News & Analysis as of

Financial Services Industry

Georgia Federal Court Finds Dialing System is Not an ATDS Due to Human Intervention

by Burr & Forman on

In the wake of the D.C. Circuit’s ruling in ACA International v. Federal Communications Commission, 885 F.3d 687 (D.C. Cir. 2018), which struck down the FCC’s interpretations of “automatic telephone dialing system” (“ATDS”)...more

CFPB obtains default judgment in lawsuit against debt relief companies

by Ballard Spahr LLP on

The CFPB has obtained a default judgment in the lawsuit it filed in October 2017 in Maryland federal district court against two commonly-owned debt relief companies, their affiliated payment processor, and three individual...more

Much Anticipated Community Bank Regulatory Reform Becomes Law

by Stinson Leonard Street on

On May 24, 2018, President Trump signed the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) into law, clearing the last hurdle for an expansive roll-back of U.S. banking regulations....more

Signing of the Economic Growth, Regulatory Relief and Consumer Protection Act

by Bracewell LLP on

On May 24, 2018, President Trump signed into law the Economic Growth, Regulatory Relief and Consumer Protection Act (the “Regulatory Relief Act”), the financial services regulatory reform bill that previously passed both the...more

OCC to National Banks: Please Compete With Payday Lenders!

This week, the Office of the Comptroller of the Currency (OCC) signaled a big shift in how it views small-dollar installment loans issued by the institutions it regulates. In OCC Bulletin 2018-14 to the CEOs of all national...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Europe’s much-ballyhooed (and feared) General Data Protection Regulation (“GDPR”) officially goes into effect today.  Here’s a look at the mad dash across all sectors (and outside of the EU) to comply....more

President Trump Signs Regulatory Relief Bill into Law

by Polsinelli on

UPDATE: This article was updated on May 24, 2018 - On May 24, President Trump signed into law a banking deregulation bill (S.2155) that loosens rules and requirements imposed on lenders by the Dodd-Frank Act of 2010. ...more

Indiana Department of Financial Institutions Publishes Q&A

by Ballard Spahr LLP on

The Indiana Department of Financial Institutions (Department) has issued its Questions & Answers (Q&A) related to upcoming changes in various statutes administered by the Department that become effective as of July 1, 2018. ...more

OCC small dollar lending bulletin gets mixed reviews from consumer advocates

by Ballard Spahr LLP on

The bulletin issued this week by the OCC encouraging the banks it supervises “to offer responsible short-term, small-dollar installment loans” quickly met with mixed reviews from consumer advocates....more

President Trump signs banking bill providing Dodd-Frank relief

by Ballard Spahr LLP on

Thursday afternoon, President Trump signed the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act) into law. The Act was passed by the House on Tuesday by a vote of 258 to 159 and by the Senate on March...more

OCC small-dollar lending bulletin: one step forward but one step back?

by Ballard Spahr LLP on

The OCC has issued a bulletin (2018-14) setting forth core lending principles and policies and practices for short-term, small-dollar installment lending by national banks, federal savings banks, and federal branches and...more

South Carolina Enacts Insurance Data Security Act

South Carolina Governor Henry McMaster signed the South Carolina Insurance Data Security Act into law on May 3, 2018....more

U.S. House of Representatives Sends Regulatory Relief Bill to President’s Desk

by Polsinelli on

On May 22, The House of Representatives voted 258-159 to pass a banking deregulation bill (S.2155) that loosens rules and requirements imposed on lenders by the Dodd-Frank Act of 2010. The legislation contains a number of...more

EU Banking & Finance Regulatory Newsletter

by Dentons on

As the EU celebrated Europe Day on 9 May, numbers have been a pervasive theme during recent months, both in terms of what has been achieved during 2017 and 1Q 2018 and policymakers’ plans on the way forward. Notably, April...more

Congress OKs Sweeping Rewrite of Dodd-Frank

by BakerHostetler on

The House voted Tuesday to give final congressional approval to a sweeping rewrite of the nation’s banking rules that would roll back key elements of Dodd-Frank but still leave most of that 2010 law on the books....more

Key Regulatory Developments in the EU

by Dentons on

We present you with the selection of key regulatory developments in the European Union....more

Helping banks to manage fintech regulatory risk

As technology continues to revolutionize the banking world, how can firms ensure they reap the rewards but still manage fintech regulatory risk? Banks around the globe are increasingly immersed in fintech....more

Maryland enacts law establishing Student Loan Ombudsman and significantly amends other consumer financial services statutes

by Ballard Spahr LLP on

On May 15, Maryland Governor Larry Hogan signed into law a bill that, among other things, establishes the role of Student Loan Ombudsman within the Office of the Commissioner of Financial Regulation and sets forth various...more

FCA Sets Expectations for Robo-Advisers

by Latham & Watkins LLP on

Many auto advisers and automated discretionary investment managers risk poor outcomes for customers by falling short of FCA expectations. The Financial Conduct Authority (FCA) has issued a statement outlining its...more

Key Regulatory Developments in Poland

by Dentons on

We present you with the selection of key regulatory developments from Poland....more

Democratic Senators urge CFPB to continue public disclosure of complaint data

by Ballard Spahr LLP on

A group of 35 Democratic Senators have sent a letter to Mick Mulvaney and Leandra English urging the CFPB to continue to publicly disclose consumer complaint information....more

A reply to Professor Sovern

by Ballard Spahr LLP on

As readers of this blog already know, Professor Jeff Sovern and I come at most issues from different sides of the street.  Over the years, through our respective blogs and at various programs, we have engaged in spirited but...more

Court Reserves “Multiple-Account” Revocation Issues for the Jury and Suggests that a Spouse Can Revoke Consent

by Womble Bond Dickinson on

One of the biggest challenges collectors face when trying to honor consumer consent preferences is how to treat a stop call request received from a customer who has multiple accounts in collections with the caller....more

Wells Fargo Consent Orders Highlight Importance of Acting on Information From Third-Party Vendors

by Pepper Hamilton LLP on

The OCC and CFPB consent orders issued against Wells Fargo on April 20 cited deficiencies in third-party oversight practices. The orders are the latest additions to an ever-expanding body of agency enforcement actions...more

Constitutional Challenge To CFAA Survives Motion To Dismiss As D.C. Court Weighs In On Circuit Split

On March 30, 2018, in Sandvig v. Sessions, the U.S. District Court for the District of Columbia allowed one of several constitutional challenges to the Computer Fraud and Abuse Act to survive a motion to dismiss. ...more

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