federal Sentencing Guidelines ,
Foreign Entities ,
Foreign Financial Institutions (FFI) ,
Internal Controls ,
Interpretive Opinions ,
Jurisdiction ,
Law Enforcement ,
Multinationals ,
Office of Foreign Assets Control (OFAC) ,
Risk Assessment ,
Risk Management ,
Training
On Thursday, March 16, 2019, the California Senate Appropriations Committee held in Committee SB 561, which would have greatly expanded the private right of action (i.e., the ability to bring private class actions) available...more
On May 2, 2019, the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”)—the U.S. agency tasked with administering and enforcing the U.S.’s economic and trade sanctions programs—published A Framework for...more
5/17/2019
/ Audits ,
Chief Compliance Officers ,
Compliance ,
Corporate Governance ,
Economic Sanctions ,
Enforcement ,
Internal Controls ,
Office of Foreign Assets Control (OFAC) ,
Risk Assessment ,
Training ,
U.S. Treasury
On Thursday, May 2, 2019, Judge Victor Marrero of the Southern District of New York issued an important decision in the closely watched Vullo v. Office of the Comptroller of the Currency et al., No. 1:18-cv-08377. Judge...more
On June 28, 2018, the California Legislature unanimously passed, and the Governor immediately signed, a sweeping expansion of data privacy protections for residents of California. Assembly Bill No. 375, entitled the...more
The California Legislature has passed a bill to amend the California Consumer Privacy Act of 2018 (the “CCPA”) that eliminates Attorney General’s gate keeping function, and fixes various drafting errors. Senate Bill No. 1121...more
On June 28, 2018, the California Legislature unanimously passed, and the Governor immediately signed, a sweeping expansion of data privacy protections for residents of California. Assembly Bill No. 375, entitled the...more
8/21/2018
/ California Consumer Privacy Act (CCPA) ,
Consumer Privacy Rights ,
Consumer Protection Laws ,
Data Collection ,
Data Privacy ,
General Data Protection Regulation (GDPR) ,
Personal Data ,
Personally Identifiable Information ,
Privacy Laws ,
Private Right of Action ,
State Attorneys General
On June 28, 2018, the California Legislature unanimously passed, and the Governor immediately signed, a sweeping expansion of data privacy protections for residents of California. Assembly Bill No. 375, entitled the...more
On June 28, 2018, the California Legislature unanimously passed, and the Governor immediately signed, a sweeping expansion of data privacy protections for residents of California. Assembly Bill No. 375, entitled the...more
7/12/2018
/ California Consumer Privacy Act (CCPA) ,
Consumer Privacy Rights ,
Damages ,
Data Collection ,
Data Privacy ,
General Data Protection Regulation (GDPR) ,
New Legislation ,
Personal Data ,
Personally Identifiable Information ,
Privacy Laws ,
Private Right of Action ,
State Attorneys General
The Financial Crimes Enforcement Network (“FinCEN”), a bureau of the Department of the Treasury, issued guidance on February 14, 2014 (the “Cannabis Guidance”), to clarify Bank Secrecy Act expectations for financial...more
On May 24, 2018, President Trump signed the Economic Growth, Regulatory Relief and Consumer Protection Act (the “Reform Act”).
The bulk of reform in the Reform Act consists of the elimination of many technical and...more
Just when you thought that the practical operational restraints imposed by the new Administration had limited (i.e., handcuffed) the CFPB’s ability to engage in new mischief-making (i.e., new rule-making), today the CFPB...more
Even though as part of his confirmation hearings Attorney General Sessions informally indicated that enforcement of the federal criminal laws for marijuana businesses would not be a priority, this last week the Trump...more
On May 11, 2016, FinCEN published in the Federal Register its long-awaited anti-money laundering (“AML”) rules (the “Final Rules”) governing corporate entities doing business with banks and other financial institutions that...more
6/8/2016
/ Anti-Money Laundering ,
Banking Sector ,
Beneficial Owner ,
Covered Financial Institutions ,
Customer Due Diligence (CDD) ,
Exceptions ,
Exemptions ,
Final Rules ,
FinCEN ,
Legal Entities ,
Lenders ,
Penalties ,
Recordkeeping Requirements ,
Suspicious Activity Reports (SARs)
This eUpdate addresses a concern regarding the impact on bank capital of the FASB’s “Proposed Accounting Standards Update, Financial Instruments—Credit Losses (Subtopic 825-15)” (the “Proposal”), should it be adopted. ...more
In Texas Department of Housing & Community Affairs v. Inclusive Communities Project, Inc., 576 U.S. ___, 2015 WL 2473449 (Jun. 25, 2015), the U.S. Supreme Court, in a 5-4 decision, held that disparate impact discrimination...more
7/1/2015
/ ADEA ,
Affordable Housing ,
Discrimination ,
Disparate Impact ,
ECOA ,
Fair Housing Act (FHA) ,
HUD ,
Race Discrimination ,
SCOTUS ,
Texas Dept of Housing v Inclusive Communities ,
Title VII
On January 13, 2015, the U.S. Supreme Court settled a circuit court split regarding how and when a mortgage borrower may exercise the right of rescission under the Truth-in-Lending-Act (“TILA”) and the CFPB’s implementing...more
After issuing an advanced notice of proposed rulemaking regarding general purpose reloadable cards in May 2012, the US Consumer Financial Protection Bureau (‘CFPB’) issued proposed rules on prepaid products in November 2014....more