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Special Alert: Federal court says state bank, fintech partner must face Maryland’s allegation of unlicensed lending before state ALJ
A federal court late last month told a state-chartered bank and its fintech partner that they must return to a state administrative law proceeding to fight a Maryland enforcement action alleging that their failure to obtain a license to lend and collect on loans violated state law — potentially...
Special Alerts"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...
ArticlesSpecial Alert: CFPB revises UDAAP manual to include discriminatory practices
On March 16, the Consumer Financial Protection Bureau announced significant revisions to its Unfair, Deceptive, or Abusive Acts or Practices exam manual , in particular highlighting the CFPB’s view that its broad authority under UDAAP allows it to address discriminatory conduct in the offering of...
Special Alerts"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...
ArticlesSpecial Alert: Latest developments in OFAC sanctions against Russia
Beginning February 21, the U.S. Department of the Treasury’s Office of Foreign Assets Control has issued significant sanctions in response to the Russian Federation’s military invasion of Ukraine and its recognition of Ukraine’s separatist regions. Since Buckley’s last update on February 25 , there...
Special AlertsSpecial Alert: NYDFS guidance on cybersecurity and virtual currency responds to events in Ukraine
The New York Department of Financial Services last week issued guidance on its cybersecurity and virtual currency regulations in response to the Russian military actions in Ukraine and recently imposed sanctions. NYDFS specifically raised the specter of elevated cyber risk due to ongoing...
Special Alerts