Firm News

Both houses of the Ohio General Assembly have passed Ohio S.B. No. 13, a bill shortening the statute of limitations for actions upon written contracts to six years after the cause of action accrues. The bill also shortens the statute of limitations on oral contracts to four years after the cause of action accrues. Read More

On February 16, 2021, the New York Governor signed S.898, a bill that amends the New York commercial financing disclosure statute to expand the scope of the statute and delay the effective date. See our prior ALERT dated Dec. 29, 2020 for details about the commercial financing disclosure statute…Read More

The Consumer Financial Protection Bureau’s (“CFPB”) Acting Director Dave Uejio announced in a blog post that he has directed the Division of Research, Markets and Regulation (“RMR”) to end the CFPB’s “pause on quarterly Home Mortgage Disclosure Act (“HMDA”) reporting, CARD Act data collection and more that was ” implemented around the start of the COVID-19 pandemic…Read More

Virginia is on the verge of enacting consumer privacy legislation substantially similar to the California Consumer Privacy Act (“CCPA”) as both the House of Representatives and Senate have passed companion bills. On January 29, 2021, the House passed HB 2307 and on February 3, 2021, the Senate passed SB 1392, each titled the Consumer Data Protection Act. Each bill has been continued to be considered during the first special legislative session that begins on February 10, 2021…Read More

The newly named California Department of Financial Protection and Innovation (“DFPI”) has asked stakeholders to provide comments to help the DFPI development regulations under the California Consumer Financial Protection Law (“CCFPL”). The deadline to submit comments is March 8th…Read More

The Sixth Circuit Court of Appeals is set to opine on whether calls made to an individual using an automated telephone dialing system before July 6, 2020 relinquished the court’s subject matter jurisdiction over the claims. Lindenbaum v. Realgy, LLC, No. 20- 4252 (appellant’s opening brief, filed Jan. 25, 2021)…Read More

In a forthright blog post, the Director of the Bureau of Consumer Protection, Andrew Smith, explained the Federal Trade Commission’s (“FTC”) approach to bringing enforcement actions against companies that assist, facilitate or participate with their customers, vendors or business partners in misconduct…Read More

The Office of the Comptroller of the Currency (“OCC”) released another Interpretive Letter relating to a nation bank’s use of cryptocurrency and blockchain technology. Interpretive Letter 1174 provides that national banks and federal savings associations may use independent node verification networks (“INVN”) and stablecoins to carry out permissible payment activities…Read More

On December 18, 2020, the chief counsel of the Office of the Comptroller of the Currency (“OCC”) published a letter detailing the OCC’s comprehensive interpretation of the federal preemption standard and related procedural requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) (codified at 12 U.S.C. § 25b, “Section 25b”). See OCC Chief Counsel’s Interpretation: 12 U.S.C. § 25b, Interpretation Letter No. 1173 (Dec. 18, 2020)…Read More

Recently, the Consumer Financial Protection Bureau (“CFPB”) released two opinions that clarify the types of earned wage access (“EWA”) programs that do not involve the offering or extension of “credit” regulated by Regulation Z.

On November 30, the CFPB issued an advisory opinion to resolve regulatory uncertainty regarding the applicability…Read More