InfoBytes newsletter
Financial services law insights and observations
Orrick and Buckley have completed their merger. The combined firm, which operates as Orrick, remains committed to InfoBytes. We will, as we have for many years, continue to post to the blog and email our weekly summary every Friday. We look forward to continuing to provide compliance professionals, in-house counsel, and executives with a comprehensive resource to keep up with the latest news, legal developments, and legislative actions in the financial services industry.
CFPB finalizes Section 1071 rule on small business lending data
On March 30, the CFPB released its final rule implementing Section 1071 of the Dodd-Frank Act. Consistent with Section 1071, the final rule will require financial institutions to collect and provide to the Bureau data on lending to small businesses, defined as an entity with gross revenue under $5...
InfoBytesFHFA expands deferral policies for hardships
On March 29, FHFA announced enhanced payment deferral policies for borrowers facing financial hardships. Under the newly enhanced policies, Fannie Mae and Freddie Mac will allow borrowers to defer up to six months of mortgage payments, enabling borrowers “to keep the same monthly mortgage payment...
InfoBytesHUD announces Mississippi disaster relief
On March 28, HUD announced disaster assistance for areas in Mississippi impacted by severe storms, straight-line winds, and tornadoes beginning March 24 to March 25. The disaster assistance follows President Biden’s major disaster declaration on March 26. According to the announcement, HUD is...
InfoBytesDistrict Court allows prerecorded-voice-based claims to proceed
On March 23, the U.S. District Court for the Western District of New York partially granted a defendant debt collector’s motion for summary judgment in an action concerning the alleged use of an automated telephone dialing system (autodialer) to collect unpaid medical debt. Plaintiff claimed the...
InfoBytesVirginia establishes program to implement CDFI fund
On March 26, the Virginia governor signed HB 1411 , which codifies the Virginia Community Development Financial Institutions Fund and creates the Virginia Community Development Financial Institutions Program to carry out the purposes of the fund. Among other things, the program will provide grants...
InfoBytesVirginia and Kentucky enact requirements for auto renewals
Recently, Virginia and Kentucky enacted measures relating to automatic renewal offers and continuous service offers. HB 1517 was signed by the Virginia governor on March 27 to amend the Consumer Protection Act in the Virginia code. The amendments provide that all businesses offering automatic...
InfoBytesWyoming to issue stable tokens
On March 17, the Wyoming governor signed SF 127 enacting the Wyoming Stable Token Act, creating the Wyoming stable token commission, and authorizing the issuance of stable tokens in the state. Under the Act, a Wyoming stable token is “a virtual currency representative of and redeemable for one (1)...
InfoBytesIowa becomes sixth state to enact comprehensive privacy legislation
On March 28, the Iowa governor signed SF 262 , establishing a framework for controlling and processing consumers’ personal data in the state. Iowa is now the sixth state in the nation to enact comprehensive consumer privacy measures, following California, Colorado, Connecticut, Virginia, and Utah (...
InfoBytesCalifornia OAL approves CCPA regulations
On March 30, the California Privacy Protection Agency (CPPA) announced that the California Office of Administrative Law (OAL) approved the agency’s first substantive rulemaking package for implementing the California Consumer Privacy Act (CCPA). The approved regulations are effective immediately...
InfoBytesSEC charges companies and executives for operating an unregistered exchange
On March 29, the SEC filed a complaint in the U.S. District Court for the Northern District of Illinois against a cryptocurrency trading platform and its executives for allegedly failing to register as a national securities exchange, broker, and clearing agency. The SEC also claimed the founder of...
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