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Orrick, Buckley combine to form financial services and fintech law powerhouse
CFPB announces consumer reporting rulemaking
On September 21, the CFPB announced the beginning of its anticipated rulemaking regarding consumer reporting, including a proposal to remove medical bills from credit reports. This announcement builds upon a hearing the CFPB held in July 2023 on medical billing and collections, highlighting its...
InfoBytesSEC adopts truth-in-advertising rule enhancements for funds
On September 20, the SEC adopted amendments (as set forth in the final rule and as discussed in the fact sheet ) to the Investment Companies Act rule that requires investment companies whose names suggest a focus in a particular type of investment to adopt a policy to invest not less than 80...
InfoBytesSEC approves final Privacy Act rules
On September 20, the SEC announced the approval of its revised Privacy Act rules, which govern the handling of personal information in the federal government. Among other things, the final rule will update, clarify, and streamline the SEC’s Privacy Act Regulations by (i) clarifying the purpose and...
InfoBytesUK-U.S. data bridge adequacy regulations to come into effect October 12
The EU-US Data Privacy Framework (the “Framework”) sets forth a set of principles and requirements that US organizations can comply with and, following certification, be permitted to join the Framework. On October 12, the UK extension to the Framework will come into effect following the UK digital...
InfoBytesChallenge to HUD fair housing rule denied
On September 19, the U.S. District Court for the District of Columbia denied a motion for summary judgment from the National Association of Mutual Insurance Companies arguing that the Department of Housing and Urban Development’s disparate-impact rule conflicts with the limits of the Fair Housing...
InfoBytesCFPB denies petition to set aside investigative demand in student loan discharge probe
On September 19, the CFPB published a recent decision and order denying the petition of one of the nation’s largest private student loan servicers to set aside the CFPB’s civil investigative demand (CID) in connection with its investigation into potential violations of the CFPA’s prohibition of...
InfoBytesKentucky banks win injunction on Small Business Lending Rule enforcement
On September 14, U.S. District Judge Karen K. Caldwell issued an order granting an injunction sought by the Kentucky Bankers Association and eight Kentucky-based banks to enjoin the CFPB from implementing and enforcing requirements for small business lenders until the U.S. Supreme Court rules on...
InfoBytesTech giant to pay $62M in smartphone location tracking suit
On September 14, 2023, in the U.S. District Court of the Northern District of California, San Jose Division, plaintiffs filed a motion for preliminary approval of a proposed Class Action Settlement Agreement and Release pursuant to which a tech giant will pay $62 million to resolve claims that it...
InfoBytesDelaware Personal Data Privacy Act to protect consumers
On September 11, Delaware’s governor signed HB 154 (the “Act”), which creates the Delaware Personal Data Privacy Act. The Act ensures that residents of Delaware have the right to be informed about the collection of their personal information, access that information, rectify any inaccuracies, or...
InfoBytesCPPA continues efforts towards California Privacy Rights Act
The California Privacy Protection Agency board is continuing its efforts to prepare regulations implementing the California Privacy Rights Act (covered by InfoBytes here and here ). Draft risk assessment regulations and cybersecurity audit regulations were released in advance of the September 8...
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