On January 30, 2014, the Financial Crimes Enforcement Network (“FinCEN”) issued two administrative rulings that address the application of Bank Secrecy Act (“BSA”) regulations to convertible virtual currency-related...more
In This Issue:
FFIEC Issues Final Guidance on Social Media Usage by Financial Institutions; Uncovering a Line in the Sand: Employee Social Media Use and the NLRA; Website Operators Await Final Guidance Regarding...more
On December 11, 2013, the Federal Financial Institutions Examination Council (FFIEC) issued final guidance for financial institutions relating to their use of social media (the “Guidance”). With its release, the FFIEC adopts...more
In yesterday’s Federal Register, the Consumer Financial Protection Bureau (“CFPB”) published an amendment to the safe harbor thresholds for credit card penalty fees found in Section 1026.52(b)(1)(ii) of Regulation Z to...more
On November 15, 2013, the U.S. Government Accountability Office (“GAO”) released a report it had previously delivered to the U.S. Senate Committee on Commerce, Science and Transportation (“Committee”) that focuses on...more
Yesterday, the Consumer Financial Protection Bureau (“CFPB”) announced a consent order with GE Capital Retail Bank and its subsidiary CareCredit (collectively “CareCredit”) related to what the CFPB alleges were unfair and...more
Editor’s Note -
Stuff didn’t happen this quarter. Lots of it. The federal government didn’t happen for two weeks in October, which caused some to celebrate and others to wring their hands and clamor for a strong,...more
Banks, retailers, and pundits are paying a lot of attention to mobile payments, which typically involve the use of smartphones and tablets to pay for purchases. But a lack of mobile infrastructure has kept the use of mobile...more
Yesterday, the Consumer Financial Protection Bureau (“CFPB”) released the “CARD Act Report,” a report summarizing the CFPB’s views on the impact of the Credit Card Accountability Responsibility and Disclosure Act of 2009...more
In This Issue:
Beltway Report; Bureau Report; Privacy Report; Mobile Payments Report; Mortgage Report; Operations Report; Preemption Report; Arbitration Report; and TCPA Report.
Excerpt from Beltway Report:...more
The Financial Action Task Force (“FATF”) recently released a white paper entitled “Guidance for a Risk Based-Approach: Prepaid Cards, Mobile Payments and Internet-based Payment Services” (“Guidance”). The Guidance contains...more
Last week, 16 Democratic Senators sent a letter on regulation of payroll cards to Consumer Financial Protection Bureau (“CFPB”) Director Richard Cordray and Department of Labor (“DOL”) Acting Secretary Seth Harris. The letter...more
On May 30, 2013, the California Department of Financial Institutions (“CADFI”) issued a cease and desist letter to Bitcoin Foundation, a not-for-profit organization established to standardize, protect, and promote the use and...more
On July 10, 2013, the Consumer Financial Protection Bureau (CFPB) issued two Bulletins that address debt collection practices. The first Bulletin, CFPB Bulletin 2013-07, discusses acts or practices that could potentially...more
Lawmakers in Washington, D.C., continue to show interest in understanding and developing regulatory proposals relating to mobile apps. The interest appears to be driven, at least in part, by policymakers’ concerns about...more
Delaware is offering a voluntary disclosure program, touted by its secretary of state as a “good deal,” to businesses that may not be in compliance with all of Delaware’s unclaimed property reporting requirements. To obtain...more
On April 19, 2013, the Consumer Financial Protection Bureau (“CFPB”) announced it was making a determination to preempt a provision of Tennessee unclaimed property law that it deemed inconsistent with the federal Electronic...more
On March 8, 2013 the Federal Trade Commission (“FTC”) released a Report on mobile payments that serves to follow up on the FTC’s April 2012 workshop on mobile payments, as well as to lay the groundwork for the application of...more
Editor’s Note -
This is a dignified law firm newsletter, not like the “Brand X” versions. You won’t find pandering, attention-grabbing stories about Justin Bieber, Kim Kardashian, Ashton Kutcher, Prince William, or...more
3/13/2013
/ Arbitration ,
Barack Obama ,
China ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reports ,
Cybersecurity ,
Data Protection ,
Debt Collection ,
Dodd-Frank ,
Dukes v Wal-Mart ,
Fair Housing Act (FHA) ,
FDCPA ,
FDIA ,
FDIC ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
Foreclosure ,
Mobile Apps ,
Recess Appointments ,
Richard Cordray ,
Social Media ,
Telemarketing
Table of Contents:
Introduction; Financial Stability Reform; Resolution Planning; Agencies and Agency Oversight Reform; Securitization Reform; Derivatives Regulation; Investor Protection Reform; Credit Rating Agency...more
12/29/2012
/ Capital Requirements ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Governance ,
Credit Ratings ,
Derivatives ,
Disclosure Requirements ,
Dodd-Frank ,
Financial Stability Acts ,
Foreign Banks ,
Mortgage Loan Originators ,
Mortgages ,
Securitization ,
Servicing Policies ,
Volcker Rule
In This Issue:
Bureau Report; Operations Report; Beltway Report; Arbitration Report; Mortgage Report; Privacy Report; Preemption Report; and Plastics Report.
Excerpt from the Bureau Report:
World’s Most...more
12/18/2012
/ American Express ,
Chase Bank ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Debt Collection ,
Dodd-Frank ,
FDIC ,
Federal Trade Commission (FTC) ,
Google ,
Mobile Apps ,
MySpace ,
Project Catalyst ,
Stress Tests ,
Truth in Lending Act (TILA)