Ballard Spahr LLP (LexBlog United States)

4682 results for Ballard Spahr LLP (LexBlog United States)

  • Proposed Title IX Amendments Protect LGBTQ+ Students

    On June 23, 2022, the 50th anniversary of Title IX, the U.S. Department of Education released its proposed changes to Title IX regulations, which codify protections for LGBTQ+ students from discrimination based on sexual orientation, gender identity, and sex characteristics. The regulations aim to restore protections for students against all forms of sex-based harassment, ensure...

  • FTC proposes new rule imposing prohibitions and disclosure requirements on auto-dealers in car-buying process

    The Federal Trade Commission (FTC) recently proposed a rule that would impose a number of new substantive and disclosure requirements on auto-dealers in the car-buying process.  The FTC described the proposed Rule as one designed “to ban junk fees and bait-and-switch advertising tactics that can plague consumers throughout the car-buying experience.”  As the impetus for...

  • ALI circulates revisions to Tentative Draft No. 2 of the Restatement of the Law, Consumer Contracts

    On June 22, 2022, the American Law Institute (“ALI”) circulated minor (mostly technical) revisions to Tentative Draft No. 2 of the Restatement of the Law, Consumer Contracts (the “Restatement”).  The Restatement was approved last month at ALI’s 2022 Annual Meeting, subject to minor changes agreed to by members at the Annual Meeting, the most notable...

  • FinCEN warns against elder financial exploitation

    On June 15, FinCEN issued an Advisory on Elder Financial Exploitation (“Advisory”) to warn financial institutions about the rising trend of elder financial exploitation (“EFE”), which FinCEN defines as “the illegal or improper use of an older adult’s funds, property, or assets, and is often perpetrated either through theft or scams.”  The Advisory is detailed.  It highlights...

  • GAO Report Recommends DHS and Treasury Assess Federal Response to Cyber Attacks

    In a report released June 21, 2022, the U.S. Government Accountability Office (GAO) urged the Department of Homeland Security’s (DHS) Cybersecurity and Infrastructure Security Agency (CISA) and the Department of the Treasury’s (Treasury) Federal Insurance Office (FIO) to jointly assess whether the risk to critical infrastructure and potential financial exposures from catastrophic cyber incidents...

  • This week’s podcast episode: A look at the joint Community Reinvestment Act proposal issued by the OCC, FDIC, and Federal Reserve Board, with special guest Kenneth Thomas, President of Community Development Fund Advisors, LLC

    Mr. Thomas is widely-viewed as the nation’s leading CRA expert and has advised federal regulators on CRA reform.  After reviewing CRA’s origins and purpose, we discuss how the new proposal differs from the OCC’s rescinded 2020 final CRA rule and the current CRA rules, including the proposal’s higher asset threshold for small banks and approach...

  • Justice Department announces settlement with Meta (formerly Facebook) to resolve alleged FHA violations arising from Meta’s targeted advertising system

    The Department of Justice announced that it has entered into a settlement with Meta Platforms Inc., formerly known as Facebook Inc., to resolve allegations that Meta engaged in discriminatory advertising in violation of the Fair Housing Act (FHA). The proposed agreement was filed in a New York federal district court simultaneously with a complaint alleging...

  • SDNY Allows Putative Class Action Securities Fraud Case Based on Alleged AML Deficiencies to (Mostly) Proceed

    Judge Jed Rakoff of the Southern District of New York issued an opinion last week on a motion to dismiss in a putative class action securities fraud case against Deutsche Bank (“DB”) and several current and former bank executives. The opinion, while technically a “split decision,” allows the bulk of plaintiffs’ claims to proceed to...

  • Simplification and possible registration of nonbanks on CFPB rulemaking table

    CFPB rulemaking was the subject of a new blog post by Director Chopra published last week titled “Rethinking the approach to regulations.” Director Chopra first discussed the CFPB’s efforts “to move away from highly complicated rules that have long been a staple of consumer financial regulation and towards simpler and clearer rules.” He indicated that...

