The changes and disruptions caused by the COVID-19 pandemic continue to roil companies’ business operations and financial results. The pandemic’s effects, and the ensuing shifts in business operations and strategic decision-making, are also in some instances continuing to result in
Financial
CFPB addresses application of CFPA to digital marketing providers in new interpretive rule
The CFPB has issued an interpretive rule that addresses when digital marketing providers are “service providers” subject to the Consumer Financial Protection Act, including the CFPA’s prohibition on unfair, deceptive, or abusive acts or practices.
The CFPB describes digital marketing…
This week’s podcast episode: A close look at the Federal Trade Commission’s proposed rule for motor vehicle dealers, with special guests Sanya Shahrasbi and Daniel Dwyer, Staff Attorneys, FTC Bureau of Consumer Protection, Division of Financial Practices
The FTC’s proposal would impose a number of new substantive and disclosure requirements on motor vehicle dealers in connection with the car buying or leasing process. The topics we cover include: the FTC’s statutory authority for the proposal and the…
Connecticut Banking Commission Releases Advisory on Money Transmission
On July 20, 2022, the Connecticut Department of Banking (the “Department”) issued a Consumer and Industry Advisory on Money Transmission (the “Advisory”).…
Payment Processor Agrees to Refund Customers After FTC Alleges Surprise Exit Fees and Zombie Charges On Small Businesses
On July 29, a payment processor company and its two sales affiliates (defendants) agreed to a stipulated order with the FTC to settle charges that they imposed hidden terms, surprise exit fees, and “zombie charges” on small businesses.…
Regulators Remind Auto Industry of Servicemember Protections
On July 29, the CFPB and DOJ issued a joint letter to the auto lending and leasing industry reminding auto companies of their obligations under the Servicemembers Civil Relief Act (SCRA). The SCRA affords special protections to servicemembers and their…
FHFA Announces Mortgage Servicer Requirements for Maintaining Fair Lending Data
The FHFA announced that Fannie Mae and Freddie Mac will require mortgage servicers to maintain certain fair lending data elements, including the borrower’s age, race, ethnicity, gender, and preferred language. The fair lending data must be stored in a searchable…
Bank of England letter on the Financial Services and Markets Bill
On 11 August 2022, the House of Commons’ Treasury Committee published a letter from the Bank of England (BoE) regarding the Financial Services and Markets Bill.
In the letter the BoE welcomes the Future Regulatory Framework measures contained in the…
FCA updates webpages – cryptoassets
On 11 August 2022, the FCA updated the following webpages:
- Requirements for a change in control– The webpage now provides that, an FCA registered cryptoasset firm (i.e. a cryptoasset exchange provider and/or a custodian wallet provider) is subject to
…
ESMA MoU with South Africa’s Financial Sector Conduct Authority, Prudential Authority and the South African Reserve Bank
On 11 August 2022, the European Securities and Markets Authority (ESMA) published a Memorandum of Understanding (MoU) between itself and South Africa’s Financial Sector Conduct Authority, Prudential Authority and the South African Reserve Bank related to central counterparties (CCPs) established…