News & Analysis as of

Financial Services Industry

Vulnerable Person Abuse Protections Coming To FINRA In 2018

by Tonkon Torp LLP on

Similar to the Oregon legislature's recent changes to ORS Chapter 59, intended to protect "vulnerable persons" against financial exploitation, FINRA has implemented changes to its rules effective February 5, 2018, intended to...more

New York State Department of Financial Services Issues Guidance to Virtual Currency Entities

On February 7, 2018, the New York State Department of Financial Services (“DFS”) issued guidance for all virtual currency entities licensed by New York State regarding the prevention of market manipulation, fraud, and other...more

CFPB Issues Requests for Information Regarding Its Enforcement and Supervision Processes

by Weiner Brodsky Kider PC on

The CFPB has issued two Requests for Information, seeking public comment on its enforcement and supervision processes. The Requests for Information are part of a larger call for feedback on the effectiveness of several...more

CFPB’s Strategic Plan Reflects New Path

Last week, the CFPB issued its Strategic Plan for Fiscal Years 2018-2022. The Plan reflects Acting Director Mick Mulvaney’s vision for the CFPB and reflects a contrasting vision to what was reflected in the prior draft which...more

New HMDA Guide Issued by the FFIEC

by Ballard Spahr LLP on

The Federal Financial Institutions Examination Council (FFIEC) has just issued an updated version of The Guide to HMDA Reporting: Getting It Right! ...more

DOJ to Take Closer Look at Fairness of Proposed Class Action Settlements

by Ballard Spahr LLP on

For the first time in more than a decade, the U.S. Department of Justice (DOJ) has exercised its authority under the Class Action Fairness Act (CAFA) to file an objection to a proposed settlement of a consumer class action....more

The CFPB: No More “Pushing the Envelope”

by Vedder Price on

On January 23, 2018, Mick Mulvaney, Acting Director of the Consumer Financial Protection Bureau (the “CFPB”), published an opinion editorial in The Wall Street Journal (the “Op-Ed”) describing his vision of the CFPB’s role in...more

D.C. releases revised Bill of Rights for student loan borrowers

by Ballard Spahr LLP on

The District of Columbia Department of Insurance, Securities, and Banking (DISB) has released for comment a revised “Student Loan Borrower’s Bill of Rights.” ...more

Under The Dome: Inside The Maine State House

by Pierce Atwood LLP on

Governor LePage Delivers State of the State Address - Governor LePage delivered his final State of the State address to the Legislature on Tuesday, February 13. The speech, which lasted nearly an hour and a half, focused...more

An Important Reminder About Concentration Limits: How Much is Too Much?

by Reminger Co., LPA on

If you work with clients in the State of Ohio, it is important to be mindful of concentration limits placed on the recommendations of direct placement programs (DPPs), such as non-traded real estate investment trusts...more

Wisconsin Using the NMLS Uniform Authorized Agent Reporting

by Ballard Spahr LLP on

On February 1, 2018, the Wisconsin Department of Financial Institutions started using the NMLS Uniform Authorized Agent Reporting (UAAR) functionality to fulfill agent reporting requirements....more

Collection Letter Making Settlement Offer for Time-Barred Debt Can Violate FDCPA Without Legal Action Threat, Third Circuit Rules

by Ballard Spahr LLP on

A letter sent to collect a time-barred debt that makes a settlement offer can, even without a threat of legal action, violate the Fair Debt Collection Practices Act's (FDCPA) general prohibition against a debt collector's use...more

NY DFS Cybersecurity Compliance Certificate Required Today; Additional Requirements Looming

by Locke Lord LLP on

As previously warned, February 15, 2018 is the first annual deadline for individuals and companies licensed or otherwise authorized under the New York Insurance, Banking and Financial Services laws (defined as Covered...more

Blockchain Energizer – Volume 22

by K&L Gates LLP on

There is a lot of buzz around blockchain technology and its potential to revolutionize a wide range of industries from finance and health care to real estate and supply chain management. Reports estimate that over $4.5...more

New York Attorney General Expresses Support for Student Loan Servicing Legislation

by Ballard Spahr LLP on

Earlier this week New York Attorney General Eric Schneiderman sent a letter to select state legislators adding his backing to the creation of a licensing regime in New York for student loan servicing, similar to what has been...more

House passes “Madden fix” bill

by Ballard Spahr LLP on

By a vote of 245-171, the House passed H.R. 3299, the “Madden fix” bill (whose official title is the “Protecting Consumers’ Access to Credit Act of 2017.”) In Madden, the Second Circuit ruled that a nonbank that purchases...more

Data Privacy + Cybersecurity Insider - February 2018 #3

by Robinson & Cole LLP on

As of February 15, 2018, banks, insurance companies, and other financial services institutions and licensees regulated by the New York Department of Financial Services (DFS) are required to file their first certification of...more

CFPB FY 2018-2022 strategic plan reflects Mulvaney’s new approach

by Ballard Spahr LLP on

The CFPB’s newly-released strategic plan for fiscal years 2018-2022 reflects the restrained approach to the CFPB’s exercise of its authority previously outlined by Mick Mulvaney, President Trump’s designee as CFPB Acting...more

CFPB Releases FY2018 – FY 2022 Strategic Plan

Earlier this week, the Consumer Financial Protection Bureau (CFPB or Bureau) released its five-year Strategic Plan that establishes its mission, strategic goals, and strategic objectives. This Strategic Plan presents an...more

The State AG Report Weekly Update

by Cozen O'Connor on

AG Elections- Democrat Joseph Siegelman Declares Candidacy for Alabama Attorney General- Democrat Joseph Siegelman, a Birmingham personal injury attorney and the son of former Alabama governor Don Siegelman, announced...more

Treasury Official Warns Of Risks To Financial System Posed By Illicit Use Of Virtual Currencies

by Fox Rothschild LLP on

In a recent speech, the Under Secretary of Treasury’s Office of Terrorism and Financial Intelligence (TFI) warned of the growing threats to the U.S. financial system posed by virtual currencies. Addressing the Securities...more

EC Notices on Consequences of Brexit on Banking and Finance Sectors

The European Commission (“EC”) published a new webpage which contains notices setting out the consequences that the UK withdrawal from the EU will have on banking and finance rules. The notices relate to a number of areas...more

CFPB Enacts Final Prepaid Accounts Rule

by Goodwin on

On January 25, 2018, the Consumer Financial Protection Bureau (CFPB) issued the final prepaid accounts rule (which we wrote about here and here) under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending...more

Federal Courts Do Not Appreciate Defendants Obtaining Arbitration Agreement From Active Plaintiff

In today’s post, we pick up where the 4th Circuit left off a few weeks ago — with federal circuit courts finding ways to avoid enforcing arbitration agreements that are obtained years after litigation has commenced....more

New York’s Landmark Cybersecurity Regulation Amendment Proposed, Deadlines Looming

by Robinson & Cole LLP on

On February 15, 2018, banks, insurance companies, and other financial services institutions and licensees regulated by the New York Department of Financial Services (DFS) will be required to file their first certification of...more

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Cybersecurity

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