Yesterday, the U.S. Court of Appeals for the Eleventh Circuit issued an order on its own authority to rehear Hunstein v. Preferred Collection and Management Services, Inc. before the entire court. The debt collector was preparing to request a rehearing but before they could, one judge on the Eleventh Circuit requested to poll the other judges and a majority of the active judges voted for rehearing. Read More
The Federal Trade Commission issued updated Standards for Safeguarding Customer Information (“Safeguards Rule”) in the wake of significant data security incidents and cyberattacks in the consumer financial services sector. Read More
The California Department of Financial Protection and Innovation (“DFPI”) released its fourth set of modifications to the proposed Commercial Financing Disclosure Regulations in an ongoing comment process. See our prior ALERTS dated Apr. 8, 2021 and October 14, 2021. Read More
On October 8, New York passed S.737A into law, “requiring debt collectors to inform debtors that written communications are available in large print format.” The legislation becomes effective November 7, 2021. Read More
The deadline for all licensees under the California Financing Law or PACE program to transition onto NMLS is December 31, 2021. All licensees not yet on NMLS must establish an account in NMLS and transmit their information to the DFPI through NMLS on or before the December 31, 2021 deadline. Read More
The Nevada Financial Institutions Division (“FID”) announced it would hold an open workshop on draft regulations on Nevada SB 248, the new medical collections statute. The workshop will be held Tuesday, October 26, 2021 from 10 a.m. to 1 p.m. Read More
On October 12, 2021, the California Department of Financial Protection and Innovation released its third set of modifications to the proposed Commercial Financing Disclosure Regulations in an ongoing comment process. See our prior ALERT dated Apr. 8, 2021. Read More
The Department of Justice has entered into a consent order with the New Jersey Higher Education Student Assistance Authority (“HESAA”), the state’s student financial aid agency, to settle alleged of violations the Servicemembers Civil Relief Act (“SCRA”). Read More
The new California Privacy Protection Agency announced it is seeking input for developing regulations to implement Proposition 24, the California Privacy Rights Act of 2020 (“CPRA” a/k/a “CCPA 2.0”). See our ALERT dated Nov. 4, 2020. The Privacy Protection Agency is the enforcement agency created by the CPRA to enforce California privacy laws. Previous regulations were issued in March of 2021 by the California Attorney General under the California Consumer Privacy Act of 2018. See our ALERTS dated March 16, 2021, Oct. 14, 2020 and Dec. 11, 2020. The CPRA and its regulations comprise a general privacy law that applies to businesses generally in addition to the requirements of the Gramm-Leach-Bliley Act applicable to financial institutions. Read More
Acting Superintendent of Financial Services Adrienne A. Harris announced a new proposed regulation implementing the New York Commercial Financing Disclosure Law (“CFDL”) for small businesses commercial financing. The proposed regulation requires companies that offer commercial financing in amounts under $2.5 million to make disclosures somewhat like those required by the federal Truth in Lending Act and Regulation Z. The CFDL mandates certain disclosures for commercial financing is effective January 1, 2022. See our Alert dated Dec. 14, 2020. Read More
