One of the defining aspects of the payments revolution of the past few years—at least from a regulatory perspective — has been the question of whether a particular payments service is subject to regulation as money transmission. A recent trend
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Latest from Morrison & Foerster LLP - Page 11
FDIC Publishes Brokered Deposits Proposed Rule
On February 10, 2020, the Federal Deposit Insurance Corporation (FDIC) published a proposed rule intended to modernize the regulatory treatment of brokered deposits (Proposed Rule). The Proposed Rule would amend 12 C.F.R. parts 303 and 337 to set forth the…
Agencies Propose Amendments to Volcker Rule Covered Fund Provisions
On January 30, 2020, five federal agencies proposed amendments to the Volcker Rule related to the prohibition on investing, sponsoring, and having certain relationships with covered funds (the “Proposed Funds Rule”). The Proposed Funds Rule comes on the heels of…
Clearview AI and the Legal Challenges Facing Facial Recognition Databases
Every day, social media users upload millions of images to their accounts; each day 350 million photos are uploaded to Facebook alone. Many social media websites make users’ information and images available to anyone with a web browser. The wealth…
OCIE Provides Cybersecurity Best Practices Identified in Examinations
Cybersecurity has been a key priority for the SEC and its Office of Compliance Inspections and Examinations (OCIE) in recent years. The OCIE regularly releases publications addressing cybersecurity risks and practices, including eight risk alerts related to cybersecurity since 2012.…
CFPB Takes a Step Away from “You Know It When You See It” Standard for UDAAP Abusiveness
By Nancy Thomas & Elyse Moyer
On February 6, 2020, the Consumer Financial Protection Bureau published a Statement of Policy Regarding Prohibition on Abusive Acts or Practices to “convey and foster greater certainty” regarding how it will apply the “abusiveness” standard in exercising its sweeping UDAAP…
Combatting Unauthorized Webscraping
Socially Aware contributors Alex Lawrence and Kristina Ehle authored an article for the Computer Law Review International that discusses the impact of the hiQ Labs v. LinkedIn decision from the U.S. Court of Appeals for the Ninth Circuit, which holds…
CCPA Checklist for Investment Advisers
The California Consumer Privacy Act (CCPA) imposes sweeping obligations on a diverse array of businesses, but investment advisers subject to Regulation S-P (adopted pursuant to the federal Gramm-Leach-Bliley Act (GLBA)) are treated somewhat differently. The CCPA does not provide a…
Attorneys General Push Against OCC’s Attempts to Codify “Valid When Made” Rule
On January 21, 2020, twenty-two State Attorneys General and the Hawaii Office of Consumer Protection submitted a comment letter to the Office of the Comptroller of the Currency in opposition to its proposed rulemaking to resolve the “confusion” stemming from the Second…
CFTC Issues No-Action Letters to Smooth the Road Away from the IBORs
On December 17, 2019, three different divisions of the Commodity Futures Trading Commission (“CFTC”) issued no-action letters intended to facilitate the swaps market’s transition away from interbank offered rates (each, an “IBOR”) and toward alternative benchmarks. The letters responded to requests…