The SEC’s Division of Examinations last week announced its 2023 “examination priorities.” The division’s annual announcement of priorities provides valuable insight into the categories of registrants most likely to be the subject of an SEC examination and the issues most likely to be a focus of those examinations. In determining its priorities, the division employs
In 2018, California became the first state to pass a commercial finance disclosure law (CDL) requiring certain commercial finance companies to make consumer-style disclosures to financing recipients. The CDL was the catalyst for the passage of similar laws in Utah, Virginia, and New York, and the introduction of commercial disclosure legislation in many other states
The heavily publicized announcement by New York federal prosecutors of the first-ever charges for insider trading in digital assets — non-fungible tokens, or “NFTs” in particular — is a significant but somewhat confusing development for the crypto community and beyond. There is nothing novel about applying well-established law to the abuse of confidential, insider information
On May 2, 2022, Georgia Gov. Brian Kemp signed SB 470, which amends provisions of Georgia’s banking laws relating to the denial or revocation of a mortgage license or registration due to certain felony convictions. SB 470 will reduce the impact on mortgage companies as a result of Georgia’s existing prohibition on the employment of
The Consumer Financial Protection Bureau (CFPB) issued a release on May 2, 2022, announcing the release of its Supervisory Highlights outlining identified consumer protection violations during the second half of 2021. In particular, the CFPB highlighted two industries of concern in its press release: auto servicers and credit reporting companies.
As for auto servicers, the
State securities regulators saw a busy 2021, and 2022 looks to continue in much the same fashion. Some of the more active topics for regulators have included protecting senior investors, stopping fraudulent investment schemes targeting individual investors, and battling the ever-present threat of Ponzi schemes. Another big headline for regulators was cryptocurrency companies and the
In a December 13, 2021 letter to servicers, New York Attorney General Letitia James reminded servicers of their continuing obligations to assist New Yorkers amidst the pandemic and warned of enforcement actions against servicers that fail to do so. According to Attorney General James, “lack of preparedness is no excuse.” Instead, the Office of the
On August 14, 2020, the Department of Justice (DOJ) issued its first Foreign Corrupt Practices Act (FCPA) Opinion Procedure Release in six years. In the opinion, DOJ advised that it would not bring an enforcement action against a U.S.-based investment adviser if the firm moved forward with paying an advisory fee to a foreign investment
In recent years, the CFPB has sent different messages regarding its approach to regulating tribal lending. Under the bureau’s first director, Richard Cordray, the CFPB pursued an aggressive enforcement agenda that included tribal lending. After Acting Director Mulvaney took over, the CFPB’s 2018 five-year plan indicated that the CFPB had no intention of “pushing the
Last week, the CFPB released a long-anticipated policy statement clarifying the agency’s enforcement standard for “abusive acts or practices.” According to an agency press release, the CFPB’s new standard offers a “common-sense” approach that director Kathleen Kraninger says will “provide[] a solid framework to prevent consumer harm while promoting the clarity needed to foster