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Trey Smith

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Trey is an associate in the firm’s Regulatory Investigations, Strategy + Enforcement Practice. He focuses his practice on helping financial institutions and consumer facing companies navigate regulatory investigations and resulting litigation. He has experience litigating the Consumer Financial Protection Act, the FTC Act, the Truth in Lending Act, state UDAAP statutes, and other consumer protection laws.

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Shutdown, again. This advisory helps contractors manage operations during this period.

First Step for Government Contractors and Companies Subject to US Export Controls.

Contractors should closely monitor their customer and regulatory agencies’ websites for shutdown guidance, as agencies like DoD, DOJ, and others have already issued instructions.[1] Each agency may have slightly different responses, so staying informed is crucial. Contractors should be particularly mindful of: (1) when contractors must halt work, (2) what work and costs are reimbursable during the shutdown, (3) cost-saving measures that comply with labor laws, and (4) the impact of future administrative delays on commercial operations.

On September 10, the U.S. Department of Defense (DOD) posted its final rule implementing the Cybersecurity Maturity Model Certification (CMMC) program for defense acquisitions.[1] This new rule (acquisition rule) updates the Defense Federal Acquisition Regulation Supplement (DFARS) and imposes new cybersecurity requirements on defense contractors who handle (store, process, or transmit) sensitive information during contract performance.

On June 25, the California Department of Financial Protection and Innovation (DFPI) entered a consent order with Coinme, Inc., a cryptocurrency “ATM” operator, for noncompliance with the California’s Consumer Financial Protection Law (CCFPL) and Digital Financial Assets Law (DFAL). The consent order marks a significant milestone in California’s regulatory efforts because it represents the conclusion of the agency’s first enforcement action under the DFAL.

NEW YORK – In a remarkable display of unity, a bipartisan coalition of the attorneys general for all 50 states, the District of Columbia, and the Northern Mariana Islands filed an amicus curiae brief in support of Troutman Pepper Locke and Dominion Energy’s petition for extraordinary relief in the matter of Yoon v. Collins, which continues the fight for veterans’ denied educational benefits.

Recent actions by the Pennsylvania and Iowa state attorneys general (AG) suggest increasing regulatory scrutiny of bitcoin transaction machines (BTMs) in connection with the role they allegedly play in facilitating scams. In Pennsylvania, AG David Sunday issued a consumer alert, warning Pennsylvanians that scammers are using BTMs to gain access to their money. In Iowa, AG Brenna Bird brought two lawsuits against Bitcoin Depot and CoinFlip, Iowa’s two largest BTM operators, over alleged collection of illegal fees and failures that allowed Iowans to send millions of dollars to scammers through their kiosks.

On February 4, the Office of the Minnesota Attorney General (AG) released its second Report on Emerging Technology and Its Effect on Youth Well-Being, outlining the effects young Minnesota residents allegedly experience from using social media and artificial intelligence (AI). The report highlights alleged adverse effects that technology platforms have on minors and claims that specific design choices exacerbate these issues.

This blog post was republished in the October 2024 edition of Surety Bond Quarterly.

Did the 2023 update to the Davis-Bacon and Related Acts, which apply to contractors and subcontractors performing on certain federally funded or assisted contracts, appropriately modernize or unduly expand the Davis Bacon Act’s (DBA) prevailing wage rule?[1] Following the Department of Labor’s (DOL) enactment of a final resolution on August 23, 2023 (final rule),[2] interested parties immediately challenged the final rule, seeking a preliminary injunction. The parties argued that specified portions of § 5.2 and the entirety of § 5.5(e) in the final rule exceed the DOL’s authority under the DBA and will result in undue hardship and irreparable harm for government contractors in the construction industry.

On December 22, 2023, the National Defense Authorization Act for Fiscal Year 2024, Pub. L. No. 118-31, 137 Stat. 136 (2023) (NDAA 2024) went into effect. Among other things, NDAA 2024 includes a provision phasing out self-certification of service-disabled veteran-owned small businesses (SDVOSB) and requiring Small Business Administration (SBA) certification of SDVOSB program eligibility, not unlike the requirements for the HUBZone program. SDVOSBs and prime contractors, who seek to work with them to bid on and perform contracts set aside for SDVOSBs, should take note of these changes, which become effective October 1, 2025.

In an era where privacy, security, and artificial intelligence are at the forefront of many business operations, staying informed about the latest developments is crucial. Our 2023 Privacy Year in Review is an in-depth analysis of the past year’s significant advancements and challenges in these areas.

The marijuana industry has seen exponential growth over the past few years. However, the federal prohibition of marijuana poses significant challenges for businesses in this sector, in terms of payment processing and banking. As explained in a previous article, cryptocurrencies present a potential solution to these issues, enabling marijuana businesses to send and receive payments without the need for third-party intermediaries.