On December 15, a district judge in California approved a settlement between MyLife.com, Inc. (MyLife), its CEO Jeffrey Tinsley, and the Department of Justice (DOJ) on behalf of the Federal Trade Commission (FTC). The...more
Colorado and Delaware have enacted new laws for automatic renewal or negative options offers. The new laws became effective January 1, 2022. Illinois already has a law on the books related to automatic renewals but has...more
On November 22, the New Jersey State Senate introduced Senate Bill No. 4163 (NJ S4163), titled “Virtual Currency and Blockchain Regulation Act.” The bill, sponsored by Senators Thomas Kean, Jr. (R) and Robert Singer (R), if...more
On October 28, the Federal Trade Commission (FTC) issued a new policy statement on autorenewal and negative option marketing....more
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...more
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...more
On October 18, consumer advocate groups and 19 state attorneys general wrote comment letters, urging banking regulators to denounce “rent-a-bank” arrangements between financial institutions and fintechs or other third-party...more
On October 6, Deputy Attorney General Lisa O. Monaco announced the creation of a National Cryptocurrency Enforcement Team (NCET) to handle criminal misuses of cryptocurrency. According to the press release, NCET will focus...more
On October 14, the Fifth Circuit issued a one paragraph order to extend a stay on Consumer Financial Protection Bureau (CFPB) payday lending regulations currently challenged by the Community Financial Services Association of...more
On October 5, California Governor Gavin Newsom signed SB 497, legislation that restricts the types of prepaid accounts that can be used to receive certain government assistance payments. According to the National Consumer Law...more
On October 4, California passed a bill requiring a money transmitter to display a toll-free telephone number on its website through which a customer may contact the licensee for customer service issues and receive live...more
On September 13, the Federal Trade Commission (FTC) released a report to Congress that highlights the agency’s recent efforts to protect Americans’ privacy, announces the agency’s priorities for future data security and...more
On September 30, the Senate confirmed Rohit Chopra as the new director of the Consumer Financial Protection Bureau (CFPB). Chopra’s confirmation marks the beginning of his second stint with the CFPB — Chopra served as the...more
On September 20, nine Democratic senators wrote a letter to the Federal Trade Commission (FTC), requesting that it create new rules to protect consumers’ personal data and privacy....more
On September 9, the Conference of State Bank Supervisors (CSBS) released the Model Transmission Modernization Act (model law) in efforts to replace the 50 state-specific money transmitter laws with a nationwide standard....more
On September 13, President Biden announced his intent to nominate privacy advocate Alvaro Bedoya to serve as a commissioner of the Federal Trade Commission (FTC). If confirmed, Bedoya will take the seat currently held by...more
On July 29, the Better Business Bureau’s Children’s Advertising Review Unit (CARU) issued revised guidelines for ads directed to children....more
On August 27, the Board of Governors of the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (collectively, the “Agencies”) issued “Conducting Due Diligence on...more
On August 5, Securities and Exchange Commission (SEC) Chair Gary Gensler responded to Senator Elizabeth Warren's July 7 letter regarding the SEC's authority to regulate cryptocurrencies, as discussed in our client advisory...more
On August 3, Securities and Exchange Commission (SEC) Chairman Gary Gensler spoke on cryptocurrencies at the Aspen Security Forum — his first significant remarks regarding cryptocurrency since his confirmation in April....more
On July 20, the U.S. House of Representatives passed legislation that would restore the Federal Trade Commission’s (FTC) ability to obtain equitable monetary remedies under Section 13(b) of the FTC Act. The legislation — H.R....more
On July 7, Senator Elizabeth Warren penned a letter to Chairman Gary Gensler of the U.S. Securities and Exchange Commission (SEC), requesting information on the SEC's authority to regulate cryptocurrency exchanges. Warren's...more
On July 19, and just over one year after his office began enforcing the California Consumer Privacy Act (CCPA), California Attorney General Rob Bonta announced that he is “seeing great progress” with CCPA enforcement, even...more
On July 1, the Federal Trade Commission (FTC) voted to approve seven omnibus resolutions authorizing staff attorneys to use compulsory process to investigate key enforcement targets. The vote fell along party lines, with...more
On June 3, the Supreme Court issued its opinion in Van Buren v. United States, holding that the Computer Fraud and Abuse Act of 1986 (CFAA) does not create liability when a user who is authorized to access information on a...more