Month: June 2021

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