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Consumer Financial Products

Expect Focus - Life Insurance, Volume IV, December 2017

by Carlton Fields on

EXPECTFOCUS is a quarterly review of developments in the insurance and financial services industry, provided on a complimentary basis to clients and friends of Carlton Fields Jorden Burt, P.A. Please see full Newsletter...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

John Flannery’s been working hard to right the ship at GE, but the seas have turned choppy again this week on news that the company’s taking a $6.2 billion Q4 write-off “after conducting a review of the insurance portfolio...more

Major Disruption in the Use of Technology and Trademarks in the Insurance Industry

by Carlton Fields on

A major study recently emerged regarding insurance industry brands. The study, conducted on the world’s top 10 insurance companies by brand value, shows that an industry transformation is occurring, and that insurers that...more

CFPB to reconsider final payday loan rule

by Ballard Spahr LLP on

The CFPB announced yesterday that it intends to engage in a rulemaking process to reconsider, pursuant to the Administrative Procedure Act, its final rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans (the...more

Treasury Department Urges SEC to Act on Life Company Products

by Carlton Fields on

The U.S. Department of the Treasury published an October 2017 report, "A Financial System That Creates Economic Opportunities — Asset Management and Insurance" in response to President Trump’s Executive Order 13772 on "Core...more

SEC Committee Advocates for Summary Mutual Fund Shareholder Reports

by Carlton Fields on

On December 7, the Investor Advisory Committee of the Securities and Exchange Commission (SEC) adopted a recommendation that the SEC seriously explore the development of a summary disclosure document for mutual fund companies...more

Did Santa Give the Insurance Industry a Lump of Coal or a Diamond in the Rough? The Proposed Suitability and Best Interest...

by Carlton Fields on

As reported in our November 28 client alert, the National Association of Insurance Commissioners’ (NAIC) Annuity Suitability Working Group (Suitability WG) circulated the proposed Suitability and Best Interest Standard of...more

The Ghosts of Christmas Past, Present, and Future Haunt Insurers’ Use of Big Data and Algorithmic Tools

by Carlton Fields on

Watching as legislators, regulators, and policymakers’ consider what changes, if any, are necessary for insurers’ use of big data and algorithmic tools, is like being visited by the Ghosts of Christmas Past, Present, and...more

The DOL Fiduciary Rule: Charting a Course, Avoiding Collisions & Potential Litigation Q&A #4 - Q&As on Annuity Sales Practices,...

by Carlton Fields on

For the past several months, we have written about potential litigation issues under the “revised temporary” DOL Rule involving the offer and sale of annuities in the IRA market. This article continues that discussion. ...more

Ninth Circuit Finds No Vicarious Liability Under the TCPA for Marketing Text Message

by Burr & Forman on

In Kristensen v. Credit Payment Services, Inc., — F.3d —, 2018 WL 343758 (9th Cir. 2018), the Ninth Circuit recently held that three lenders and two marketing companies could not be vicariously liable under the TCPA for text...more

Pennsylvania Adds Licensing Requirements for Mortgage Servicers

by Ballard Spahr LLP on

Pennsylvania is adding a requirement that a Mortgage Servicer License is required to engage in the mortgage loan business as a mortgage servicer. As such, the definition of “mortgage loan business” has been amended to include...more

Federal Appeals Court Slams Data Breach Privilege Claim

In the most recent object lesson in a data breach privilege case, a federal appeals court has ordered a Michigan-based mortgage lender to turn over privileged forensic investigatory documents after the investigator’s...more

Collection of ITT student debt barred in class action settlement

by Ballard Spahr LLP on

The saga of ITT Educational Services, Inc. appears to be drawing closer to an end, with ITT’s bankruptcy trustee and attorneys for former ITT students entering into a proposed class action settlement that would permanently...more

Department of Justice: Massachusetts’s Claims Against PHEAA Preempted By Federal Law

by Ballard Spahr LLP on

On Monday, January 8, 2018, the United States Department of Justice weighed in with a Statement of Interest under 28 U.S.C. § 517 in a pending state-court action (No. 1784CV02682) brought by the Commonwealth of Massachusetts...more

Alaska to Add Money Transmitter License to NMLS and Adopt Electronic Surety Bonds

by Ballard Spahr LLP on

Starting on February 1, 2018, the Alaska Department of Commerce, Community & Economic Development, Division of Banking & Securities will start accepting applications for the Money Transmitter License on NMLS. ...more

California DOI Amends Regulation Of Reinsurance

by Carlton Fields on

The California Department of Insurance (DOI) has adopted a set of amendments, effective January 1, 2018, to its regulations regarding reinsurance accounting, agreements and oversight. These changes were made to conform the...more

Equifax Must Turn Over NY Breach Data This Week

New York State regulators won’t be letting Equifax, Inc. off-the-hook any time soon for last year’s massive data breach that affected more than 145 million Americans....more

Washington, D.C. Amends Student Loan Servicing Regulations

by Ballard Spahr LLP on

The District of Columbia Department of Insurance, Securities and Banking (DISB) has announced a change to the way it calculates a controversial annual assessment fee on student loan servicer licensees. ...more

CFPB releases report on college credit card agreements

by Ballard Spahr LLP on

The CFPB released its sixth annual report to Congress on college credit card agreements.  The annual report is mandated by the CARD Act. ...more

Reinstatement Period Begins

by Ballard Spahr LLP on

The Reinstatement Period on NMLS started on January 1 and ends on February 28. ...more

Critical Question: Inquiry and Analysis on Whether an Uninsured Nationally Chartered Fintech Bank Charter Can Export Interest...

by Stinson Leonard Street on

The Comptroller of the Currency (“OCC”) presented a White Paper in December 2016 on Exploring Special Purpose National Bank Charters for Fintech Companies (“White Paper”). Comptroller Tom Curry noted that he had asked the OCC...more

Conference of State Bank Supervisors Urges Federal Regulators to Simplify Regulatory Capital Rules

by Ruder Ware on

On September 27, 2017, the FDIC, the Federal Reserve, and the OCC (the “Agencies”) issued a proposed rule that simplifies the compliance requirements of the existing regulatory capital rules and is intended to reduce the...more

CFPB submits Fall 2017 rulemaking agenda

by Ballard Spahr LLP on

The CFPB has submitted its Fall 2017 rulemaking agenda to the Fall 2017 Unified Agenda of Federal Regulatory and Deregulatory Actions issued by the Office of Information and Regulatory Affairs, a part of the Office of...more

ERISA Fiduciary Rule Facing Precarious Future

Since its original release as a proposed rule in April 2015 and as a final rule a year later, the Department of Labor’s (DOL's) so-called fiduciary rule — which expands the “investment advice fiduciary” definition under the...more

New York Department of Financial Services Rings in the New Year with New Suitability Requirements for Insurance Companies

by Carlton Fields on

New York’s Department of Financial Services decided to bid farewell to 2017 and ring-in the new year by proposing to amend Suitability in Annuity Transactions, 11 NYCR 224 (the Annuity Suitability Rule). On December 27, 2017,...more

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