Firm Alerts

On June 21, 2021, the Maine governor signed L.D. 522 into law, a bill that significantly amends the scope of the Maine Consumer Credit Code (“MCCC”). The legislation amends the MCCC to add a new Part 7 titled “Fraudulent Practices.” Read More

On July 13, 2021, H.B. 376, the Ohio Personal Privacy Act (“OPPA”), was introduced in the Ohio General Assembly. The OPPA sets forth certain consumer privacy rights similar to those found in the California Consumer Privacy Act (“CCPA”), Virginia Consumer Data Protection Act (“VCDPA”) and recently enacted Colorado Privacy Act (“CPA”). Read More

On June 15, the Conference of State Bank Supervisors (“CSBS”) filed an unopposed motion to stay litigation for 90 days in its pending case against the Office of the Comptroller of the Currency (“OCC”) in  the United States District Court for the District of Columbia (Court). Read More

Recently, the Second Circuit held that the New York Department of Financial Services lacked standing to challenge the Office of the Comptroller of the Currency’s (“OCC”) special purpose national bank charter for nondepository financial technology companies (“Fintech Charter”). The Second Circuit held that failed to allege that the OCC’s decision to offer the Fintech Charter caused NYDFS to suffer “an actual or imminent injury in fact.” Read More

On June 8, 2021, the Colorado legislature passed the Colorado Privacy Act (“CPA”), a comprehensive consumer privacy bill that closely resembles the California Consumer Privacy Act (“CCPA”) and Virginia Consumer Data Protection Act (“VCDPA”). The legislation is now headed to the Governor for his signature. Read More

On June 4, 2021, the Consumer Financial Protection Bureau (“CFPB”) issued a set of frequently asked questions (“FAQs”) regarding the unauthorized transfer and error resolution provisions
under the Electronic Fund Transfer Act (“EFTA”) and Regulation E. The EFTA and Regulation E impose a number of requirements for electronic fund transfers, including specific authorization and disclosure-related requirements and dispute resolution procedures. Read More

The Ohio Division of Financial Institutions circulated proposed rules under the Ohio Small Loan Act (“SLA”) for preliminary feedback on June 2, 2021. The Division requested feedback by June 11,
2021. Read More

On May 11, the U.S. Senate voted 52-47 to approve Senator Chris Van Hollen’s Congressional Review Act resolution of disapproval to invalidate the rule submitted by the OCC related to “National Banks and Federal Savings Associations as Lenders” (85 Fed. Reg. 6872 (October 30, 2020) (the “True Lender Rule”). Seeour Prior ALERT dated October 30, 2020 for further discussion of the True Lender Rule Read More

Ohio H.B. No. 133 has been passed by the Ohio General Assembly and will now be sent to the Governor. The bill addresses topics ranging from property tax valuation to acquisition and charter of Ohio banks to consumer lending. We have summarized the most relevant items related to financial services below. Read More

On May 11, 2021, the “Small Business Truth in Financing Act” was introduced in the North Carolina House of Representatives. The proposed legislation requires similar commercial financing disclosure requirements as found in the enacted California and New York commercial financing disclosure laws. See our prior ALERTS dated April 8, 2021; Feb. 17, 2021; Dec. 29, 2020; and Sept. 15, 2020. Read More