  • FinCEN Warns Against Elder Financial Exploitation

    On June 15, FinCEN issued an Advisory on Elder Financial Exploitation (“Advisory”) to warn financial institutions about the rising trend of elder financial exploitation (“EFE”), which FinCEN defines as “the illegal or improper use of an older adult’s funds, property, or assets, and is often perpetrated either through theft or scams.”  The Advisory is detailed. ...

  • Philadelphia Employers Will Soon Be Required to Provide Commuter Benefits to Their Employees

    On June 9, 2022, the Philadelphia City Council passed an ordinance that would require covered employers to make available to eligible employees a commuter transit benefit program. The bill is currently awaiting the Mayor’s signature, which many expect will occur shortly.  To read more about this development, please see our Alert on this development.

  • 2021 HMDA Data Released

    The Federal Financial Institutions Examination Council (FFIEC) recently announced the public availability of Home Mortgage Disclosure Act data for 2021.  The CFPB also released a summary of the data.  The data include information on 23.8 million home loan applications, with 21.1 million being identified as closed-end loan applications.  A total of 15 million applications resulted...

  • CFPB continues focus on overdraft practices

    In a blog post published last week, the CFPB reported that since the beginning of 2022, it has been collecting data from supervised institutions on their overdraft and non-sufficient fund (NSF) practices and intends to use the information to identify institutions for further examination and review.  The CFPB also plans to provide feedback to each...

  • Third Circuit Upholds Federal Cyber-Stalking Statute Against Constitutional Challenge

    The Third Circuit recently issued an opinion upholding the federal cyber-stalking statute against a constitutional challenge in United States v. Ho Ka Yung. Yung was convicted of cyber-stalking after he instituted a campaign of harassment against a Georgetown Law alumnus interviewer and his family. Though he pled guilty, Yung preserved the right to appeal his...

  • Employer prevails in latest FAA preemption ruling from U.S. Supreme Court

    The U.S. Supreme Court has once again confirmed that the Federal Arbitration Act (FAA) preempts incompatible state laws that preclude contracting parties from controlling which claims are subject to arbitration.  Ruling in favor of the employer in Viking River Cruises, Inc. v. Moriana, the Court held that the California courts erred in refusing to compel...

  • Bank/nonbank partnerships could face CFPB scrutiny

    Delivering the keynote address last week at the Consumer Federation of America’s 2022 Consumer Assembly, CFPB Deputy Director Zixta Martinez indicated that the CFPB “is taking a close look” at “‘rent-a-bank’ schemes.” Deputy Director Martinez commented that “[s]ome lenders attempt to use [relationships with banks] to evade state interest rate caps and licensing laws by...

  • CFPB issues request for information on relationship banking and customer service

    The CFPB has issued a request for information (RFI) that seeks comments from the public “on what customer service obstacles consumers face in the banking market, and specifically what information would be helpful for consumers to obtain from depository institutions pursuant to section 1034(c) of the Consumer Financial Protection Act.“  Section 1034(c) requires depository institutions...

  • CFPB outlines BNPL expectations

    The CFPB’s new blog post titled “Buy Now, Pay Later and Credit Reporting” appears intended to send a message about the CFPB’s expectations to industry.  For companies offering buy-now-pay-later (BNPL) products, the CFPB’s message is that “when BNPL payments are furnished [to CRAs] it is important that lenders furnish both positive and negative data.”  The...

  • DOJ Report Calls For International Cooperation to Fight Digital Asset Crime

    On June 6, Attorney General Merrick Garland (“AG”) issued a report titled “How to Strengthen International Law Enforcement Cooperation For Detecting, Investigating And Prosecuting Criminal Activity Related To Digital Assets” (the “Report). Led by the Department of Justice, the Report represents a collaborative effort with feedback from the Department of State, Department of Treasury, Department...

  • New York Minute – June 2022

    More Pay Transparency Laws Our last edition focused on the new pay transparency law in New York City.  The New York State Legislature passed Senate Bill 9427A, which would impose salary disclosure requirements similar to those issued in New York City.  The bill would require employers to disclose the compensation or a range of compensation...

