On May 8, 2025, the governor of Montana signed into law SB 297, which amends the Montana Consumer Data Privacy Act (MCDPA). The amendments become effective on October 1, 2025.
Among other things, SB 297:
• amends the...more
5/22/2025
/ Compliance ,
Data Privacy ,
Data Protection ,
Enforcement Actions ,
Financial Institutions ,
Financial Services Industry ,
GLBA Privacy ,
Montana ,
New Legislation ,
Personal Data ,
Regulatory Requirements ,
State Privacy Laws
On August 2, 2024, the Illinois governor signed SB 86 into law to amend the Illinois Know Before You Owe Private Education Loan Act and the Illinois Student Loan Servicing Rights Act. Establishing new requirements that will...more
On November 1, 2023, the New York Department of Financial Services (NYDFS) adopted amendments to its Cybersecurity Regulation, 23 NYCRR Part 500 (Cybersecurity Regulation). This is the second amendment (Amendment) to its...more
On October 27, 2023, the Federal Trade Commission (FTC) issued a final rule (Final Rule) to amend the Standards for Safeguarding Customer Information (Safeguards Rule). This amendment will require non-bank financial...more
When an entity shares data outside of its organization, the following questions often arise: Does the FCRA or GLBA (or both) apply to the specific type of data sharing? And how do these laws impact my company’s financial...more
The California Department of Financial Protection and Innovation (DFPI) has released the Translated Notice to Cosigner on its website, in anticipation of a January 1, 2023 effective date for its cosigner notice amendment....more
The Federal Trade Commission (FTC) has announced that the effective date for the new substantive information security requirements in the revised Safeguard Rule has been extended from December 9, 2022 to June 9, 2023....more
On August 15, 2022, the California governor signed SB 633, which expands the obligation of creditors to provide a cosigner notice when obtaining more than one person’s signature on a consumer credit contract. For purposes of...more
Kentucky and Virginia have passed legislation relating to student loan servicers. In Kentucky, a new student loan servicing law creates new licensing and compliance requirements. In Virginia, an amendment limits the scope of...more
5/27/2022
/ Abusive Acts ,
Banking Sector ,
Borrowers ,
False Statements ,
Financial Institutions ,
Intent to Defraud ,
Licenses ,
Loan Servicer ,
Predatory Lending ,
Savings and Loan Companies ,
Student Loans
On January 14, 2021, the governor of Massachusetts signed H 5250 into law, which includes a licensing requirement applicable to student loan servicers, and other requirements related to the regulation and supervision of...more