On March 24, 2023, the Federal Trade Commission (FTC) announced that it settled a case against three companies plus individuals charged with running a telemarketing extended auto warranty scheme that cheated people out of...more
On April 3, 2023, the Consumer Financial Protection Bureau (CFPB) issued a policy statement summarizing over a decade of precedent and explaining the legal prohibition on abusive conduct in consumer financial markets. The...more
On March 23, 2023, the Consumer Financial Protection Bureau (CFPB) has taken action against one of the largest debt collectors in the United States, Portfolio Recovery Associates (PRA), for various violations of law,...more
3/29/2023
/ Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Disclosure Requirements ,
Documentation ,
Fair Credit Reporting Act (FCRA) ,
Federal Food Drug and Cosmetic Act (FFDCA) ,
Penalties ,
Refunds ,
Statute of Limitations ,
Unfair or Deceptive Trade Practices
The California Consumer Financial Protection Law (“CCFPL”), established in September of 2020 under Governor Newsom, augmented the Department of Financial Protection & Innovation’s (“DFPI”) authoritative ability by increasing...more
3/28/2023
/ California ,
California Consumer Financial Protection Law (CCFPL) ,
Check Cashing ,
Consumer Credit Reporting Agencies Act (CCRAA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Repair Services ,
Debt Collection ,
Debt Settlement Services ,
Department of Financial Protection and Innovation (DFPI) ,
Fees ,
Financing ,
Lead Generators ,
Licensing Rules ,
Proposed Regulation ,
Registration Requirement ,
Rent-to-Own Companies ,
Reporting Requirements ,
Retail Sales ,
Student Loans
On March 16, 2023, the Consumer Financial Protection Bureau (CFPB) issued a bulletin cautioning loan servicers about their responsibility to stop any illegal activity related to private student loans that have been discharged...more
3/23/2023
/ Bankruptcy Court ,
Bankruptcy Discharge Order ,
Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt ,
Debt Collection ,
Financial Services Industry ,
Illegal Activity ,
Lenders ,
Loan Servicer ,
Loans ,
Student Loans
On March 15, 2023, the Consumer Financial Protection Bureau (CFPB) announced an inquiry into companies that gather and track information about people's personal lives. The apparent purpose of this inquiry is to gain a better...more
March 8, 2023, the Consumer Financial Protection Bureau (CFPB) released its special edition Supervisory Highlights report, which focuses on Junk Fees found in deposit accounts and multiple loan servicing markets, such as...more
3/14/2023
/ Consumer Financial Protection Bureau (CFPB) ,
Deposit Accounts ,
Excessive Fees ,
Forbearance Agreements ,
Loan Servicer ,
Mortgages ,
Overdraft Fees ,
Payday Loans ,
Student Loans ,
Transparency ,
Truth in Lending Act (TILA)
Recent Consent Order Issued by the DFPI Against Student Loan Relief Company -
On February 28, 2023, the California Department of Financial Protection and Innovation (DFPI) announced that it has entered into a Consent Order...more
3/2/2023
/ California ,
California Consumer Financial Protection Law (CCFPL) ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Relief ,
Department of Education ,
Department of Financial Protection and Innovation (DFPI) ,
Federal Trade Commission (FTC) ,
Fees ,
FTC Act ,
Loan Forgiveness ,
Student Loans ,
Telemarketing
Overview -
New Jersey is positioned to adopt seminal legislation that is sure to alter the regulatory dynamic for cryptocurrency-focused businesses that operate within the state. The Digital Asset and Blockchain...more
2/27/2023
/ Banks ,
Bitcoin ,
Blockchain ,
Broker-Dealer ,
Credit Unions ,
Cryptocurrency ,
Digital Assets ,
Disclosure Requirements ,
New Jersey ,
Noncompliance ,
Penalties ,
Proposed Legislation ,
Terms and Conditions ,
Trusts ,
Virtual Currency
On February 21, 2023, the Illinois Department of Financial and Professional Regulation (IDFPR) unveiled a Consumer Financial Protection and Innovation Package, consisting of two legislative initiatives that aim to protect...more
The Federal Trade Commission (FTC) is taking action against Stratics Networks, a company that allegedly provided the technology for telemarketers to make tens of millions of illegal robocalls. The company's services were used...more
On January 23, 2023, the Federal Communications Commission (FCC) announced an important change to its rules regarding calls to residential numbers that are currently exempt from the Telephone Consumer Protection Act (TCPA)....more
2/10/2023
/ Administrative Reconsideration ,
Amended Rules ,
Auto-Dialed Calls ,
Do Not Call List ,
Exemptions ,
FCC ,
Prior Express Consent ,
Robocalling ,
TCPA ,
Telecommunications ,
TRACED Act
As of February 9, 2023, the Securities and Exchange Commission (SEC) has accused Payward Ventures, Inc. and Payward Trading Ltd, better known as Kraken, of failing to register the sale of their cryptocurrency...more
