The 2025 Virginia General Assembly session concluded in May. During this term, legislators passed a variety of bills that will impact financial services. The more significant legislation is summarized below...more
7/1/2025
/ Banking Sector ,
Consumer Protection Laws ,
Disclosure Requirements ,
Fees ,
Financial Institutions ,
New Legislation ,
Non-Compete Agreements ,
Real Estate Transactions ,
Regulatory Reform ,
Trusts ,
Virginia
On March 14, 2025, in a case of first impression, the U.S. Court of Appeals for the Fourth Circuit addressed the nature of a furnisher’s duty to investigate disputed information appearing in a consumer’s credit report under...more
The Consumer Financial Protection Bureau (CFPB) recently issued the Consumer Financial Protection Circular 2024-04 warning financial institutions that broad employee confidentiality agreements may violate the whistleblower...more
8/28/2024
/ Confidentiality Agreements ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Employees ,
Employer Liability Issues ,
Employment Contract ,
Enforcement ,
Financial Institutions ,
Regulatory Violations ,
Whistleblower Protection Policies ,
Whistleblowers
Most privately held domestic and foreign companies doing business in the United States must now report beneficial ownership information (BOI) to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN)...more
On October 26, 2022, the Consumer Financial Protection Bureau (CFPB) issued guidance stating “surprise overdraft fees” and “returned deposited item fees” generally violate the federal Consumer Financial Protection Act’s...more
Financial exploitation affects at least 10% of the elderly population in the U.S. and is a growing problem according to the U.S. Treasury’s Financial Crimes Enforcement Network. The 2022 Virginia General Assembly enacted...more
Banks are reminded that child tax credit payments made by direct deposit are exempt from creditor process.
In particular, the Virginia law (Code §34-28.3) provides an exemption for any “emergency relief payment” made in...more
As consumer demand for bitcoin rises, a small but growing number of community banks are working with their vendors to allow customers to buy, hold, and sell bitcoin and other digital assets. These efforts involve a bank’s...more