The Securities and Exchange Commission (SEC)’s Spring 2023 Unified Agenda of Regulatory and Deregulatory Actions (the Agenda) forecast a busy fall for the regulator, with many of the 55 final
Continue Reading Assessment of the SEC’s Progress on Its 2023 Rulemaking Agenda
On Oct. 7, 2023, California Governor Gavin Newsom signed SB 478 into law. When it becomes effective July 1, 2024, the law will amend the CLRA to generally ban so-called
Continue Reading California Bans Hidden Fees, Effective July 1, 2024
On Oct. 11, 2023, the FTC released a proposed rule that would, if finalized in its present form, prohibit “misleading” fees and require more prominent disclosures for so-called “junk fees.”
Continue Reading FTC Proposes Rule Targeting ‘Junk Fees’
In its continued focus on so-called illegal “junk fees,” the CFPB issued an Advisory Opinion on the obligations of large banks and credit unions. The CFPB’s actions arise at a
Continue Reading CFPB Issues Advisory Opinion on ‘Illegal Junk Fees’ By Large Financial Firms
In September 2023, the Securities and Exchange Commission (SEC) announced three separate enforcement orders reflecting a renewed interest in and scrutiny of provisions in employment agreements and separation agreements. These
Continue Reading SEC Broadens Scrutiny of Employment and Separation Agreements Under Whistleblower Rule
The Corporate Transparency Act of 2019 (CTA), enacted as part of the Anti-Money Laundering Act of 2020, requires, for the first time, that certain U.S. legal entities and foreign entities
Continue Reading Corporate Transparency Act: Compliance Deadline Approaching for FinCEN’s Beneficial Ownership Information Reporting Requirements
On Sept. 18, 2023, the New York State Department of Financial Services (NYDFS) issued a press release announcing updates to its ongoing oversight of the digital asset space, including (1)
Continue Reading NYDFS Updates Guidance on Virtual Coin-Listing/Delisting Frameworks and the Greenlist
On Sept. 21, 2023, the CFPB outlined new proposals aimed at medical bills and the broader credit reporting landscape, which could have far-reaching implications for creditors, consumers, and the industry
Continue Reading CFPB Proposes Changes to Fair Credit Reporting Act to Remove Medical Debt from Credit Reports
On Sept. 19, 2023, the CFPB issued guidance (Guidance) concerning the legal obligations creditors must observe when employing complex algorithms, marketed as artificial intelligence (AI), and other predictive decision-making technologies
Continue Reading CFPB Issues Guidance on Credit Denials Involving Artificial Intelligence
On Aug. 1, 2023, the Maryland Office of Financial Regulation (OFR) published new guidance on Earned Wage Access (EWA) products, intending to provide clarity on how EWA products are viewed
Continue Reading Maryland Office of Financial Regulation Provides Guidance on Earned Wage Access Products