On December 14, Senators Elizabeth Warren (D-Mass.) and Roger Marshall (R-Kan.) introduced the Digital Asset Anti-Money Laundering Act of 2022 (the Act) that would extend anti-money laundering and countering of the financing of terrorism requirements to cryptocurrency and digital assets. The bill follows warnings from the Treasury Department, Department of Justice, and national security and
Is an arbitration provision enforceable if it is added to a bank’s deposit account agreement four years after the account is opened and contains no meaningful opt-out clause? According to the United States District Court for the Southern District of New York, the answer to that question is no. A copy of the court’s decision
On December 6, during the 2022 Interagency Fair Lending Webinar, David Evans, a senior fair lending specialist with the Federal Deposit Insurance Corporation (FDIC), discussed some of the specific discrimination issues identified during FDIC examinations that were ultimately referred to the Department of Justice (DOJ) as potential fair lending violations. One area highlighted in the
Please join Consumer Financial Services Partner Chris Willis and his colleagues Privacy + Cyber Associate Sadia Mirza and Privacy + Cyber Partner Kamran Salour as they discuss phishing. Kamran and Sadia break down what phishing is, the major security risk it poses for companies, and how to handle a phishing attack.
As a further reflection of its recent emphasis on “repeat offenders,” on December 12, the Consumer Financial Protection Bureau (CFPB) published a proposed rule with request for public comment that would require certain nonbank covered entities (with exclusions for insured depository institutions and credit unions) that are under certain final public orders issued by a
On December 1, the Connecticut Department of Banking issued a cease and desist order to the Law Offices of David M. Katz mandating the law firm cease conducting collection activities in the state without a license. The law firm was also fined $100,000, the maximum allowed by law.
Earlier this year, the Department of Banking
As we previously discussed here, in 2020 the Consumer Financial Protection Bureau (CFPB) issued a final Home Mortgage Disclosure Act (HMDA) rule amending Regulation C to raise institutional and transactional coverage thresholds for closed-end mortgage loans and open-end lines of credit. The final rule raised the threshold to report closed-end mortgage loans from 25
On December 7, the Consumer Financial Protection Bureau (CFPB) published a notice of intent to make a preemption determination on whether the Truth in Lending Act (TILA) preempts a New York commercial financing law. The CFPB has made a preliminary conclusion that the law is not preempted by TILA, and is also considering whether to
On December 5, an Arizona Superior Court for Maricopa County issued an Order to Show Cause to the state of Arizona and scheduled an expedited evidentiary hearing in a suit challenging the newly passed Arizona Protection from Predatory Debt Collection Act (the Act), also known as Proposition 209. Arizona voters passed the Act in the