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"Mortgage regulation developments: Qualified mortgage updates and Covid-19 assistance" by Sasha Leonhardt (ABA)
Throughout the past year, the Consumer Financial Protection Bureau (“CFPB”) continued to actively issue rules and other guidance applicable to the mortgage industry. This survey highlights recent developments related to qualified mortgages (“QM”), specifically the publication of four final rules...
Articles"U.S., E.U. announce Trans-Atlantic data privacy framework: What companies can do now" by Elizabeth E. McGinn, Sasha Leonhardt, and Lauren Bomberger (CSLR)
The White House and European Commission in late March 2022 announced a new agreement in principle for trans-Atlantic data flows – the Trans-Atlantic Data Privacy Framework – that would replace the E.U.- U.S. Privacy Shield. The United States and European Union began negotiations on a new framework...
Articles"Finance cos. should brace for wider CFPB anti-bias reach" by Caroline M. Stapleton (Law360)
The Consumer Financial Protection Bureau recently raised eyebrows when it broadly expanded the legal theories under which it will seek to challenge illegal discrimination in the financial services industry. The CFPB announced on March 16 that it revised its examination manual to identify...
Articles"Saber-rattling or fair warning: CFPB Director Rohit Chopra signals intent to bring enforcement actions against executives and employees of large banks" by John R. Coleman (ABA Banking Law Committee Journal)
The Consumer Financial Protection Bureau (CFPB) has never brought a claim against an executive, officer, or managerial employee of a large bank alleging that the individual participated in unlawful conduct. Over a quarter of the CFPB’s more than 300 public enforcement actions to date have included...
Articles"No end in sight: Biometrics litigation trends" by Elizabeth E. McGinn, Amanda R. Lawrence, Scott T. Sakiyama and Michael Rosenberg (CSLR)
Modern biometrics applications are myriad with more continually being developed. They allow users to unlock devices, make payments, detect theft, track time and much more. These applications are not overlooked by the plaintiffs’ bar. Since 2019, more than 1,000 class action lawsuits have been filed...
Articles"BankThink: Has CFPB gained an upper hand in enforcement cases?" by Amanda R. Lawrence and John B. Williams III (American Banker)
The Consumer Financial Protection Bureau in late February issued a procedural rule with little fanfare or press that nonetheless may mark a significant strategic shift in how the agency pursues enforcement — and give it more latitude in tackling what appears to be an increasingly crowded...
Articles"FTC updates data security expectations for nonbanks" by Elizabeth E. McGinn, Amanda R. Lawrence, Sherry-Maria Safchuk, Lauren Bomberger (Bloomberg Law)
Persistent cyberbreaches are compelling government responses to protect consumer data, particularly consumer financial information. Laws passed in California, Colorado, and Virginia are among the most influential at the state level, but federal regulators are also moving to implement additional...
Articles"New 9th Circ. rulings may restrict McGill Rule's scope" by Fredrick S. Levin, James McGuire, Ali M. Abugheida, and Megan E. Whitehill (Law360)
In the 2017 McGill v. Citibank NA decision, the California Supreme Court held that any arbitration clause that bars a plaintiff from seeking public injunctive relief in any forum is unenforceable. The so-called McGill rule has become a central feature of the California arbitration landscape, and...
Articles"Incorporating safeguards for CFPB info request targets" by John R. Coleman (Law360)
The U.S. Consumer Financial Protection Bureau announced recently that it ordered several large technology companies to submit detailed information concerning their payment products, including how they collect, use and share data about consumers who use their products. The information demand is...
Articles"Differences between the California Consumer Privacy Act and the California Privacy Rights Act" by Sherry-Maria Safchuk (Conference on Consumer Finance Law Quarterly Report)
The transformation of privacy laws in California has been swift. The rapid adoption of the California Consumer Privacy Act of 2018 (“CCPA”), its regulations, and the California Privacy Rights Act of 2020 (“CPRA”) has required businesses to diligently track new consumer protections across privacy...
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