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Articles by Patrice Hendriksen
SEC Issues No-Action Relief On Registered Funds’ Custody Of Loan Interests | JD Supra
REGULATORY DEVELOPMENTS SEC Requests Comment on Potential Money Market Fund Reform Options Highlighted in President’s Working Group Report On February 4, the SEC published a request for public comment regarding potential reform measures for money market funds, as highlighted in a recent report of the President’s Working Group on Financial Markets (PWG).
California DFPI Launches Investigation Into Four Student-Loan Debt-Relief Companies | JD Supra
On February 4, 2021, the California Department of Financial Protection and Innovation (DFPI) launched an investigation into whether four California-based student-loan debt-relief companies violated the new California Consumer Financial Protection Law (CCFPL) and Student Loan Servicing Act (SLSA).
FCC’S Year-End TCPA Orders Place New Limitations on Automated & Prerecorded Calls | JD Supra
Financial Services, Healthcare, and Technology sector clients — and any company that places non-marketing calls or text communications to customers by automated means — should pay close attention to two new FCC orders from year-end 2020. The orders place new restrictions and rules on how often companies can place certain types of communications to customers, and establish new opt-out requirements.
CFPB, FTC And 50 States Show Power In Numbers With Operation Corrupt Collector | JD Supra
REGULATORY DEVELOPMENTS FSOC Issues Statement on Proposed Capital Rule for Fannie Mae and Freddie Mac On September 25, the FSOC released a Statement on Activities-Based Review of Secondary Mortgage Market (Statement).
CFPB Continues to Target Misleading VA Mortgage Loan Advertisements | JD Supra
On September 14, 2020, the Consumer Financial Protection Bureau (CFPB) announced a settlement in its eighth case arising out of the CFPB’s “sweep of investigations” of mortgage companies allegedly mailing deceptive advertisements for VA-guaranteed mortgages to servicemembers and veterans.
SEC Stays Busy With Amendments And Extensions To Various Rules, Definitions And Disclosures | JD Supra
REGULATORY DEVELOPMENTS SEC Modernizes Disclosures for Banking Registrants On September 11, the SEC announced that it has adopted final rules to update and expand the statistical disclosures that bank and savings and loan registrants provide to investors, in light of changes in this sector over the past 30 years. The rules also eliminate certain disclosure items that are duplicative of other SEC rules and requirements of U.S. GAAP or IFRS.
States Challenge FDIC “Valid When Made” Rule With New Lawsuit | JD Supra
On August 20, 2020, seven states – California, Illinois, Massachusetts, Minnesota, New Jersey, New York, and North Carolina – and the District of Columbia (together, the States) filed suit against the Federal Deposit Insurance Corporation (FDIC) in the U.S. District Court for the Northern District of California. The lawsuit, captioned People of the State of California, et al. v. FDIC, Case No. 20-CV-5860, challenges the FDIC’s Rule on the “valid when made” doctrine.
CFPB Symposium Considers Use of Cost-Benefit Analysis in Financial Regulation | JD Supra
On July 29, 2020, the Consumer Protection Financial Bureau (CFPB) held a symposium on the use of cost-benefit analysis in consumer financial protection regulation. CFPB Director Kathleen Kraninger provided opening remarks, followed by two panels of experts. The first panel focused its discussion on how the CFPB uses cost-benefit analysis in developing consumer financial regulations, and whether the CFPB’s current organization and practices support the best use and reporting of this methodology.
CFPB Pilots Advisory Opinion Program to Address “Regulatory Uncertainty” | JD Supra
On June 18, 2020, the Consumer Financial Protection Bureau (CFPB) announced the launch of its pilot advisory opinion (AO) program. The CFPB quickly followed this announcement by publishing a procedural rule implementing the pilot AO program, as well as a proposed procedural rule that would establish a permanent AO program to replace the pilot.
U.S. Cannabis Companies Texting & Calling Customers are Growing Targets of Telephone Consumer Protection Act Lawsuits | JD Supra
The cannabis industry is growing rapidly and so too are lawsuits against industry participants. One of the fast-emerging litigation threats is claims against cannabis companies for violation of the federal Telephone Consumer Protection Act (TCPA) statute arising from calls or text messages made to customers and potential customers for informational, marketing, or other purposes.
U.S. Paycheck Protection Program Lenders: Risks of False Claims Act Enforcement Actions | JD Supra
Congress has recently updated the Paycheck Protection Program (PPP) to stabilize the economy in response to the troubling economic impact of the COVID-19 pandemic. Lenders should be aware that the federal government’s efforts to provide loans to small businesses in the wake of the pandemic may also result in increased litigation risk for lenders.
CFPB, South Carolina, and Arkansas Sue High-Interest Credit Brokers | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
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