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Special Alert: House subcommittee hears testimony on privacy bill
The House Subcommittee on Consumer Protection and Commerce held a June 14 hearing , “Protecting America’s Consumers: Bipartisan Legislation to Strengthen Data Privacy and Security,” to listen to testimony from consumer advocates and industry representatives on the recently proposed American Data...
Special AlertsSpecial Alert: DOJ settles claims of algorithmic bias
On June 21, the United States Department of Justice announced that it had secured a “groundbreaking” settlement resolving claims brought against a large social media platform for allegedly engaging in discriminatory advertising in violation of the Fair Housing Act. The settlement is one of the...
Special AlertsSpecial Alert: Congress releases draft privacy bill
A comprehensive federal privacy law drew one step closer to reality earlier this month when a bipartisan group of representatives and senators released a draft of the proposed American Data Privacy and Protection Act. Passage of the ADPPA, which combines elements of prior proposals in an effort to...
Special AlertsSpecial Alert: Fed finalizes rule for FedNow platform
The Federal Reserve Board recently issued a final rule for its FedNow instant-payments platform that offers more clarity on how the new service will work while essentially adopting the proposed rule. FedNow will stand alongside private sector initiatives and, like more modern payments systems, will...
Special AlertsSpecial Alert: Eleventh Circuit upholds terms of arbitration agreement in challenge under Dodd-Frank
On May 26, 2022, the United States Court of Appeals for the Eleventh Circuit issued a published decision holding that the Dodd-Frank Act does not prohibit the enforceability of delegation clauses contained in consumer arbitration agreements “in any way.” This opinion is of potentially broad...
Special AlertsSpecial Alert: Breaking down the proposed CRA overhaul
The federal banking agencies last week announced their highly anticipated proposal to revamp and modernize regulations implementing the Community Reinvestment Act. The proposal may significantly impact the compliance obligations of large banks, which the proposal generally defines as those with...
Special AlertsSpecial 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 AlertsSpecial 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 AlertsSpecial 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