The Financial Crimes Enforcement Network of the U.S. Department of Treasury (“FinCEN”) issued new interpretive guidance last week relating to the application of anti-money laundering (“AML”) laws under the Banking Secrecy Act (“BSA”) to financial institutions engaged in the business of convertible virtual currencies (“CVCs”), including bitcoin and other cryptocurrency.
The stated purpose of the
An online lead aggregator for payday and installment loans agreed to pay $4 million to settle a lawsuit filed by the Consumer Financial Protection Bureau. The lead aggregator also agreed to a permanent ban on lead generation, lead aggregation, and data brokering for certain high interest consumer loans.
In 2015, the CFPB filed a lawsuit
Two Troutman Sanders LLP attorneys recently published an article in a national publication discussing how to avoid risks in electronic delivery of insurance documents with an E-SIGN compliance strategy.
Alan Wingfield and Michael Huggins co-authored an article Avoid Pitfalls in Electronic Delivery of Documents with an E-SIGN Compliance Strategy in the American Bar Association Journal.
The Supreme Court, in a unanimous decision authored by Justice Clarence Thomas, ruled yesterday that the same False Claims Act statute of limitations period applies whether an action is brought and pursued by a private person, known as a “relator,” or by the government. The opinion focuses on the plain language of the statute and
A recent decision in Cunningham v. Montes, 16-cv-761-jdp, 2019 U.S. Dist. LEXIS 74721 (W.D. Wisc. May 3, 2019) has companies and their business owners that provide telephone dialing services on the edge of their seats. Why? Well, in this case the business owner was personally sued for Telephone Consumer Protection Act violations made by
On May 13, Federal Communications Commission Chairman Ajit Pai announced that the FCC will host a summit on July 11 “to examine industry’s progress” toward meeting the FCC’s deadline to implement “more reliable caller ID information to combat malicious spoofed robocalls.”
The summit is part of the SHAKEN/STIR initiative which is an “industry-led” program through
The Bureau of Consumer Financial Protection (“CFPB”) and Conduent Education Services, LLC (“CES”), a student loan servicing company formerly operating as ACS Education Services, reached a $3.9 million deal for the company’s alleged failure to provide accurate balances on more than 200,000 student loans.
The CFPB found that CES engaged in unfair practices that violated
On May 7, Sen. Ted Cruz (R-Tex.) announced that he is reintroducing a bill titled the “Repeal CFPB Act” which would eliminate the Consumer Financial Protection Bureau. This represents the third time that Cruz has attempted to introduce a bill in the Senate that would eliminate the CFPB. In 2015 and 2017 the
A bipartisan group of attorneys general from thirty-eight states have signed on to a letter backing the Secure and Fair Enforcement (“SAFE”) Banking Act – H.R. 1595 – as it moves toward the floor of the House of Representatives.
Thirty-three states plus the District of Columbia, Puerto Rico, and Guam have legalized marijuana for medical
On April 29, New Jersey’s governor signed into law bill A4997, known as the Mortgage Servicers Licensing Act. As the title indicates, the Act creates a licensing regime for servicers of residential mortgage loans secured by real property within New Jersey. As with many state licensing regimes, the Act exempts most banks and