On January 19, the United States Bankruptcy Court for the Western District of Virginia entered an order sanctioning a collections law firm for violating the bankruptcy discharge injunction. The court in Skaggs v. Gooch (In re Skaggs) awarded the debtor $25,000 in attorneys’ fees based on a letter he received concerning a discharged
On February 14, Patrice Ficklin, the Fair Lending Director for the Consumer Financial Protection Bureau (CFPB), together with senior officials from the Federal Reserve Board, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, National Credit Union Administration, U.S. Department of Housing and Urban Development, Federal Housing Finance Agency, and U.S. Department of
On October 3, the Financial Stability Oversight Council (FSOC) released its “Report on Digital Asset Financial Stability Risks and Regulation” (Report), concluding, among other things, that unregulated cryptocurrencies could pose a risk to the stability of the U.S. financial system. FSOC further recommended legislation empowering financial regulators to more vigorously oversee the industry
On October 4, the White House Office of Science and Technology Policy released a set of five principles, known as the Blueprint for an AI Bill of Rights, designed to protect the rights of Americans in the age of artificial intelligence (AI). Developed over the course of a year, the principles are intended to help
On June 21, the Department of Justice (DOJ) filed a lawsuit and a settlement framework with Meta Platforms, Inc. (previously known as Facebook) to resolve allegations that Meta’s advertising placement algorithms discriminate against Facebook users based on their race, color, religion, sex, disability, familial status, and national origin (Protected Characteristics) in violation of the Fair
In its 12th case regarding arbitration in the last five years, the Roberts court fascination with the dispute resolution method continues. In the second of two decisions regarding arbitration this week, the Court reestablished the primacy of the Federal Arbitration Act (FAA). In reasoning similar to the line of decisions that have enforced class-action waivers,
In Cadence Bank, N.A. v. Roy J. Elizondo III, PLLC, the Supreme Court of Texas recently held that an administrative form relied upon by a victim of a fraud scam did not impose contractual obligations on a bank to verify available funds before processing the wire transaction.
A Texas lawyer maintained an IOLTA deposit
On March 24, Utah’s governor signed the Commercial Financing Registration and Disclosure Act (CFRDA) into law. Under the CFRDA, beginning January 1, 2023, commercial financing providers must register with the Utah Department of Financial Institutions (Department) and provide certain disclosures.
Utah’s registration requirement is the first applicable to providers of accounts receivable purchase transactions (commonly
The U.S. Supreme Court significantly limited the jurisdiction of federal courts to confirm or vacate arbitral awards under Sections 9 and 10 of the Federal Arbitration Act (FAA) in Badgerow v. Walters. The Court confirmed its prior rulings that the FAA itself does not create subject matter jurisdiction and held that a federal court
On March 22, the Virginia legislature sent HB1027 (Act) to the governor. If signed by April 11, the Act will impose the nation’s first registration requirement on sales-based financing providers and brokers.
Virginia would also be the third state to create commercial financing disclosure requirements applicable to sales-based financing, after New York and California. The