On June 1, 2023, the Consumer Financial Protection Bureau along with Federal Reserve, OCC, FDIC, NCUA and FHFA (collectively, the “Agencies”) issued a Notice of Proposed Rulemaking seeking comment on rules to implement quality control standards for automated valuation models (AVMs) used by residential mortgage originators and secondary market issuers in determining the collateral worth of a mortgage loan that is secured by a consumer’s principal dwelling ...
April 27, 2022 By: Michael Flynn On April 25, the CFPB announced that it is invoking an aspect of its oversight authority to enable it to supervise and examine certain nonbank lenders when it determines the company’s activities and products pose a risk to consumers. The announcement highlights the CFPB’s intent to more closely supervise at least some FinTech companies and other nonbank consumer financial services providers, comparable to its supervision of banks ...
July 20, 2022 By: Michael Flynn* Amidst its increased activity in many different areas, the CFPB recently focused on credit reporting responsibilities under the Fair Credit Reporting Act (FCRA) by issuing an advisory opinion. The CFPB highlighted and set out some specific key points regarding credit reporting responsibilities and prohibitions, and offered a reminder about criminal liability under various provisions in the FCRA ...
As a part of Federal agencies’ issuance of their semi-annual Spring 2023 Regulatory Agenda, the CFPB has published its Spring 2023 Agency Rule List (“2023 List”). In that List, the CFPB has set forth the status of its present rulemaking activities and its plans for such activities in the next 6 months ...
March 31, 2023 By: Michael Flynn and Brett Voets On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) issued the long-awaited final version of its rules on Small Business Lending under the Equal Credit Opportunity Act.[1] The new rule imposes significant burdens and risks on lenders, and will likely result in significant amounts of loan-related data being made public, as discussed below ...
Last Wednesday, the United States Court of Appeals for the Fifth Circuit held that the CFPB's automatic funding structure violates the Constitution. Because the decision calls into question virtually all of the CFPB’s actions since its creation, it has wide-ranging potential implications for all financial services industries. Please join us for a lunch-time webinar as we unpack the Fifth Circuit’s decision and what it means for your business ...
The Commodity Futures Trading Commission (CFTC) has clarified the priorities and expectations when a designated contract market (DCM) or swap execution facility (SEF) lists new virtual currency derivatives or when a derivatives clearing organization (DCO) clears virtual currency derivatives. Background and Key Terms The CFTC is an independent federal agency that administers the Commodity Exchange Act, which regulates transactions in commodity interests ...
On April 27, 2020, a group of petitioners asked the Supreme Court of the United States to stay the enforcement of Pennsylvania Governor Tom Wolf’s March 19, 2020, executive order that closed many of the Commonwealth’s businesses. The case Friends of Danny DeVito et al. v. Wolf et al., No. 19A1032, reaches the Supreme Court from the Supreme Court of Pennsylvania, where the petitioners’ King’s Bench petition was denied on April 13, 2020 ...
Legal directory Chambers and Partners has today launched Global LawTech 2022, ranking Shoosmiths8 Connected Services Cia® and Matters+ as band one products. This global guide is part of Chambers’ professional advisor series and is its second report on the rapidly moving legal technology sector ...
The Chambers Asia-Pacific 2015 Guide is now available online and features an overview of the Philippinescontributed by SyCipLaw Managing Partner Rafael A. Morales.The guide is distributed to corporate counsel worldwide and is accessible through the Chambers website: www.chambersandpartners.com/guide/asia/8/172/1 ...
Overview and Outlook for Fintech in 2020 Technology continues to redefine our expectations in almost every area of our lives and shape the way we interact with the world ...
A comment posted on social media last week in South Africa said, “It is only a Coup when it originates from the Coup d'état region in France. Otherwise it is just sparkling insurrection”. For those who are not aware, South Africa has had a few disruptive weeks with violent protests and looting. In-between the angst and sadness, there was still time for a dig at Geographical Indications (“GIs”) ...
During the COVID-19 pandemic, the rules surrounding weddings regularly changed to reflect government guidelines and the world’s growing understanding of the virus. The rules ranged from a complete ban on weddings in March 2020, to a limit of 30 people (including the engaged couple) without any singing or dancing in June 2020, to a guest limit depending on the venue in June 2021, with various stages in between ...
The United States Patent and Trademark Office has published its first major update to the rules for trademark trials and appeals in nearly a decade. The final changes to the Trademark Trial and Appeal Board (“TTAB”) Rules of Practice appear in the October 7, 2016 Federal Register (81 Fed. Reg. 69950) and are scheduled to go into effect on January 14, 2017 ...
In this article, we provide a brief overview of the most important new rules applicable to Hungarian data protection laws after 1 October 2015. BCRs accepted after 1 October 2015 Binding corporate rules (BCR) have so far not been recognized by Hungarian law and, thus, could not be used whenever personal data were transferred to a non-EEA country ...
The focus on the response to the Coronavirus (COVID-19) has primarily centered around prevention and containment but the government and commercial payors have also addressed healthcare operational matters that encourage prompt diagnosis, treatment and monitoring through billing and reimbursement modifications and expansion of telehealth services ...
Making variations to planning permissions as a scheme evolves is rarely a straightforward process, particularly where the changes go beyond the scope of non-material or minor material amendments. One tool that has been used extensively to achieve variations is the ‘drop-in’ planning application where a new consent is granted for an area that overlaps with the original permission ...
This past year the North Carolina Legislature has been incredibly active. Among the legislation proposed and adopted, a few bills will create changes in how contractors interact with various public entities. Most notably, big changes are on the horizon for contractors that work with the NCDOT and with school systems. Sitting with the Committee on Transportation, H.B ...
On 1 March 2012, Google launched a new privacy policy by consolidating over 60 of its global privacy policies into one document. The new privacy policy does not indicate that Google will collect any new or additional data about users. What it does do, however, is inform people that Google will merge data which it already collects from services such as YouTube and Web History (which records all searches performed on Google ...
From 6 April 2022, the way right to work checks are conducted is changing. Virtual or “adjusted” right to work checks will no longer be acceptable Virtual checks were only ever intended as a temporary concession because of the pandemic. While they have been repeatedly extended throughout the pandemic, the Home Office is adamant that they will end once and for all, with 5 April 2022 being the final date on which they can be validly conducted ...
Following on from the Migration Advisory Committee's annual report, the government have announced welcome changes to the Health and Care visa route. The Migration Advisory Committee (MAC) published their annual report in December. The report considered a variety of subjects and took a detailed look at the health and care sector ...
This initiative is a significant departure from the current position where an application for the appointment of a 'light touch' provisional liquidator, for the purpose of restructuring, must be made as part of the winding up process. Under the changes, a restructuring officer can be appointed by a company acting by its directors without a resolution of its members or an express power in its articles of association ...