On April 8, 2025, the Connecticut Supreme Court, in Commonwealth Servicing Group, LLC v. Department of Banking, issued an opinion that only attorneys and law firms are permitted to claim the attorney exemption from the...more
4/24/2025
/ Administrative Procedure Act ,
Appeals ,
Banking Sector ,
Connecticut ,
CT Supreme Court ,
Debt Collection ,
Enforcement Actions ,
Government Agencies ,
Law Firm Partners ,
Licensing Rules ,
Statutory Interpretation
On April 16, 2025, Mark Paoletta, Chief Legal Officer of the Consumer Financial Protection Bureau (CFPB or the Bureau), issued an internal memorandum to CFPB staff outlining the agency’s supervision and enforcement priorities...more
On April 4, 2025, the California Department of Financial Protection and Innovation (“DFPI”) issued a notice of proposed rulemaking to implement portions of the State’s Digital Financial Assets Law (“DFAL”) related to...more
4/16/2025
/ California ,
Cryptocurrency ,
Department of Financial Protection and Innovation (DFPI) ,
Digital Assets ,
Financial Regulatory Reform ,
FinTech ,
Government Agencies ,
Licensing Rules ,
Money Transmitter ,
Proposed Rules ,
Regulatory Requirements
Just a week from North Carlina Senators proposing Senate Bill 491, which seeks to create an act to license, examine, and regulate debt settlement services, North Carolina House Representatives Howard (R), Setzer (R), B. Jones...more
On March 25, 2025, North Carolina Senators Johnson (R), Overcash (R), and Jackson (R) as primary sponsors introduced Senate Bill 491 (“S.B. 491” or the “Bill”), which seeks to license, examine, and regulate debt settlement...more
The Federal Communications Commission’s (“FCC” or the “Commission”) recently adopted a new Opt-Out Rule under the Telephone Consumer Protection Act (“TCPA”), which will take effect on April 11, 2025. Currently, the TCPA...more
On Thursday, March 13, 2025, New York Attorney General (“NYAG”) Letitia James advanced newly proposed legislation to better protect consumers and small businesses from unfair, deceptive, and abusive practices (“UDAP”). This...more
On February 28, 2025, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) filed a letter with the U.S. District Court for the Western District of New York in a case brought by the CFPB and seven state attorneys...more
The Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) has recently made headlines in the past month under the Trump administration due to an extensive freeze on its core functions, headquarters closure, the...more
On February 19, 2025, the Financial Crimes Enforcement Network (“FinCEN”) announced that most reporting companies under the Corporate Transparency Act (“CTA”) must now submit their Beneficial Ownership Information (“BOI”)...more
On February 24, 2025, California Assemblymember Avelino Valencia (D-Anaheim) introduced Assembly Bill (AB) 1166, which seeks to amend and expand the state’s existing Fair Debt Settlement Practices Act (the “Act”) to include...more
On February 19, 2025, the Financial Crimes Enforcement Network (FinCEN) announced that most reporting companies under the Corporate Transparency Act (CTA) must now submit their Beneficial Ownership Information (BOI) reports...more
The Consumer Financial Protection Bureau (CFPB) has been a focal point for both regulatory oversight and political debate arguably since its inception. Created in 2010 as a response to the financial crisis, the CFPB is still...more
2/11/2025
/ Administrative Appointments ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Financial Protection and Innovation (DFPI) ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulatory Agencies ,
Regulatory Agenda ,
State and Local Government ,
State Attorneys General ,
Trump Administration ,
Unfair or Deceptive Trade Practices
Washington -
On January 24, 2025, Washington Representatives Reeves (D), Corry (R), and Walen (D) introduced House Bill (HB) 1599, which seeks to amend the state’s existing debt adjusting act. Currently, the Washington law...more
On October 11, 2024, the California Office of Administrative Law approved and filed with the California Secretary of State proposed regulations by the California Department of Protection and Innovation (“DFPI”) to establish...more
1/13/2025
/ California ,
California Consumer Financial Protection Law (CCFPL) ,
Consumer Financial Products ,
Consumer Protection Laws ,
Debt Settlement Services ,
Department of Financial Protection and Innovation (DFPI) ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Industry ,
Registration Requirement ,
Regulatory Requirements ,
Reporting Requirements
On January 2, 2025, Massachusetts Governor Maura Healey signed the state’s new Money Transmission Act (“MTA” or the “Act”), Bill H4840, into law, introducing more stringent money transmission regulations for transmitters...more
Discover insights from regulatory attorneys, Felix Shipkevich and Yvonne Bowser-Caballero of Shipkevich PLLC, who recently hosted this webinar to discuss a post-election overview of the regulatory state of the debt settlement...more
Felix Shipkevich and Yvonne Bowser-Caballero of Shipkevich PLLC, with special guest Nicholas Kosmas, Chief Legal Officer of ClearOne Advantage LLC, will host a webinar to discuss a post-election overview of the regulatory...more
12/4/2024
/ Consumer Financial Protection Bureau (CFPB) ,
Debt Settlement Services ,
Debt-Relief Industry ,
Debtors ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Legislative Agendas ,
Regulatory Agencies ,
Rulemaking Process ,
State Attorneys General ,
Trump Administration ,
Webinars
The Colorado Uniform Debt Management Services Act (DMSA) regulates companies that offer and provide debt management services to Colorado residents. Under Colorado law, debt management services providers include providers of...more
The ink is barely dry on the California Department of Financial Protection and Innovation’s (“DFPI” or the “Department”) newly approved regulation package PRO 01-21, and DFPI has already begun to take steps to implement...more
10/30/2024
/ California ,
California Consumer Financial Protection Law (CCFPL) ,
Comment Period ,
Consumer Financial Products ,
Department of Financial Protection and Innovation (DFPI) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
New Regulations ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Requirements
On October 11, 2024, the California Department of Financial Protection and Innovation (DFPI) approved regulations submitted to the California Office of Administrative Law (OAL) under its authority granted by the California...more
As of August 9, 2024, Illinois joins Maryland, South Dakota, Wisconsin, Kansas, Maine, Vermont, South Carolina, Missouri, and Connecticut as the latest state this year to have enacted legislation or regulations stemming from...more
The Federal Trade Commission (FTC) issued a new Final Rule (the “Rule”) on Wednesday, August 14, 2024, targeting unfair and deceptive acts or practices specifically related to consumer reviews and testimonials, allowing the...more
8/19/2024
/ Artificial Intelligence ,
Civil Monetary Penalty ,
Compliance ,
Endorsements ,
Fake Reviews ,
False Advertising ,
Federal Trade Commission (FTC) ,
Misleading Statements ,
New Rules ,
Online Reviews ,
Regulatory Agenda ,
Social Media ,
Testimonial Statements ,
Transparency ,
Unfair or Deceptive Trade Practices ,
User-Generated Content
Colorado bankruptcy trustees have recently been increasing their focus on debt settlement companies and attorneys alleged to be performing services in violation of the Colorado Uniform Debt-Management Services Act (“CUDMSA”...more
In a continuing trend across U.S. states, Vermont and Pennsylvania have shown their intent to establish more oversight over the digital currency sector. New legislative amendments to Vermont’s financial services laws include...more