With the surge in popularity and value of cryptocurrencies, regulatory bodies have not been left behind. The U.S. Commodity Futures Commission (CFTC), for one, has been exceedingly active in this digital frontier. Between Q1 of 2015 and Q2 of 2023, the CFTC instituted 100 actions against virtual currency market participants, a clear show of increased…
A recent data breach has affected H&R Block Emerald Cards that were issued by Pathward, N.A., an incident that surfaced in a report released by the Attorney General of Maine on September 27, 2023. Discussed openly on the Attorney General’s website, the event has resulted in an unauthorized party accessing a wide array of consumers’…
In a move that underscores the seriousness of its approach to digital asset regulation, France has implemented a series of reforms geared toward strengthening the registration process for digital asset service providers. For around three years, France has had a registration and licensing process in place for these providers but recent events have prompted a…
Emerald Financial Services, LLC (“Emerald Card”) reported a significant data breach affecting 793,626 cardholders on October 4, 2023. The breach was reported to the Attorney General of Montana and it was discovered that the data breach originated from a third-party vendor. The third-party vendor in question had been using MOVEit, a widely used file-transfer software,…
The U.S. Food & Drug Administration (FDA) has updated its draft guidance, notably adding two new chapters: Chapter 11: Food Allergen Program, and Chapter 16: Acidified Foods. The amendments were officially made on September 26, 2023. Further details can be found on JD Supra’s website. The new chapters are intended to aid compliance with FDA’s…
The moniker “mini-TCPAs” belies the potential oversized risks they represent. Despite the innocuous name, state “mini-TCPAs” are quickly becoming regulatory pitfalls for corporations and law firms alike. Anchored in the telemarketing sphere, their influence is increasingly felt across multiple channels of corporate communication. The number of states introducing new, or amending existing, telemarketing statutes —…
Change is coming to the legal landscape regarding mass dispute resolution as Representative Actions for Redress are expected to be possible starting from October 2023. This new unicameral precedent will have profoundly reshape the conventional methods for dispute settlement. The redress action, as proposed, would allow consumer associations to collectively sue companies on behalf of…
The future of the Consumer Financial Protection Bureau (CFPB) appears uncertain after the Supreme Court hearing on October 3 regarding the CFPB v. Community Financial Services Association of America, Limited. This case, originating from the Fifth Circuit, signals an ongoing debate concerning the constitutionality of the CFPB’s funding structure. The Fifth Circuit court previously struck…
Facial recognition technology, a form of biometric identification, is increasingly being utilized in sports venues worldwide. It’s a development prompting both cheers for potential security benefits and jeers from those concerned about privacy and legal implications. With technological advancements coming into play, legal professionals need to be aware of the implications, especially for those representing…
In an important reinterpretation of the Fair Credit Reporting Act (FCRA), the Third Circuit Court of Appeals has held that furnishers must investigate all indirect disputes forwarded by a consumer reporting agency (CRA), even those deemed frivolous or irrelevant. This ruling overturns the district court’s previous interpretation, under which a furnisher had discretion in deciding…
The issue of antitrust regulations has occupied forefront attention for legal professionals and key players within the healthcare industry recently. It is interesting to delve into the implications of the recent amendments to the draft Merger Guidelines. Healthcare providers have been particularly affected by these changes. As these entities navigate through a landscape that has…
On the 3rd of October, the United States Supreme Court took up a pivotal case that may reshape the operational framework of financial agencies in the country. The case in question is between the Community Financial Services Association of America (CFSA) and the Consumer Financial Protection Bureau (CFPB), where the latter’s funding mechanism is being…
As the United States continues in the absence of a federal privacy law, individual states have been picking up the mantle with their own regulations, creating a complex patchwork of compliance laws, each with its own nuances. One such state is Texas, which recently signed the Texas Data Privacy and Security Act (TDPSA) into law,…
On October 3, 2023, the U.S. Supreme Court began hearing oral arguments in a key case for the legal and financial community: Consumer Financial Protection Bureau v. Community Financial Services Association of America. The question at hand is whether the Consumer Financial Protection Bureau’s (CFPB) current funding mechanism has a firm base in the constitution….
In a recent legal development, a New York federal district court has refused to dismiss a lawsuit initiated by the Consumer Financial Protection Bureau (CFPB). Filed in January 2022, this case targets three corporate defendants known to purchase portfolios of defaulted debts, and three individuals acknowledged as the owners and/or officers of these corporations. This…
The eighth annual ABA TECHSHOW pitch competition returns in 2024, inviting legal tech startups to apply for a spot on the floor. Since its inception in 2017, this remarkable event, held as part of the American Bar Association’s annual TECHSHOW, has propelled countless startups to success. Interested startups can now submit applications to vie for…
This week, the U.S. Supreme Court engaged in oral arguments in the case of Community Financial Services Association of America Ltd. v. Consumer Financial Protection Bureau, also known under the shortened form of its name, CFBP. JD Supra reports that the case holds serious potential in shaping the future structure and legality of the CFPB….
As the incorporation of artificial intelligence (AI) into diverse fields progresses, and its implications for society continue to dominate headlines, public interest groups are stepping up their calls for regulation. Now, the attention has turned towards an ambitious yet undeveloped instrument – the AI Bill of Rights. On September 5, 2023, a consortium of 60…
The legal landscape is ever-evolving with constant news relating to the Supreme Court. SCOTUSblog, a dedicated platform for updates and expert commentary on the United States Supreme Court, regularly curates a shortlist of important articles, commentaries, and news items. Their morning read for Thursday, October 5, provides a snapshot of the recent developments in the…
The Federal Trade Commision (FTC) has recently revised its guides concerning the utilization of endorsements and testimonials in advertising. These amendments, as stated by Michael Ostheimer, Senior Consumer Protection Attorney in the FTC’s Division of Advertising Practices, have been ushered in to account for the surge in digital and social media marketing. Reflecting Section 5…
The financial world can often present its own labyrinth of complexities, and it seems the realm of Earned Wage Access (EWA) is no exception. EWA, a system that permits employees to access their earned wages prior to the employer’s payroll cycle, is now under themed discussion in the latest episode of Payments Pros, a podcast…
In a substantial legal development, a court affirmed the validity of Financial Industry Regulatory Authority’s (FINRA) Six-Year Eligibility Rule in the Strickland v. Calton & Associates case. The sparkle of this confirmation is bound to ripple across the legal fraternities not just in the U.S., but globally. The undercurrent of this case, FINRA Case #22-02233…
On the forefront of data privacy legislation, the California Legislature has passed a bill that will introduce new duties for data brokers, continuing a wave of privacy laws within the state. The new bill, Senate Bill 362, branded as the Delete Act, aims to amend the existing laws concerning data brokers by mandating compulsory registration…
The recent move by the Consumer Financial Protection Bureau (CFPB) to propose changes in the Fair Credit Reporting Act (FCRA) has required a quick reaction from legal professionals and corporate bodies. The Bureau’s proposals tackle a range of FCRA concerns, from brokers to data security and targeted marketing. The proposal, also referred to as the…
It seems a fresh wave of regulatory intervention is on the horizon, and it potentially carries a strong financial punch. On September 26, 2023, the Departments of Health & Human Services (HHS), Labor, and the Treasury, put forward a joint proposal to update the administrative fee and Certified Independent Dispute Resolution (IDR) entity fee ranges…