On July 19, the Consumer Financial Protection Bureau (CFPB) filed a complaint against Snap Finance LLC and its affiliates (Snap RTO LLC, Snap Second Look LLC, Snap U.S. Holdings LLC, Snap Finance Holdings LLC) (referred to...more
On April 3, the Consumer Financial Protection Bureau (CFPB) published its Policy Statement on Abusive Acts or Practices(Policy Statement or Statement). Notably, in connection with the Policy Statement's issuance, the CFPB...more
Katten's Privacy, Data and Cybersecurity Quick Clicks is a monthly newsletter highlighting the latest news and legal developments involving privacy, data and cybersecurity issues across the globe....more
In June, the Consumer Financial Protection Bureau (CFPB) issued a report (Report) summarizing its research into the use of artificial intelligence (AI) in consumer finance. The Report focused on the shift away from "human...more
On June 6, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Federal Reserve), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the Banking Agencies)...more
6/12/2023
/ Banking Sector ,
Banks ,
Cryptoassets ,
Cryptocurrency ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
OCC ,
Servicing Agreements ,
Third-Party
On May 15, the Mortgage Bankers Association, the National Association of Home Builders, and the National Association of Realtors filed a joint amici curiae (friend of the court) brief in connection with the case challenging...more
Within a little less than four weeks after the publication on March 30, by the Consumer Financial Protection Bureau (CFPB) of its nearly 900-page final rule related to small business data collection (the Final Rule) mandated...more
Although always a significant focus of consumer lending, recent regulatory actions and pronouncements illustrate the sharp focus fair lending issues are receiving by both federal financial regulators and research bureaus....more
On September 26, the Federal Trade Commission (FTC) published a blog post warning all entities that have a role in the "BNPL ecosystem" that "basic consumer protections" in the Federal Trade Commission Act apply to such...more
The SEC Remains in Search of and Is Looking for Finders -
Much has been written on the topic of finders and arrangers of securities transactions, including when a person or entity acting as a finder (i.e., someone who...more
State-chartered crypto banking entities and other crypto financial institutions will now be subject to a "transparent and equitable framework" when applying for direct access to the Federal Reserve's payment systems...more
Title III of the American Disabilities Act, 42 USC §§ 12181 – 12189 (ADA), generally prohibits discrimination on the basis of an individual's disability in a place of "public accommodation." Initially after the ADA's...more
War and Peace at Rospatent: Protecting Trademarks in Russia -
Yes, we shall live, Uncle Vanya. Could Anton Chekhov ever have imagined that his literary work would be used to sell hamburgers? In March, a controversial...more
7/27/2022
/ Americans with Disabilities Act (ADA) ,
Cartels ,
Competition ,
Economic Sanctions ,
EU ,
Foreign Policy ,
Russia ,
Trademark Infringement ,
Trademarks ,
Ukraine ,
Website Accessibility ,
Website Design ,
Website Owner Liability ,
Websites
In an unpublished decision issued May 31 by the US Court of Appeals for the Ninth Circuit, the Court interpreted the California Invasion of Privacy Act, CA Penal Code § 630 et seq. (CIPA), and ruled that the plaintiff had...more
Any Federal Deposit Insurance Corporation (FDIC)-supervised institution that is considering engaging in crypto-related activity must now notify the FDIC of its intent and provide all necessary information to create a dialogue...more
On March 24, Utah Governor Spencer Cox signed into law SB 183, a bill that contains certain commercial transaction disclosure requirements applicable to prescribed providers of many forms of "smaller" business credit. Utah...more
New York's Department of Financial Services (DFS or Department) has used its authority to extend a statutorily-mandated January 1, 2022, effective date. As we previously reported in our September 30 Client Alert, the DFS...more
On September 21, 2021, the State of New York Department of Financial Services (DFS) issued proposed regulations that will implement statutory requirements related to commercial financing disclosures for certain types of...more
On March 11, the Consumer Financial Protection Bureau (CFPB) announced the rescission of its January 24, 2020 policy statement entitled, "Statement of Policy Regarding Prohibition on Abusive Acts or Practices" (Prior Policy)....more
This advisory summarizes the terms, eligibility and application requirements of the new Payment Protection Program loan (PPP 2 Loans) under the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, which...more
1/15/2021
/ Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Loans ,
Financial Stimulus ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
This advisory discusses the Federal Deposit Insurance Corporation's new Final Rule, which imposes obligations on parent companies of industrial banks, and what fintech companies should consider when evaluating an industrial...more
BROKER-DEALER -
FINRA Conducts Review of Waiver and Rebate Systems and Procedures with Respect to Mutual Fund ROR Purchases
The Financial Industry Regulatory Authority (FINRA) announced that it is conducting a review of...more
Key Points -
- The Consumer Financial Protection Bureau released the first part of final rules on permissible communications in connection with the collection of consumer debt, called the Final Rule.
- This advisory...more
BROKER-DEALER -
SEC and CFTC Chairman Issue Joint Letter Regarding CFTC Orders Implicating Regulations A and D -
On October 23, Chairman Jay Clayton of the Securities and Exchange Commission and Chairman Heath P....more
SEC/CORPORATE -
SEC Adopts Amendments to Modernize Auditor Independence Rules -
On October 16, the Securities and Exchange Commission adopted amendments (the Amendments) to its long-standing auditor independence rules....more