On January 14, 2025, the first part of the Federal Trade Commission’s (“FTC”) update to the Negative Option Rule went into effect. Negative options are contract terms that allow a seller to interpret a customer’s silence or failure to affirmatively cancel an agreement as a tacit acceptance of a renewal option—thereby creating automatically renewing contracts.
On February 10, 2025, Rodney E. Hood, the former Chairman of the National Credit Union Administration (“NCUA”), assumed the role of First Deputy Comptroller at the Office of the Comptroller of the Currency (the “OCC”). By operation of law, Mr. Hood thereby succeeded Michael J. Hsu as Acting Comptroller of the Currency under 12 U.S.C.
On September 24, 2024, Governor Gavin Newsom signed into law California Senate Bill 1286 (“SB 1286”). SB 1286 will extend existing consumer debt collection protections in California to small businesses and to the collection activities of business debt. In particular, SB 1286 is designed to expand existing prohibitions against debt collectors under the Rosenthal Fair
On June 28, 2024, in an effort to bolster financial institutions’ anti-money laundering and countering the financing of terrorism (“AML/CFT”) programs, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a proposed rule that would enumerate the minimum components required to be included within financial institutions’ AML/CFT programs. The types of financial
On November 7, 2023, the Consumer Financial Protection Bureau (“CFPB”) proposed a rule that would allow the CFPB to supervise certain large nonbank companies that provide consumer financial services such as digital wallets and payment applications. If enacted, it would subject large technology companies handling more than five million payment transactions per year—such as Apple,
On October 24, 2023, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency (together, the “Agencies”) issued a final rule designed to modernize and fine tune the Community Reinvestment Act’s (“CRA”) implementing regulations. The Agencies believe that the final rule, which
On July 28, 2023, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System (the “Federal Reserve”), the National Credit Union Administration (the “NCUA”) and the Office of the Comptroller of the Currency (together, the “Agencies”) issued an addendum to the Interagency Policy Statement on Funding and Liquidity Risks, originally published
On July 27, 2023, in an effort to bolster the resilience of the U.S. banking system in the aftermath of recent bank failures and to promote consistency with international banking capital standards, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency
On June 21, 2023, the U.S. Senate Committee on Banking, Housing, and Urban Affairs (the “Senate Banking Committee”) voted the Recover Executive Compensation from Unaccountable Practices Act (the “RECOUP Act”) out of committee and into the full Senate by a vote of 21 to 2. U.S. Sen. Sherrod Brown, Chairman of the Senate Banking Committee,
On June 6, 2023, in an effort to promote consistency and clarity across the bank regulatory landscape, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency (together, the “Agencies”) issued joint guidance offering the Agencies’ combined approach to bolstering regulated banking