2/10/2023
/ Blockchain ,
Civil Monetary Penalty ,
Cryptocurrency ,
Disgorgement ,
Final Judgment ,
Investors ,
Motion To Enjoin ,
Prejudgment Interest ,
Section 5 ,
Securities ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Settlement ,
Token Sales
On Wednesday, February 1, 2023, the Consumer Financial Protection Bureau (CFPB) has proposed a new rule to curb excessive credit card late fees, which cost American families approximately $12 billion every year. The proposed...more
On Friday, January 27, 2023, the Federal Reserve Board announced a new policy statement aimed at ensuring all banks with a federal supervisor receive equal treatment, regardless of their deposit insurance status. The policy...more
1/31/2023
/ Anti-Money Laundering ,
Anti-Terrorism Financing ,
Banks ,
Consumer Protection Laws ,
Cryptoassets ,
Deposit Insurance ,
Federal Reserve ,
Internal Controls ,
Policy Statement ,
Risk Management ,
Stablecoins
On January 23, 2023, New York Department of Financial Services (DFS) released regulatory guidance to better protect customers in the event of virtual currency insolvency. The guidance is not binding, but rather persuasive...more
1/24/2023
/ Books & Records ,
Debtor-Creditor ,
Deceptively Misdescriptive ,
Digital Assets ,
Disclosure Requirements ,
Due Diligence ,
False Statements ,
Financial Services Industry ,
Insolvency ,
Licenses ,
Misleading Statements ,
New Guidance ,
New Regulations ,
NYDFS ,
Recordkeeping Requirements ,
Virtual Currency
On January 10, 2023 by the Michigan Department of Insurance and Financial Services (DIFS), issued an order regarding two companies, West Realm Shires Services, Inc. dba FTX US (“FTX US”) and FTX Lend Inc. Both companies are...more
1/18/2023
/ Administrative Procedure Act ,
Bankruptcy Court ,
Business Operations ,
Chapter 11 ,
Compliance ,
Cryptocurrency ,
License Renewals ,
License Suspensions ,
Licenses ,
Money Transmission Act ,
Money Transmitter ,
Virtual Currency
Louisiana has become the first state to follow New York's lead in issuing a crypto-specific license, accepting Louisiana Virtual Currency Business Activity (VCBA) license applications as of January 1, 2023. All entities...more
1/18/2023
/ Anti-Money Laundering ,
Civil Monetary Penalty ,
Crypto Exchanges ,
Cryptocurrency ,
Cybersecurity ,
Filing Deadlines ,
License Applications ,
Licenses ,
Louisiana ,
Money Transmitter ,
NYDFS ,
Regulatory Requirements ,
Virtual Currency
On January 11, 2023, the Consumer Financial Protection Bureau (CFPB) proposed a new rule to apparently shed light on the dark corners of the financial industry. The proposed rule would create a public registry of the fine...more
On January 4, 2023, the New York State Department of Financial Services issued a consent order against Coinbase, a virtual currency company. Pursuant to the consent order, Coinbase will be paying a $50 million penalty to the...more
1/6/2023
/ Coinbase ,
Compliance ,
Compliance Monitoring ,
Consent Order ,
Cybersecurity ,
Due Diligence ,
Financial Services Industry ,
Fraud ,
Money Laundering ,
Money Transmitter ,
Narcotics ,
New York ,
NYDFS ,
Settlement ,
Transaction Monitoring ,
Virtual Currency
On January 1, 2023, updates to virtual currency and money transmission laws went into effect.
Alaska:
Alaska's money transmission regulations have been amended to include virtual currency in the scope of money...more
The term “metaverse” first appeared in 1992 as an abstract concept in Neal Stephenson’s dystopian novel Snow Crash. Two decades later, the Metaverse has since evolved from a mere idea to a figment of everyday reality, as it...more
1/5/2023
/ Artificial Intelligence ,
Asset Transfer ,
Augmented Reality ,
Blockchain ,
Cryptocurrency ,
Cybersecurity ,
Data Breach ,
Digital Assets ,
E-Commerce ,
Espionage ,
Fraud ,
Hardware ,
Identity Theft ,
Intellectual Property Protection ,
Investment ,
Metaverse ,
Money Laundering ,
New Regulations ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Privacy Laws ,
Regulatory Oversight ,
Software ,
Tort ,
Virtual Reality
On December 12, 2022, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule pursuant to its authority under the Consumer Financial Protection Act of 2010 (CFPA). This rule would require certain non-bank...more
12/14/2022
/ Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Credit Repair Services ,
Debt Management Companies ,
Debt-Relief Industry ,
Financial Adviser ,
Money Transfer ,
Non-Bank Lenders ,
Payment Systems ,
Proposed Rules ,
Reporting Requirements
On December 1, 2022, the New York Department of Financial Services (NYDFS) issued a press release regarding a proposed regulation that details how licensed virtual currency businesses would be assessed for supervision and...more
Summary of NY Legis 660 -
NY Legis 660 (proposed as AB 8319) is a recently approved amendment to Section 399-z of New York’s General Business Law that will impose additional disclosure requirements that telemarketers must...more