Financial services law insights and observations
For more than a decade, Buckley’s InfoBytes blog and weekly newsletter have provided 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. Our ongoing webcast series offers a deeper look into the emerging trends and challenges that will shape the future of how financial services are provided — and who will provide them.
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On December 2, the Department of Education’s Office of Federal Student Aid published guidance informing guaranty agencies (GAs) of their obligations related to Federal Family Education Loan (FFEL) Program loans that are in default. In August, the DOE implemented its Fresh Start initiative , which...InfoBytes
On December 5, acting Comptroller of the Currency Michael J. Hsu delivered remarks at the RMA Risk Management and Internal Audit Virtual Conference, where he spoke about the current expected credit losses standard (CECL) and the importance of workforce diversity and inclusion. Hsu started by...InfoBytes
On December 1, Federal Reserve Board Vice Chair for Supervision Michael S. Barr signaled changes may be coming to the supervisory stress test standards for large banks, as the Fed evaluates whether the test used to set capital requirements reflects an appropriately wide range of risks. Speaking...InfoBytes
On November 23, the California Court of Appeal for the Fourth Appellate District upheld a summary judgment ruling for a creditor over allegations that it violated the Rosenthal Fair Debt Collection Practices Act (RFDCPA). The plaintiff, the widow of a former patient of the defendant doctor,...InfoBytes
Supreme Court asked to stay judgment holding that HEROES Act does not authorize the creation of the DOE’s student debt relief plan
Recently, the DOJ filed an application on behalf of the Department of Education (DOE) asking the U.S. Supreme Court to stay a judgment entered by the U.S. District Court for the Northern District of Texas in an action related to whether the agency’s student debt relief plan violated the...InfoBytes
On December 1, the U.S. Court of Appeals for the Ninth Circuit affirmed in part and reversed in part a district court’s dismissal of a putative class action brought against a French cryptocurrency wallet provider and its e-commerce vendor for lack of personal jurisdiction. As previously covered by...InfoBytes
On November 9, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 14059 against two Haitian politicians for their involvement in activities or transactions that have materially contributed to, or pose a significant risk of...InfoBytes
On December 1, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against three North Korean officials for providing support to the Democratic People’s Republic of Korea’s (DPRK) development of weapons of mass destruction (WMD) and ballistic missiles...InfoBytes
On December 2, the U.S. Treasury Department announced an agreement entered into by the 27 member states of the European Union and the members of the G7 (collectively, the “Price Cap Coalition”), which adopts a price cap on seaborne Russian crude oil in an effort to restrict Russian revenue streams...InfoBytes
Recently, NYDFS announced it is seeking public comment on a proposed rule establishing how certain licensed virtual currency businesses would be assessed for the costs of their supervision and examination. According to NYDFS, the proposed regulation establishes a provision in the state budget...InfoBytes