On November 17, the SEC adopted rules and rule amendments permitting the use of electronic signatures in authentication documents, and facilitating electronic service and filing in the SEC’s administrative proceedings. The rules and amendments are permanent and not limited to the duration of the pandemic or national emergency, and will…
On October 30, the CFPB issued a new final rule implementing the Fair Debt Collection Practices Act (FDCPA), highlighted in a previous edition of the Roundup, that is designed to strengthen protections to consumers who communicate with debt collectors and clarifies the application of the FDCPA to newer communication technologies that have developed in the…
On November 5, the CFPB submitted a Paperwork Reduction Act (PRA) notice to the Federal Register, seeking comment on the CFPB’s plan to study how consumers locate, comprehend and use information in payday loan disclosures. The CFPB intends to use the data it obtains from its study to evaluate and refine potential options…
On October 29, the CFPB issued a final rule, revising subparts A and D of section 1070 of title 12 of the Code of Federal Regulations, to clarify defined terms and promote transparency around its practices and anticipated use of confidential information generated and received during the course of its work….
On October 30, the CFPB issued a final rule regarding the Fair Debt Collection Practices Act (FDCPA). The rule restates and clarifies the FDCPA’s prohibitions on harassment and abuse, false or misleading representations, and unfair practices by debt collectors when communicating with consumers to collect consumer debt, including via text and email….
On October 20, the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Federal Reserve), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration, and CFPB (Agencies) issued a notice of proposed rulemaking for a rule intended to confirm that the Agencies will follow and…
On October 28, the SEC adopted new Rule 18f-4 (the Derivatives Rule) under the Investment Company Act of 1940 (1940 Act) relating to registered funds’ (excluding money market funds) use of derivatives. Under the Derivatives Rule, funds using derivatives generally will have to: (i) adopt a derivatives risk management program administered by…
On October 30, the DOL finalized a rule revising the longstanding investment duties regulation, generally requiring fiduciaries of ERISA plans or ERISA pooled funds to base investment decisions only on pecuniary factors. Pecuniary factors are defined as those that a fiduciary prudently determines are “expected to have a material effect on the…
On November 2, the SEC adopted a series of amendments that will significantly change existing rules governing (1) the integration of offerings, (2) offering/investment limits, (3) communication limitations and (4) eligibility for Regulation Crowdfunding and Regulation A. The amendments will also make various changes that will improve access to offerings under Regulation…
On October 1, the CFPB released its rule assessment for a final rule relating to mortgage disclosures. Known as the TRID Rule, which was issued in November 2013 and went into effect in October 2015, the final rule implemented requirements under the Consumer Financial Protection Act (CFPA) to integrate various mortgage loan…