  • FTC seeks public input on updates to 2013 guide on making effective disclosures in digital advertising

    The FTC has announced that it is seeking public input on ways to modernize its 2013 guide titled “.com Disclosures:  How to Make Effective Disclosures in Digital Advertising,” which provides guidance to businesses on digital advertising and marketing. In an attempt to modernize the guidance, the FTC is seeking comments on the following issues: the...

  • California lawmakers urge FDIC to rein in bank partnerships

    Four Democratic members of the California state legislature recently sent a letter to the Federal Deposit Insurance Corporation (FDIC) urging the agency to take action against FDIC-supervised banks that partner with non-bank lenders to originate high-cost installment loans. Two of the letter’s authors, California Senator Monique Limon and Assemblymember Tim Grayson, were also sponsors of...

  • California DFPI issues final regulations implementing 2018 law requiring consumer-like disclosures for commercial financing

    The California Department of Financial Protection and Innovation (DFPI) has issued final regulations to implement SB 1235, the bill signed into law on September 30, 2018 that requires consumer-like disclosures to be made for certain commercial financing products, including small business loans and merchant cash advances.  SB 1235, codified at CA Financial Code (Code) sections...

  • CFPB Office of Servicemember Affairs annual report highlights consumer complaints from military families

    Yesterday, the Consumer Financial Protection Bureau (CFPB) issued the Office of Servicemember Affairs Annual Report for 2021.  The report focuses primarily on customer complaints, highlighting issues related to credit reporting, debt collection, and medical billing.  According to the CFPB, it received more than 42,700 customer complaints from servicemembers in 2021, a 5% increase from 2020...

  • CFPB issues order terminating Upstart no-action letter

    The CFPB issued an order last week terminating the no-action letter issued to Upstart Network, Inc. on November 30, 2020 for a 36-month term (NAL). The NAL was essentially a renewal of the no-action letter issued to Upstart in September 2017, which was the first no-action letter issued by the CFPB. The NAL was issued...

  • Trade Groups Say “No Thanks” to Notion that FDIC Should Consult CFPB Before Approving Bank Mergers

    The results are in after the closing of a public comment period related to the Federal Deposit Insurance Corp.’s review of its bank merger policies.  The request for information (RFI) included questions related to the agency’s current bank merger review process, and how the process could be improved.  One issue raised in the RFI is “to what extent should the CFPB be consulted...

  • Overwhelming Majority of State Attorney Generals Endorse Commitment to Interstate Robocall Investigations Coordinating State and Federal Branches

    In January, attorney generals representing all 50 states called on the Federal Communications Commission (FCC) to put a plan in place to counter what they perceived to be a growing tide of fraudulent robocalls.  The FCC proposed states act collaboratively to share information for investigations which it claims would prevent duplicative efforts, allowing pooling of...

  • Webinar Recording – Cypto Breaches: Legal & Regulatory Update

    The FTC recently reported that over $650 mm worth of cryptocurrency was stolen by hackers last year.  Thus far, over $320 mm in cryptocurrency has been stolen by hackers this year.  Not surprisingly, this surge in crypto breaches has led to litigation.  In our monthly webcast series, Ballard partners Phil Yannella, Greg Szewczyk and Margie...

  • Consumer Financial Protection Bureau Requests Information Regarding Employer-Driven Debt

    The Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) regarding employer-driven debt. Specifically, the CFPB is interested in “debt incurred to an employer or an associated entity, taken on in pursuit or in the course of employment.” Comments must be received by Wednesday September 7, 2022. The CFPB is seeking  input from...

  • Colorado’s Newly Enacted Income-Based Non-Compete Law Marks Tightening of Restrictive Covenants

    In May 2022, Colorado legislators passed a law that bans employee non-compete clauses for workers making less than six figures annually.  Governor Jared Polis (D) signed the bill into law on June 8, 2022, giving it an effective date of August 10, 2022. In short, HB 22-1317, imposes an income-based minimum on enforceable non-compete agreements...

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