Firm News

The California Department of Financial Protection and Innovation (“DFPI”) released the final version of the implementing regulations for California’s Debt Collection Licensing Act (“DCLA”), along with final responses to comments submitted. Read More

The New York Governor signed into law S.B. 133, a bill regulating credit card rewards programs. S.B. 133 requires credit card issuers give notice to cardholders whenever they modify or cancel any accounts or rewards programs. Read More

The Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and Federal Reserve Board issued a joint rule in the wake of significant data security incidents and cyberattacks in the financial services sector. Read More

The California Department of Financial Protection and Innovation (“DFPI”) released its second set of proposed modifications to the implementing regulations for California’s Debt Collection Licensing Act (“DCLA”) in an ongoing comment process. Read More

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