On March 31, Idaho Governor Brad Little signed HB 583, the Digital Asset Act. The bill amends Title 28 of the Idaho Code, which governs commercial transactions generally, to include a new chapter dedicated to regulation of digital assets. The bill goes into effect on July 1. Idaho’s bill is multifaceted:
(1) It distinguishes
On March 15, Congress passed the Cyber Incident Reporting for Critical Infrastructure Act (Act). Many outlets reporting on the Act focused on its 72-hour breach notification requirement. But such reports created uncertainty over the Act’s application and requirements, as well as the steps an organization should take in response to the Act.
To help resolve
On April 25, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it would begin invoking a provision in Dodd-Frank, previously used only infrequently, to conduct supervisory examinations over a greater number of nonbank financial companies that may “pose risks to consumers.”
Under Dodd-Frank, the CFPB has authority to examine three categories of nonbank
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 March 31, the Securities and Exchange Commission (SEC) issued Staff Accounting Bulletin No. 121 (Bulletin), noting that a company safeguarding or exerting custody over cryptocurrency on behalf of its platform users must clearly report the users’ assets as liabilities on the company’s financial statement, along with the risks consumers face by entrusting the company
On February 28, the U.S. Department of Justice (DOJ) agreed to a $930,000 settlement with Comprehensive Health Services (CHS) to resolve False Claims Act allegations. The resolution represents the department’s first settlement under the False Claims Act since instituting its Civil Cyber Fraud Initiative in October 2021.[1] This is a watershed moment in the
On April 5, the Securities and Exchange Commission (SEC) announced that two employees improperly accessed adjudicatory materials for cases being litigated in the agency’s in-house court system. The access occurred in 2017, and the SEC stated the breach “did not impact the actions taken by the staff investigating and prosecuting the cases or the commission’s
On April 18, the Consumer Financial Protection Bureau (CFPB or Bureau) published a blog post, scrutinizing the practice of withholding transcripts from students with delinquent accounts and who are attending an institute of higher education.
The practice of withholding transcripts as a collections tactic has never been popular with regulators or consumer advocates. As
A Kentucky district court judge recently granted in part and denied in part a defendant’s motion for summary judgment in a Telephone Consumer Protection Act (TCPA) case, Barnett v. First National Bank of Omaha. The court held that the plaintiff’s request to have information sent to him via the mail instead of over the
On April 6, Senator Pat Toomey (R-PA) released a draft of his proposed stablecoin legislation titled, Stablecoin Transparency of Reserves and Uniform Safe Transactions Act, or the Stablecoin TRUST Act. Toomey, the ranking member of the Senate Banking Committee, has been a vocal proponent of blockchain innovation, and his recent bill calls for a deft