On October 20, 2021, the New York Department of Financial Services published a notice in the New York State Register announcing that it has issued a proposed regulation to implement S 5470–B, which requires consumer-like disclosures for “commercial financing”
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Ballard Spahr LLP Blogs
Latest from Ballard Spahr LLP
CBA issues white paper advocating CFPB’s use of rulemaking and guidance in lieu of “regulation by enforcement”
The Consumer Bankers Association has released a new white paper, “The Case For Regulation Through Rulemaking & Guidance,” that advocates for the CFPB to use rulemaking and informal written guidance in lieu of attempting to create new industry
Continue Reading CBA issues white paper advocating CFPB’s use of rulemaking and guidance in lieu of “regulation by enforcement”
CFPB releases Spanish translation of model validation notice
Last week, the CFPB released a Spanish translation of the model-English language validation notice set forth in Appendix B of Regulation F.
The final debt collection rule allows a debt collector to send a validation that is completely and accurately
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CFPB orders six large technology platforms offering payment services to provide information
CFPB Director Rohit Chopra has wasted no time in acting on comments he made at his confirmation hearing regarding the risks posed by the collection of data by large platforms. In just his first full week as CFPB Director, the
Continue Reading CFPB orders six large technology platforms offering payment services to provide information
FINRA Reminds Firms to Prepare for New AML/CFT Priorities
We previously blogged about the Financial Crimes Enforcement Network’s (“FinCEN’s”) issuance on June 30 of the first government-wide list of priorities for anti-money laundering and countering the financing of terrorism (“AML/CFT”) (the “Priorities”), as required by the Anti-Money
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California Passes Suite of New Privacy Laws
California continues to be at the vanguard of privacy protection. On October 11, 2021 California’s Governor Newsom signed several bills addressing privacy and data security. These new laws go into effect January 1, 2022 and include:
- AB 335, which adds
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FinCEN Reports Spiraling SARs Relating to Ransomware
On October 15, 2021, the Financial Crimes Enforcement Network (“FinCEN”) issued a financial trend analysis on ransomware relating to Suspicious Activity Reports (“SARs”) filed in the first half of this year (“Analysis”). According to the Analysis, U.S. banks and financial
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CFPB, federal and state bank and credit union regulators warn of increased supervisory scrutiny in joint statement on managing LIBOR transition
The CFPB, Federal Reserve Board, FDIC NCUA, OCC, in conjunction with the state bank and state credit union regulators, jointly issued a statement on managing the transition away from LIBOR (Joint Statement).
In 2017, the United Kingdom’s Financial Conduct Authority
Continue Reading CFPB, federal and state bank and credit union regulators warn of increased supervisory scrutiny in joint statement on managing LIBOR transition
Healthcare Workers’ Religious Freedom Exemption Fails to Convince First Circuit to Block Maine Vaccine Mandate
A three-judge panel for the United States Court of Appeals for the First Circuit affirmed the lower court’s order denying plaintiffs’ motion for a preliminary injunction against Maine’s Covid-19 vaccine mandate requiring healthcare workers to be vaccinated. Plaintiffs in the
Continue Reading Healthcare Workers’ Religious Freedom Exemption Fails to Convince First Circuit to Block Maine Vaccine Mandate
CFPB/FTC/North Carolina DOJ file amicus brief with Fourth Circuit in support of reversal of district court decision giving FCRA immunity to consumer reporting agency under the Communications Decency Act
The CFPB, FTC, and the North Carolina Department of Justice filed an amicus brief with the U.S. Court of Appeals for the Fourth Circuit urging it to reverse a district court decision that found Section 230 of the Communications Decency
Continue Reading CFPB/FTC/North Carolina DOJ file amicus brief with Fourth Circuit in support of reversal of district court decision giving FCRA immunity to consumer reporting agency under the Communications Decency Act