On September 9, the Conference of State Bank Supervisors (CSBS) released the Model Transmission Modernization Act (model law) in efforts to replace the 50 state-specific money transmitter laws with a nationwide standard....more
On September 13, President Biden announced his intent to nominate privacy advocate Alvaro Bedoya to serve as a commissioner of the Federal Trade Commission (FTC). If confirmed, Bedoya will take the seat currently held by...more
Nearly four years after the Consumer Financial Protection Bureau (CFPB) issued its final November 2017 "Payday, Vehicle Title, and Certain High-Cost Installment Loans" Rule (Payday Rule), we at long last have a compliance...more
On July 29, the Better Business Bureau’s Children’s Advertising Review Unit (CARU) issued revised guidelines for ads directed to children....more
On September 1, the Consumer Financial Protection Bureau (CFPB) issued a 900+ page notice of proposed rulemaking (NPRM) to implement the small business lending data collection requirements under Section 1071 of the Dodd-Frank...more
On August 5, Securities and Exchange Commission (SEC) Chair Gary Gensler responded to Senator Elizabeth Warren's July 7 letter regarding the SEC's authority to regulate cryptocurrencies, as discussed in our client advisory...more
In the 10 years since the Consumer Financial Protection Bureau (CFPB) opened its doors on July 21, 2011, the agency has in many ways upheld its mandate to look out for the public interest. Created by the passage of the...more
The federal government’s recent argument that neither federal law nor the U.S. Constitution preempted a municipal ordinance in South Portland, ME demonstrates the sometimes-complex relationship between federal, state, and...more
On August 3, Securities and Exchange Commission (SEC) Chairman Gary Gensler spoke on cryptocurrencies at the Aspen Security Forum — his first significant remarks regarding cryptocurrency since his confirmation in April....more
In the 10 years since the Consumer Financial Protection Bureau (CFPB) opened its doors on July 21, 2011, the agency has in many ways upheld its mandate of looking out for the public interest. Created by the passage of the...more
On July 7, Senator Elizabeth Warren penned a letter to Chairman Gary Gensler of the U.S. Securities and Exchange Commission (SEC), requesting information on the SEC's authority to regulate cryptocurrency exchanges. Warren's...more
On June 4, the Consumer Financial Protection Bureau (CFPB) issued a frequently asked question and answer guide. Regulation E, in part, establishes limitations on a consumer’s liability and requires investigations of...more
On June 15, the Senate voted (69-28) to confirm Lina Khan as the newest commissioner on the Federal Trade Commission (FTC). And just hours later, President Biden named her as the new chair of the agency. As we previously...more
On May 24, the Conference of State Bank Supervisors (CSBS) released that it is seeking public comment on proposed nationwide licensing requirements for money service businesses (MSBs). The comment period will end on July 23....more
On May 17, the Consumer Financial Protection Bureau (CFPB) announced a settlement with DMB Financial LLC, a Massachusetts-based debt-settlement company....more
The Department of Financial Protection and Innovation (DFPI) of California entered a settlement agreement with Chime Financial, Inc. (Chime), a neobank company that is not licensed to operate as a bank or otherwise exempt...more
The Federal Trade Commission (FTC) is acting swiftly to restore its authority to obtain consumer redress under Section 13(b) of the FTC Act after the Supreme Court’s recent decision in AMG Capital Management, LLC v. FTC,...more
On April 22 the Supreme Court held in AMG Capital Management, LLC v. FTC that the Federal Trade Commission (FTC) does not have authority under the Federal Trade Commission Act Section 13(b) to seek, nor a court to award,...more
The Consumer Financial Protection Bureau (CFPB) and SettleIt, Inc., an online debt-settlement company, have agreed to settle “abusiveness” claims for $1.4 million....more
Beam Financial, Inc. (Beam), a mobile banking app, will be banned from offering any service that may be used to deposit, store, or withdraw funds, and must give a full refund to users as part of a settlement with the Federal...more
On March 25, the Federal Trade Commission (FTC or Commission) released an article reflecting on its work in 2020. The following are some of the most notable actions of the FTC in 2020...more
On March 22, President Joe Biden announced his intent to nominate Lina Khan to be a commissioner of the Federal Trade Commission (FTC). Khan is an outspoken critic of big tech and a former legal advisor to FTC Commissioner...more
On March 3, the Consumer Financial Protection Bureau (CFPB) filed a complaint in the Northern District of Illinois against a third-party payment processor, BrightSpeed Solutions, Inc., and its founder and former CEO Kevin...more
On March 18, Opportunity Financial, Inc. (OppFi) — a Chicago-based platform lender — announced that the Consumer Financial Protection Bureau (CFPB) is investigating its compliance with the Military Lending Act. The...more
On March 11, the Consumer Financial Protection Bureau (CFPB) announced that it is rescinding a January 2020 policy statement that limited the “abusive acts and practices” standard created by the 2010 Dodd-Frank Act. By...more