On August 3, 2020, the Consumer Financial Protection Bureau (CFPB) published a Request for Information (RFI) that seeks comment on ways to clarify the Equal Credit Opportunity Act’s (ECOA) implementing regulation, Regulation B, to expand access to credit and improve protections against
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FTC questions protections afforded tech platforms; LinkedIn was platform of choice for sellers of COVID-19 PPE; Appeals court passes on “retweet” propriety question
Expressing concern about the spread of disinformation related to COVID-19, Federal Trade Commissioner Rohit Chopra said Congress may need “to reassess the special privileges afforded to tech platforms, especially given their vast power to curate and present content in ways…
Not So Fast—State Attorneys General Seek to Enjoin OCC’s Final Rule Reaffirming “Valid When Made” Doctrine
On July 29, 2020, the state attorneys general of California, Illinois, and New York filed suit against the Office of the Comptroller of the Currency (OCC) challenging the OCC’s Final Rule reaffirming the “valid when made” doctrine for loans originated…
New York Passes Bill to Increase Transparency in Lending
On July 23, 2020, in an effort to increase transparency in commercial financings so borrowers may make more informed decisions, the New York State legislature passed a bill, S5470B, which currently awaits the Governor’s signature. The bill requires certain commercial financing…
Stretching the Bounds of Personal Jurisdiction, 4th Circuit Finds Geotargeted Advertising May Subject Foreign Website Owner to Personal Jurisdiction in the U.S.
Foreign websites that use geotargeted advertising may be subject to personal jurisdiction in the United States, even if they have no physical presence in the United States and do not specifically target their services to the United States, according to…
Will the True Lender Please Stand? – OCC Proposes “True Lender” Bright-Line Rule
On July 20, 2020, the Office of the Comptroller of the Currency (OCC) issued a notice of proposed rulemaking that would establish when national banks or federal savings associations (collectively, banks) are the “true lender” making a loan in the context of…
Louisiana Becomes Second State to Require Virtual Currency Licensing
Developments in virtual currency regulation have been top-of-mind with recently announced initiatives from the New York Department of Financial Services. Companies engaging in virtual currency activity should also, however, take note of Louisiana’s enactment of HB701. This law, which takes…
Machine Underwriting: The CFPB Issues Blog Post on Use of Artificial Intelligence in Credit Underwriting
On July 7, 2020, the Consumer Financial Protection Bureau (CFPB or Bureau) published a blog post on the use of artificial intelligence (AI), especially machine learning (ML), in credit underwriting. The blog post addresses industry concerns about how AI and ML models interact…
Debate over §230 of the CDA rages on; Twitter defeats defamation suit; Booking.com held valid trademark
In a purported attempt to safeguard free speech, President Trump has issued an order “Preventing Online Censorship,” that would eliminate the protections afforded by one of our favorite topics here at Socially Aware, Section 230 of the Communications Decency Act,…
A Strong Social Media Policy Can Protect Your Brand and Avoid Embarrassing Posts
Eric Akira Tate spoke to TechRepublic about how businesses should think about establishing or updating corporate social media policies to account for the changing standards, especially as the U.S. is in the midst of a civil rights movement.
“Reviewing social media policies…