On November 2, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra released a statement on the Report on Stablecoins issued by the President’s Working Group on Financial Markets, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC).
Stablecoins are virtual coins typically pegged to a sovereign currency. The
We recently posted that the Federal Trade Commission (FTC) issued warnings to a large number of companies in various industries about “unfair” or “deceptive” trade practices related to third-party endorsements. Some of the businesses that received those warnings included alcoholic beverage companies. FTC’s warnings raise the broader question of what is acceptable when it comes
The proliferation of “neobanks” has recently drawn the attention of lawmakers and regulators. “Neobanks” are financial technology companies that offer bank-like services through a digital interface. These companies often advertise themselves as serving low- to moderate-income individuals who are underserved by traditional banks. Neobanks offer a variety of services, like deposit accounts and paycheck advance
On October 13, the Supreme Court of Minnesota barred an employee from getting reimbursed for medical marijuana treatment for a work-related injury.[1] Although the employee was entitled to reimbursement from her employer under state law, the court found that the Controlled Substances Act (CSA) preempted state law. The decision highlights the latest episode of tension between marijuana’s federal listing as a Schedule I controlled substance — which includes drugs with “no currently accepted medical treatment use”[2] — and states that have authorized marijuana for medical treatment.
On October 29, the Consumer Financial Protection Bureau (CFPB or Bureau) announced leadership changes in two positions: the assistant director for the Office of Supervision Policy and the assistant director for the Office of Enforcement.
Lorelei Salas joined the Bureau as assistant director for the Office of Supervision Policy and will also serve as the
Please join Troutman Pepper attorney Ashley Taylor at the IMS Consulting & Expert Services virtual event “Data Breaches and Their Impact on Litigation Policy” on November 10 from 1-2 p.m. CT. Ashley, along with the Honorable Aaron Ford, Dr. Edwin Hernandez and Jennifer Schaller, Esq., will bring their unique insights into trends in cybersecurity litigation
On October 13, the Federal Trade Commission (FTC) issued over 700 “Notice of Penalty Offenses” to a broad swath of businesses, warning them that using endorsements that deceive customers could result in significant civil penalties.
Overview
Through a press release,[1] the FTC issued the warnings to a large, diverse group of companies, covering almost
On October 20, the New York Department of Financial Services (NYDFS) published a notice in the New York State Register announcing that it has issued a proposed regulation to implement S 5470-B, which requires disclosures for commercial financing transactions of $2.5 million or less under a commercial financing agreement.
The notice allows for public
Data breaches and ransomware attacks are on the rise. On October 7, Oregon Attorney General Rosenblum announced an increase in data breaches reported to his office. The first nine months of 2021 involved 131 reported breaches, exceeding the 2020 total of 110. Financial Crimes Enforcement Network (FinCEN) also announced an increase in ransomware-related activities in
2021 NAAG Eastern Region Meeting
The Surveillance Economy: How Attorneys General Protect
Privacy, Safety, and Equality in the Information Age
October 7-8, 2021 | Burlington, VT
Conference Summary
The speakers at this conference discussed how regulators and law enforcement could help protect privacy and safety — while preventing discrimination — in an ever-increasing digital world.