In recent weeks, FTC and HHS have announced expansion of the operational areas of their organizations that are dedicated to enforcement of laws and regulations related to technology, privacy, and cybersecurity. On February 17, 2023, the FTC announced the creation of a new Office of Technology in order to “strengthen the FTC’s ability to keep
Alston & Bird
Website:
https://www.alston.com/en/
Alston & Bird Blogs
Latest from Alston & Bird
The EU Supervisory Authorities’ Coordinated Enforcement Action in the EU: This Year It’s All About DPOs
On March 15, 2023, the European Data Protection Board (“EDPB”) – the body through which the EU Member States’ Supervisory Authorities cooperate – along with 26 EU Supervisory Authorities officially launched a “coordinated enforcement action”, focusing on the designation of Data Protection Officers (“DPOs”) under the EU GDPR, and the position that DPOs hold in…
As Economic Winds Blow, So Do Whistleblowers: How to Protect Your Company Through Turbulent Times
A&B ABstract: As recently reported by the Financial Times, banks are preparing for the “deepest job cuts since the financial crisis,” with firings to be “super brutal.” Already, nonbank lenders and service providers have been suffering with several rounds of layoffs and, potentially, more to come. Former employees, particularly disgruntled ones, may have information they…
Merrily the State CRAs Roll Along
A&B ABstract: While we wait on the final interagency rule from the Federal Reserve, OCC, and FDIC, Illinois and New York are continuing along with their state Community Reinvestment Acts (CRA). Illinois CRA Developments Illinois announced that it would hold public hearings, two on March 2, 2023 and a third on March 8, 2023, to…
The COVID-19 National Emergency is Ending: Are mortgage servicers ready?
A&B Abstract: On January 30, 2023, President Biden informed Congress that the COVID-19 National Emergency (the “COVID Emergency”) will be extended beyond March 1, 2023, but that he anticipates terminating the national emergency on May 11, 2023. The White House Briefing Room reiterated the President’s position on February 10, 2023. Given the significant updates mortgage…
California DFPI Digital Asset Lending Regulatory Year in Review
By Josh Dhyani
A&B ABstract: In December of 2022 California released an interagency progress report (“Report”) analyzing the current regulatory status of Web3, Crypto Assets, and Blockchain. The report was prepared pursuant to Executive Order N-9-22 (the “Order”) issued by California Governor Gavin Newsome on May 4, 2022, which declared California’s intent to regulate blockchain, including crypto assets…
New NAIC Consumer Privacy Model Law Proposed for Insurers
By Kim Peretti
The National Association of Insurance Commissioners (NAIC) Privacy Protections Working Group (the “Working Group”) released Insurance Consumer Privacy Protection Model Law #674 (“Model 674”) for comment on February 1, 2023. Model 674 is intended to modernize and replace the Insurance Information and Privacy Protection Model Act #670 (“Model 670”) and the Privacy of Consumer Financial…
New York Foreclosure Abuse Prevention Act Curtails Servicers’ Options
A&B ABstract: Effective on approval by Governor Kathy Hochul on December 30, 2022, New York Assembly Bill 7737b – the Foreclosure Abuse Prevention Act (the “Act”) became law. The Act is signifcant because it reverses judicial precedent that permitted a lender, after default, to undo the acceleration of a mortgage and stop the running of…
CFPB Issues Advisory Opinion Warning Against Kickbacks for Mortgage Rate Shopping Platforms
A&B ABstract: Last week, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion to address the applicability of the Real Estate Settlement Procedures Act (RESPA)’s Section 8 – the anti-kickback provision – to operators of certain digital technology platforms that enable consumers to comparison shop for mortgages and other real estate settlement services. These…
California Privacy Protection Agency Issues Invitation for Preliminary Comments on Proposed Rulemaking on Risk Assessments, Cybersecurity Audits, and Automated Decisionmaking
By Josh Fox
The California Privacy Protection Agency (CPPA) issued an Invitation for Preliminary Comments on Proposed Rulemaking (Invitation) Friday as it considers new rules regarding Risk Assessments, Cybersecurity Audits, and Automated Decisionmaking. The proposed rulemaking is pursuant to California Civil Code § 1798.185(a)(15)-(16), which directs the CPPA to draft regulations on these topics. Although the Invitation enumerates…