On May 30, 2024, in a unanimous decision, the Supreme Court reversed Cantero v. Bank of America, N.A., and remanded it back to the Second Circuit and instructed the appellate court to analyze whether New York’s law requiring interest
Ballard Spahr LLP Blogs
Latest from Ballard Spahr LLP
EEOC Sues Employers Ahead of This Year’s EEO-1 Reporting Deadline
The U.S. Equal Employment Opportunity Commission (“EEOC”) took aggressive enforcement measures this week by filing suit against 15 employers that allegedly failed to submit mandatory EEO-1 workforce demographic reports in prior years, including 2021 and 2022. The lawsuits were brought
California’s DFPI Releases Third Annual Report on Activity Under the CCFPL
On April 25, 2024, California’s Department of Financial Protection and Innovation (“DFPI”) released its Annual Report of Activity Under the California Consumer Financial Protection Law for 2023 (“Annual Report”). The Annual Report provides an overview of rulemaking, enforcement, oversight, consumer
South Carolina Enacts Earned Wage Access Legislation Requiring Registration, Exempting the Product from Lending Laws
On May 21, 2024, South Carolina Governor Henry McMaster signed into law the Earned Wage Access Services Act (the “Act”), which will require earned wage access (“EWA”) providers to register annually with the state’s Department of Consumer Affairs and meet
This week’s podcast episode: An Insider’s View of the CFPB
Our special guest this week is John Tonetti. After decades as an industry risk executive, Mr. Tonetti joined the Consumer Financial Protection Bureau (CFPB), where he worked for many years in roles including Debt Collection Program Manager, senior policy analyst,
Transfer Redux: Once again, CFPB Late Fee litigation transferred from Texas to DC, transfer challenged in Fifth Circuit
In a replay of earlier events, in response to an emergency petition for writ of mandamus and administrative stay of transfer filed by the plaintiffs in the lawsuit challenging the legality of the CFPB’s credit card late fee rule,
CFPB alleges dark patterns in suit against fintech peer-to-peer lender
On May 17, 2024, the Consumer Financial Protection Bureau (“CFPB”) filed suit against an online lending platform, alleging, among other things, the use of dark patterns to induce consumers to pay tips and donations, disclosure violations, and usury violations on
FTC provides annual report to CFPB regarding activities in 2023 under consumer financial services laws
On May 20, 2004, the Federal Trade Commission (“FTC”) sent its annual report to the Consumer Financial Protection Bureau (“CFPB”) highlighting its enforcement actions and initiatives in 2023 under the Truth in Lending Act (“TILA”), Consumer Leasing Act (“CLA”), and
XZ Utils Supply Chain Attack Sheds Light on Vulnerabilities in Widely Adopted Open Source System
In a reminder that open source products can carry significant risks beyond intellectual property, a vulnerability in a compression tool commonly used by developers has triggered widespread concerns.
XZ Utils (“XZ”) is an open source data compression utility, first published
FinCEN and SEC Propose Rulemaking Requiring CIP for Investment Advisers
On May 13th, the Financial Crimes Enforcement Network (FinCEN) and the Securities Exchange Commission (SEC) issued a joint notice of proposed rulemaking (NPRM) that would require SEC-registered investment advisers (RIAs) and exempt reporting advisers (ERAs) to establish a customer identification