On January 30, 2023, the Biden Administration said that it will end COVID-19 emergency declarations on May 11, 2023. The federal government has been paying for COVID-19 vaccines, some tests, and certain treatments under the public health emergency declaration. Many
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Briefing on CFPB certiorari petition seeking review of Fifth Circuit ruling that CFPB’s funding is unconstitutional and CFSA cross-petition for certiorari distributed to Supreme Court for consideration at February 17 conference
The briefing on the CFPB’s certiorari petition seeking review of the Fifth Circuit panel decision in Community Financial Services Association of America Ltd. v. CFPB was distributed to the Supreme Court yesterday for consideration at its February 17 conference. In
Ninth Circuit holds mortgage servicer’s reporting of Covid-19 forbearance plan complied with FCRA and CARES Act
In a win for Ballard Spahr client Specialized Loan Servicing LLC (SLS), the U.S. Court of Appeals for the Ninth Circuit recently held that SLS, a mortgage servicer, properly reported a Covid-19 forbearance plan under the CARES Act amendments to
This week’s podcast episode: How the New York Department of Financial Services (DFS) regulates virtual currency, a close look with special guest Kaitlin Asrow, Executive Deputy Superintendent of Research and Innovation, DFS
After reviewing the licensing/chartering/approval structures that DFS uses for entities seeking to engage in virtual currency activities, we discuss the role of guidance in DFS’s regulation and oversight of virtual currency, particularly new DFS guidance on digital asset custody practices
CFPB proposes significant changes to credit card late fee rules, including reduction in late fee safe harbor amounts and elimination of annual inflation adjustments
We suspected something was afoot when December 2022 came and went without the CFPB announcing its annual inflation adjustments to the credit card late fee safe harbor amounts set forth in Regulation Z (which implements the Truth in Lending Act).
California Enforcement Sweep Targets Mobile Apps – With a Focus on Honoring “Permission Slip” App
On Friday, January 27, California Attorney General Rob Bonta announced an investigative sweep of businesses that provide mobile apps, issuing warning letters to those that AG Bonta alleges failed to comply with the California Consumer Privacy Act (CCPA). This sweep
FDIC extends comment period for proposed signage and advertising rule
The FDIC has announced that it is extending by 45 days the comment period for proposed changes to its signage and advertising rule. Several banking trade groups sent a letter to the FDIC requesting the 45-day extension. Originally set for
Russia Sanctions Evasion and Commercial Real Estate: An Alert
On January 25, the Financial Crimes Enforcement Network (“FinCEN”) issued an “Alert on Potential U.S. Commercial Real Estate Investments by Sanctioned Russian Elites, Oligarchs, and Their Proxies” (the “Alert”). The Alert defines “commercial real estate,” which the Alert
White House issues Blueprint for Renters Bill of Rights: Will the CFPB and FTC stay in their lanes?
Last week, the Biden Administration released a “Blueprint for a Renters Bill of Rights” (Blueprint), which sets forth five principles intended to “create a shared baseline for fairness for renters in the housing market” and directs various federal
California Enforcement Sweep Targets Mobile Apps – With a Focus on Honoring “Permission Slip” App
On Friday, January 27, California Attorney General Rob Bonta announced an investigative sweep of businesses that provide mobile apps, issuing warning letters to those that AG Bonta alleges failed to comply with the California Consumer Privacy Act (CCPA). This sweep