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Opt-Outs Financial Institutions

Ballard Spahr LLP

Colorado provides some (but not enough) guidance on new general-purpose credit card carve-out

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In the same 2023 bill (House Bill 23-1229) that included Colorado’s DIDMCA opt-out**, Colorado adopted a statute excepting certain “general-purpose credit cards”, as defined, from the state’s limitations on finance charges...more

Ballard Spahr LLP

Colorado rate exportation litigation: Why Colorado and the FDIC are wrong about where a loan is made for purposes of DIDMCA...

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Last week, we blogged about arguments by Colorado and the FDIC in their briefs opposing a motion for preliminary injunction that would enjoin application of Colorado’s opt-out statute with respect to loans by FDIC-insured...more

Skadden, Arps, Slate, Meagher & Flom LLP

CPPA’s First Enforcement Advisory Focuses on Applying Data Minimization Principles to Consumer Requests

On April 2, 2024, the Enforcement Division of the California Privacy Protection Agency (CPPA) issued Enforcement Advisory No. 2024-01. This first-ever enforcement advisory focuses on promoting compliance with California...more

Ballard Spahr LLP

Opt-out challenge case assigned to Colorado federal Judge Daniel D. Domenico

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As we previously reported, on March 25, 2024, three consumer financial services industry trade groups filed a lawsuit in federal district court in Colorado challenging legislation recently adopted to opt out of rate...more

Troutman Pepper

Trade Organizations Challenge Colorado’s DIDMCA Opt-Out Legislation in Federal Court

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Monday, three trade organizations filed a complaint in Colorado federal court challenging H.B. 1229, Colorado’s effort to limit interest charges by out-of-state financial institutions, which is set to take effect on July 1,...more

Ballard Spahr LLP

Colorado interest rate preemption opt-out challenged in federal court

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On March 25, 2024, three consumer financial services industry trade groups filed a lawsuit asking the federal district court in Colorado to strike down recent Colorado legislation purporting to opt out of a federal law that...more

Lewis Roca

Legal Issues, Problems, and Unanswered Questions Regarding a State’s Ability and Potential Departure from the Depository...

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In 1980, Congress passed Public Law 96-221, called the Depository Institutions Deregulation and Monetary Control Act (“DIDMCA”), which, in part, allowed federally insured state banks, state credit unions, and state savings...more

Troutman Pepper

Rhode Island and Minnesota Latest States with Bills Opting Out of Federal Banking Law Allowing Interest Rate Exportation

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On February 12, ten Rhode Island senators introduced S 2275, a bill proposing to opt Rhode Island out of §§ 521-523 of the Depository Institutions Deregulation and Monetary Control Act (DIDMCA). On February 13, HF 3680 was...more

Amundsen Davis LLC

Silence is Not Always Golden: Land v. IU Credit Union

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The spate of class-actionGavel with Cash lawsuits against banks and credit unions (“Financial Institutions”) involving overdraft fees has prompted Indiana Financial Institutions to amend their existing account agreements to...more

Ballard Spahr LLP

If consumers are “clueless” about arbitration, it’s not industry’s fault

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Last week, Professor Jeff Sovern of St. John’s University School of Law published a blog post discussing a new empirical study by Roseanna Sommers, Assistant Professor of Law at the University of Michigan Law School, dealing...more

WilmerHale

New Legislation to Expand Privacy Obligations of Financial Institutions Introduced in Congress

WilmerHale on

On February 27, 2023, the Chairman of the House Financial Services Committee Patrick McHenry (NC-10) introduced the Data Privacy Act of 2023 (the Bill), which would amend the Gramm-Leach-Bliley Act (GLBA) to “modernize[]...more

Husch Blackwell LLP

What You Need to Know About Wisconsin's New LLC Laws

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On January 1, 2023, the revised Wisconsin business laws go into effect. Among the changes, is a complete overhaul of Chapter 183, leading to the creation of the Wisconsin Uniform Limited Liability Company Law (WULLCL). This...more

Morrison & Foerster LLP

UK Litigation - A Year in Summary

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This year saw the UK grapple with life after Brexit and, along with the rest of the world, the impact of the continued COVID-19 pandemic. As 2021 draws to a close, we round up the key events and developments from the year in...more

Hudson Cook, LLP

California Attorney General Focuses on Targeted Advertising and Disclosures in CCPA Enforcement

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The Office of the Attorney General of California began enforcing the California Consumer Privacy Act ("CCPA") more than a year ago and recently released a set of enforcement case examples it has pursued against businesses....more

Oberheiden P.C.

Are You a Financial Institution? GLBA Law & Compliance

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The Gramm-Leach-Bliley Act (GLBA) is a federal law that establishes various legal requirements for companies that qualify as “financial institutions” under the Act. The GLBA’s definition of a “financial institution” is...more

Hudson Cook, LLP

Business Law Today March Month-in-Brief: Illinois "All-in" APR Calculation, CA Office of Administrative Law Approves Revisions to...

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On March 23, 2021, Illinois Governor Pritzker signed SB 1792, which includes the Illinois Predatory Loan Prevention Act, into law. The new law imposes sweeping changes to the rate authority on consumer purpose...more

Blank Rome LLP

The CCPA Is Here: What Financial Institutions Need to Know about the California Consumer Privacy Act

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As of January 1, 2020, the California Consumer Privacy Act of 2018 (CCPA) is now the law of the land, having gone into effect at the beginning of this year. One of the more complex issues concerning the CCPA pertains to the...more

Blank Rome LLP

CCPA Compliance Strategies for Financial Institutions

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The California Consumer Privacy Act provides some relief to financial institutions, but these carve-outs are not a “get out of jail free” card. Blank Rome’s David Oberly and First National Bank of Long Island’s Tanweer Ansari...more

Hinshaw & Culbertson LLP

Capital Simplification for Community Banking Organizations

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On September 17, 2019, the federal bank regulatory agencies (the "Agencies") adopted a new rule to provide for a simplified measure of capital adequacy for certain community banking organizations. The rule takes effect on...more

Robinson+Cole Data Privacy + Security Insider

From California to Nevada: Another State Privacy Law That You Need to Know

While we’ve all discussed the California Consumer Privacy Act (CCPA) at length, Nevada was busy amending its internet privacy law and in the process beat California’s deadline for the effective date by three months. Nevada’s...more

Ballard Spahr LLP

GLBA and the California Privacy Act: Analyzing SB 1121’s Change to the Financial Institution Carve-Out Provision

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Less than three months after California passed the California Consumer Privacy Act of 2018 (CCPA), Governor Jerry Brown signed SB 1121 this week, making a number of technical and substantive changes to the law....more

Robinson+Cole Data Privacy + Security Insider

Privacy Tip #151 – Can Banks Give or Sell My Information to Facebook or Other Social Media Platforms?

Many of our readers questioned me after the Wall Street Journal article this week entitled: “Facebook to Banks: Give Us Your Data, We’ll Give you Our Users.” The questions ranged from “Can they really do this?” to “This is...more

Ballard Spahr LLP

FCC Cannot Require Opt-Out Notice on "Solicited" Fax Ads, D.C. Circuit Holds

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The FCC's 2006 Solicited Fax Rule is unlawful to the extent that it requires opt-out notices on solicited fax advertisements, the U.S. Court of Appeals for the District of Columbia Circuit has held in a 2-1 ruling....more

Ballard Spahr LLP

President signs bill creating exception to GLBA annual privacy notice requirement

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An amendment creating an exception to the annual privacy notice delivery requirement for financial institutions has been signed into law by President Obama as part of the “Fixing America’s Surface Transportation Act” (FAST...more

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