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There have been two recent virtual currency-related actions worthy of note: (1) the Financial Crimes Enforcement Network (“FinCEN”) announced its first civil enforcement action against a virtual currency exchanger, and (2) the New York Department of Financial Services (“NYDFS”) granted its first license to a Bitcoin exchange. This client alert reviews these recent virtual-currency-related actions and considers the potential implications thereof. Read our client alert.…
On April 15, 2015, the Consumer Financial Protection Bureau (CFPB) announced a final rule (“Final Rule”) that suspends for one year the requirement under the Truth in Lending Act and implemented by Regulation Z that credit card issuers submit their card agreements to the CFPB on a quarterly basis. The Final Rule adopts the February 2015 proposed rule and took effect immediately upon its April 17, 2015, publication in the Federal Register. Read our client
On March 19, 2015, the Consumer Financial Protection Bureau (CFPB) announced the issuance of a Final Policy Statement (“Policy Statement”) that expands its Consumer Complaint Database (“Database”) to allow consumers to publicly air the details of their alleged grievances with financial services providers by including consumer complaint narratives in the Database.  The CFPB first proposed to include complaint narratives in the Database in July 2014 (“Policy Proposal”), when the agency also announced that it was…
On March 2, 2015, the Supreme Court of the United States granted certiorari in Hawkins v. Cmty. Bank of Raymore, 761 F.3d 937 (8th Cir. 2014), cert. granted, No. 14-520, 2015 U.S. LEXIS 1635 (U.S. Mar. 2, 2015)—on appeal from the Eighth Circuit—to decide whether certain guarantors are excluded from the definition of “applicant” under the Equal Credit Opportunity Act (ECOA), 15 U.S.C. § 1691 et seq., and whether the Federal Reserve Board (FRB) had…
On February 23, 2015, the Consumer Financial Protection Bureau (CFPB) announced that it will hold a field hearing in Newark, New Jersey, on March 10, 2015, to discuss the topic of arbitration. We anticipate that the CFPB will use the field hearing to announce the release of its report to Congress regarding the use of pre-dispute arbitration clauses in consumer financial products and services. Read our client alert.…
The Consumer Financial Protection Bureau’s (CFPB) continued and expanded reliance on its sweeping authority to prohibit unfair, deceptive, and abusive acts or practices (UDAAP) continues to command the attention of financial institutions and financial services companies regulated by the agency and the number of CFPB UDAAP enforcement actions nearly doubled from 2013 to 2014. To assist regulated and potentially regulated entities in understanding how the CFPB will exercise its UDAAP authority, we issued our “Know
On January 22, 2015, Donald Lamp, Nancy Thomas, and James Nguyen will participate on this West LegalEdcenter Webinar. About the webinar: Institutions regulated by the Consumer Financial Protection Bureau (CFPB) and subject to its enforcement authority are dealing with of the agency’s sweeping authority to prohibit unfair, deceptive, and abusive acts or practices (UDAAP). To date, the CFPB has relied on this authority to open investigations, initiate proceedings, and enter into a number of broad-ranging…