Earlier this year, the California Department of Business Oversight (DBO) issued a draft rulemaking relating to the scope of the agent of a payee exemption (the “Exemption”) under the Money Transmission Act, Cal. Fin. Code § 2000 et seq. (MTA).
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Latest from Morrison & Foerster LLP - Page 5
New copyright registration option for bloggers; AT&T’s opinion on CDA §230; questions about YouTube’s anti-hate rules
By Aaron Rubin
A federal district court judge in Brooklyn, N.Y., dismissed the complaint in a case filed by Genius, a platform that lets users share and annotate lyrics, holding that the plaintiff’s claims were preempted by copyright law. The suit alleged…
CFPB California Style: The California Consumer Financial Protection Law Brings More Providers of Consumer Financial Products and Services Into the Regulatory Tent
By Nancy Thomas & Joseph Gabai
On August 31, 2020, the California legislature passed the California Consumer Financial Protection Law (CCFPL). The law reflects Governor Newsom’s vision of a much more powerful banking agency with new registration authority, UDAAP authority mirroring the authority of the CFPB,…
CFPB Issues RFI Seeking Information on the Impact of the CARD Act Regulations on Small Entities and on the Consumer Credit Card Market
On August 28, 2020, the Consumer Financial Protection Bureau published a request for information to gather feedback on the economic impact on small entities of the rules that implement the Credit Card Accountability Responsibility and Disclosure Act of 2009, and…
CFPB California Style: New Name Is Just the Start for a Much More Powerful Regulator
By Nancy Thomas & Joseph Gabai
California has become the latest state to create its own mini Consumer Financial Protection Bureau (CFPB). As part of the 2020-21 budget, Governor Gavin Newsom set in motion a reorganization and significant expansion of the authority of the California banking…
Take Two: State AGs Target the FDIC’s Final Rule Reaffirming Valid-When-Made Doctrine
Last week, the state attorneys general of seven states and the District of Columbia filed suit against the Federal Deposit Insurance Corporation (FDIC) challenging the FDIC’s final rule reaffirming the valid-when-made doctrine for loans originated by state-chartered federally insured banks.…
EDNY Refuses to Dismiss on § 230 Grounds in “Shitty Media Men” Defamation Case
In Elliott v. Donegan, a federal district court in New York held that Section 230 of the Communications Decency Act does not warrant the dismissal of a defamation claim where the plaintiff’s complaint did not “foreclose[] the possibility that…
Dropping Anchor in the (Safe) Harbor: Colorado “True Lender” Litigation Settles
Ending years of litigation, the Colorado Attorney General and the Administrator of the Colorado Uniform Consumer Credit Code (“Administrator”) announced a settlement with marketplace lenders Avant of Colorado, LLC and Marlette Funding, LLC (together, the “Non-Bank Partners”), and their bank partners WebBank…
District Court in 3rd Circuit Sides with 9th Circuit: §230 Protects Social Platforms from State Law Intellectual Property Claims
It is another win for social media platforms in the realm of the Communications Decency Act’s Section 230. In a case of first impression within the Third Circuit, the Eastern District of Pennsylvania in Hepp v. Facebook ruled that social…
Bitcoin Is “Money” for Purposes of D.C. Money Transmission Law, Says Federal Court
A recent federal district court ruling in a criminal anti-money laundering case suggests that the transmission of virtual currency on behalf of another person requires a state money transmission license — even if the state’s money transmission law does not…