On March 11, the Consumer Financial Protection Bureau (CFPB) announced that it is rescinding a January 2020 policy statement that limited the “abusive acts and practices” standard created by the 2010 Dodd-Frank Act. By rescinding the policy statement, the CFPB — under the direction of Acting Director Dave Uejio — signals a return to the
At the Nationwide Multistate Licensing System (NMLS) Annual Conference, state financial regulators released an updated cybersecurity examination tool for nonbank financial company supervision. The tool is designed for state regulators to use in examinations, but “companies are encouraged to use it to assess their cybersecurity health between examinations.”
State regulators are continuing to find new
In a recently filed Form 10-K, PayPal Holdings, Inc. (PayPal) announced that it received a Civil Investigative Demand (CID) from the Consumer Financial Protection Bureau (CFPB) on January 21 “related to Venmo’s unauthorized funds transfers and collections processes, and related matters.” PayPal owns and operates Venmo as part of its digital wallet portfolio.
While
In a final act of his tenure, Brian Brooks, the acting Comptroller of the Currency (OCC) on January 14 finalized a rule to ensure “fair access to banking services provided by large national banks, federal savings associations, and federal branches and agencies of foreign bank organizations.” Brooks announced that he would be stepping down from
On September 15, the Conference of State Bank Supervisors (CSBS) announced that money transmitters operating in 40 or more states will be able to take advantage of a new, comprehensive exam designed to satisfy all state money transmitter examination requirements in 2021. Per the CSBS, this “one company, one exam” program, known formally as “MSB
The Supreme Court ruled yesterday that the Consumer Financial Protection Bureau (CFPB) can carry on, despite its unconstitutional leadership structure. The ruling gives the President the freedom to replace a CFPB Director at will. In a 5-4 decision, the Court held that the CFPB’s leadership by a single director removable only for cause was an
In what can only be construed as a strong signal that state attorneys general are looking to focus their efforts on illegal robocalls, a letter signed by every state attorney general and the attorneys general of American Samoa and Puerto Rico was sent to USTelecom, a trade association that represents the interests of the telecom
On April 22, the United States Department of Justice announced an ongoing multi-agency, multi-jurisdictional offensive targeting hundreds of online scams and phishing, spoofing, and malware schemes related to the novel coronavirus (COVID-19) pandemic.1 Only days earlier, however, on April 20, the Supreme Court of the United States agreed to review an unrelated case brought
On April 21, Missouri became the first state to sue China in response to the coronavirus (“COVID-19”) pandemic. Led by Attorney General Eric Schmitt, Missouri joins the ranks of at least seven federal class action lawsuits that have been filed by groups of private plaintiffs claiming that China, despite knowing the danger of
Troutman Sanders’ attorneys Troy Jenkins and Matthew White will serve as presenters for the Third Party Payment Processors Association (TPPPA) “Consumer Protection and COVID-19 – An Overview of Federal Guidance and Enforcement, and State Activity in light of COVID-19” webinar on Tuesday April 14, 2020 at 2:00 p.m. ET.
COVID-19 is rapidly altering the legal