To resolve a discovery dispute in a Fair Credit Reporting Act (FCRA) case, a judge in the Western District of Kentucky recently compelled the production of the plaintiff’s settlement agreements with several former co-defendants. Under the “one-satisfaction rule,” the agreements reduced the remaining defendant’s potential liability, making them relevant to the case and thus discoverable.
On April 28, the Joint Chiefs of Global Tax Enforcement (the J5), a global joint operational taxation group consisting of Australia, Canada, Netherlands, United Kingdom, and the United States, issued an intelligence bulletin (Bulletin), enumerating its perceived dangers of non-fungible tokens (NFTs).
NFTs, ERC-20, and Fungibility
Cryptocurrencies and NFTs are similar in the sense that
On May 23, California’s Department of Financial Protection and Innovation (DFPI or Department) sent an email notifying license applicants and prospective license applicants that the issuance of licenses under the Debt Collection Licensing Act is unavoidably delayed at this time.
The original deadline for applicants was December 31, 2021; however, that deadline was extended to
On May 20, California’s Department of Financial Protection and Innovation (DFPI or Department) announced that it had filed a Notice of Proposed Rulemaking with the Office of Administrative Law, inviting public comments on the proposed rulemaking. The purpose of the proposed regulations is to implement, interpret, clarify, and make specific, certain sections of the California
In a unanimous decision, the Supreme Court has rejected the rule that a party’s conduct inconsistent with the right to arbitrate will constitute a waiver of that right only if the opposing party was prejudiced by the conduct. In Morgan v. Sundance, Inc., issued May 23, the Court concluded that this rule, followed by
On May 4, the Connecticut Banking Commissioner issued a temporary order to cease and desist and order to make restitution against lead generator SoLo Funds Inc. (SoLo) for allegedly engaging in unfair, deceptive, and abusive acts and practices (UDAAPs) in violation of the Consumer Financial Protection Act of 2010, as well as for operating in
On May 9, Clearview AI (Clearview) and the American Civil Liberties Union (ACLU) reached a settlement whereby Clearview agreed to a nationwide injunction blocking many private entities, and some public entities, from accessing its database of face prints. The settlement highlights the force of the Illinois Biometric Information Privacy Act (BIPA) and demonstrates how state
Like most industries today, Consumer Finance Services businesses continue to be significantly impacted by COVID-19. To help you keep abreast of relevant activities, below find a breakdown of some of the biggest legislative and regulatory events at the federal and state levels to impact the Consumer Finance Services industry this past week:
On May 19, the Department of Commerce’s International Trade Administration issued a Request for Comment (RFC), seeking public input on the development of a framework for driving economic competitiveness and leadership in, and leveraging of, digital asset technologies as part of reinforcing U.S. leadership in the global financial system. This RFC is in response to
On May 19, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an interpretive rule, describing states’ authorities to pursue companies and individuals that allegedly violate any of the federal consumer financial laws enforced by the CFPB.
CFPB Director Rohit Chopra described this action as “promoting state enforcement, not suffocating it.” It openly invites