Lowndes Client Corner Podcast Episode 5 - Winter Park Distilling Company Brews One-Of-A-Kind Facility in Winter Park
JONES DAY PRESENTS®: Insurance Implications of the California Consumer Privacy Act
In another move highlighting the Consumer Financial Protection Bureau's (the “Bureau” or “CFPB”) continued focus on the payments space, the CFPB has issued a new report finding consumers are encountering numerous problems...more
The FCA have stated that firms should “have scope to innovate whilst protecting consumers” – but what does this mean in the context of rapidly developing AI technology? In particular, how does the higher standard imposed by...more
The intention behind the implementation of the Consumer Duty is commendable. However, as firms seek to comply with the new requirements, there is a real risk that it may drive unintended, negative consequences....more
Throughout the past few years, the CFPB has sought input from a range of stakeholders, including community-based organizations and financial institutions, for feedback about how it can improve consumer financial products and...more
On October 18, the Federal Trade Commission (FTC) issued a report to Congress in which it outlined its ongoing efforts to protect older Americans from fraud related losses....more
Colorado Attorney General Phil Weiser announced a recent agreement between Florida-based debt management company Touchstone Partners, Inc. and the Colorado Department of Law in resolution of Touchstone’s violations of the...more
On January 6, the California Department of Financial Protection and Innovation issued modified proposed regulations under the Student Loan Servicing Act (Act)...more
In December, the French data protection agency, Commission Nationale de l’Informatique et des Libertés (CNIL), imposed a €60 million penalty against a global software development company accused of making it harder for users...more
On July 11, CFPB Director Rohit Chopra drafted a blog post detailing the Bureau’s efforts to comply with President Biden’s Executive Order on Promoting Competition in the American Economy aimed, in part, to address the...more
On June 15, the CFPB posted a blog, titled “Buy Now, Pay Later and Credit Reporting” discussing the Bureau’s viewpoint on the importance of standardized data furnishing by buy now, pay later (BNPL) firms to consumer reporting...more
On May 4, the Connecticut Department of Banking issued a temporary cease and desist order directing a peer-to-peer lending platform that connected borrowers with third-party lenders to cease its lending-related activities on...more
In a significant move, the CFPB announced on March 16 a revision to its supervisory operations to address discrimination outside of the traditional fair lending context, with future plans to scrutinize discriminatory conduct...more
On March 9, 2022, US President Joe Biden signed an unprecedented executive order directing federal agencies to coordinate their approach to clarifying cryptocurrency regulations. Sighs of relief were heard across the industry...more
On October 28, the FTC issued a new enforcement policy statement warning companies against deploying “illegal dark patterns” that trick or trap consumers into subscription services, and often making websites difficult to...more
On October 8, the governor of New York signed Bill No. AO-2260A to assist borrowers who need accommodation for visual impairments. Bill No. AO-2260A is “an act to amend the general business law, in relation to requiring debt...more
With the CFPB having decided to leave the effective date of the Debt Collection Rule as November 30th, the push is on for debt collectors to ensure their compliance with the Rule by that date. As debt collectors make the...more
CFPB Initiates Inquiry into Big Tech Payment Platforms - On October 21, 2021, the Consumer Financial Protection Bureau (CFPB) ordered six large technology companies—Google, Apple, Facebook, Amazon, Square, and PayPal—to...more
Wyoming and Maine recently amended their laws related to licensure requirements for consumer lending: - In July, Wyoming adopted House Bill 0008 (HB 0008), which amends provisions of the Wyoming Uniform Consumer Credit...more
Key considerations around bribery and corruption risks, as the mining & metals sector is gaining critical momentum in the world's energy transition toward a low-carbon future. Mining & metals in a low-carbon world - The...more
1. What is the FCA's 2021/22 business plan? The FCA's 2021/22 business plan (the "Business Plan") was published on 15 July 2021 (see here). It provides areas of focus for the FCA in both consumer and wholesale markets, as...more
On July 6, the CFPB posted a blog titled, “Should you buy now and pay later?” describing how buy now pay later (BNPL) deferred payment options work, and the benefits and risks that come with BNPL. Generally, if a consumer...more
California DFPI Enters MOUs with Multiple Earned Wage Access Companies- California’s Department of Financial Protection and Innovation (DFPI) has continued to expand its jurisdiction over financial service providers under...more
The FCA has published a consultation on proposed non-Handbook guidance for firms on the fair treatment of vulnerable customers. The FCA reiterates that vulnerability is one of its key priorities and makes it clear that the...more