On March 11, 2021, the Consumer Financial Protection Bureau (CFPB or “Bureau”) issued a Rescission of Statement of Policy rescinding its January 24, 2020 Policy Statement regarding the prohibition on abusive acts or practices (“2020 Policy Statement”). The CFPB indicates that it is rescinding the 2020
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FDIC Brokered Deposits Final Rule: Key Aspects for Broker Dealers
On January 22, 2021, the Federal Deposit Insurance Corporation (“FDIC”) published its final rule (“Final Rule”) revising and modernizing its regulations related to brokered deposits and the interest rate restrictions that apply to insured depository institutions (“IDIs”) that are less than well…
FINRA Issues Comprehensive Guidance on Compliance and Risk Monitoring
The Financial Regulatory Authority (“FINRA”) recently issued a comprehensive report on compliance issues noted in its examination program (the “Report”). The Report is intended to assist broker-dealers in identifying and addressing potential weaknesses in their compliance procedures, and discusses 19…
A Sign of Things to Come: The California DFPI Exercises Its New Authority in Regulating Earned Wage Access Products
The law creating a new California mini-CFPB took effect on January 1, 2021, and a few weeks later, the California Department of Financial Protection and Innovation (DFPI) entered into “first-of-their kind” memoranda of understanding (MOUs), by which the DFPI will…
Role Reversal: Ninth Circuit Rejects Consumer’s Attempt to Enforce Updated Arbitration Provision in Website Terms of Use
In Stover v. Experian Holdings, the Ninth Circuit decided an issue of first impression for the circuit, holding that a party’s single visit to a website four years after her original visit—when she agreed to an online contract containing…
OCC Permits National Banks and Federal Savings Associations to Use Independent Node Verification Networks and Stablecoins for Payment Activities
As part of the Office of the Comptroller of the Currency’s (OCC) declared effort to keep pace with a mounting demand for faster, cheaper, and more efficient payments, and the widespread adoption of new technologies, the agency’s Senior Deputy Comptroller…
The Anti-Money Laundering Act of 2020
On New Year’s Day, Congress overrode President Trump’s veto of the National Defense Authorization Act (NDAA) for the 2021 fiscal year, turning the bill into law without requiring the president’s signature. The NDAA includes the Anti-Money Laundering Act of 2020 (AMLA),…
CFPB Task Force Releases Recommendations for Improving Financial Services Consumer Protection
On January 5, 2021, the Consumer Financial Protection Bureau (CFPB or Bureau) Taskforce on Federal Consumer Financial Law (Task Force) released a report (Report) recommending changes designed to contemporize and strengthen consumer financial protections, encourage competition and innovation, and improve…
Two Great New Blogs!
Morrison & Foerster’s Appellate Group has created two unique blogs containing invaluable information:
The Federal Circuitry blog takes a data-driven look at the Federal Circuit; and
The Left Coast Appeals blog offers an empirical window into the Ninth Circuit’s workings,…
Social Links: Internet law under Biden; new tech-laws around the world; the UK’s Endorsement Guides
Experts anticipate that the incoming Biden administration will be tough on tech. What does that mean for the future of §230 of the Communications Decency Act? The antitrust suit against Google? This NPR piece makes some predictions.
Human rights activists…