On Sept. 14, 2023, the CFPB issued updates to its FAQs to assist small business lenders and finance companies with complying with the final Small Business Lending Rule (the Rule) mandated by section 1071 of the Dodd-Frank Wall Street Reform
On Sept. 6, 2023, the Securities and Exchange Commission’s Division of Examinations issued a Risk Alert detailing the Division’s examination selection process for SEC-registered investment advisers (Advisers). The Risk Alert highlights the Division’s risk-based approach for both (A) selecting Advisers
By a 3-2 party-line vote, on Aug. 23, 2023, the Securities and Exchange Commission adopted some of the most significant new rules under the Investment Advisers Act of 1940, as amended, since the elimination of the old “15 or fewer”
On Aug. 2, 2023, California’s Department of Financial Protection and Innovation (DFPI) released a new rule expanding its authority to regulate unfair, deceptive, and abusive acts and practices (UDAAP). The rule implements Section 90009(e) of the California Consumer Financial Protection
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On July 27, 2023, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation issued an interagency notice of proposed rulemaking to implement aspects of the final
If enacted, the Unlocking Capital Act would establish two investment professional categories—private placement brokers and finders. The legislation would allow these professionals to engage in many activities that, due to investor protection concerns, have been regulated for almost a century.
On July 26, 2023, the Securities and Exchange Commission (SEC) adopted the long-awaited final rule requiring that public companies disclose information about cybersecurity incidents within four business days of determining the incident is material. GT wrote about the proposed rule
On July 7, 2023, the Consumer Financial Protection Bureau (CFPB), U.S. Department of Health and Human Services (HHS), and U.S. Department of the Treasury (Treasury) issued a Request for Information on Medical Payment Products (RFI), such as medical credit cards
On May 17, 2023, Prometheum Ember Capital LLC (Prometheum Ember Capital), a subsidiary of Prometheum Inc., received approval from the Financial Industry Regulatory Authority (FINRA) to operate as a special purpose broker-dealer (SPBD) for digital assets. Prometheum Ember Capital is
On June 15, 2023, Nevada Gov. Joe Lombardo signed SB 290, establishing the nation’s first state licensing regime for earned wage access (EWA) services provided to consumers in the state. Earned wage access allows employees to receive portions of