With the pace of regulatory rulemaking and overall regulatory burden facing the financial services industry, it would be understandable if the significance of a U.S. Supreme Court decision about the number of observers on a fishing vessel required under a regulation from the National Marine…
The U.S. Department of the Treasury recently released a comprehensive report on managing artificial intelligence (AI) specific cybersecurity risks within the financial services sector. The Report was issued as just one of the steps mandated by Executive Order 14110 on Safe, Secure, and Trustworthy…
Indiana House Bill 1284 was signed into law by Governor Eric Holcomb this week and becomes effective on July 1, 2024. This new law provides much needed clarity to Indiana financial institutions seeking to ensure the enforceability of amendments to their deposit account agreements. This Client Alert…
On October 30, President Biden issued his Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence, along with a companion Fact Sheet issued by the White House. The Executive Order establishes the federal government’s priorities with respect to Artificial…
The California Department of Financial Protection and Innovation (“DFPI”) recently adopted a new unfair, deceptive, and abusive acts and practices regulation (the “UDAAP Regulation”) appliable to commercial lenders extending credit to small businesses (defined as a business with annual gross…
Financial institutions offering auto loans to Indiana borrowers will soon be able to record their lien interests electronically. This electronic lien system is only provided by third-party vendors approved by the Indiana Bureau of Motor Vehicles (the “BMV”). These third-party vendors assess a fee…
Krieg DeVault Financial Institutions Partners, Michael J. Messaglia and Brett J. Ashton, provide an in-depth look at Silicon Valley and Signature Banks' failure and what their collapse could mean for the future of financial institutions.
Earlier this week, the Indiana Supreme Court issued its long-awaited decision in the matter of Decker v. Star Financial Group, Inc., Supreme Court Case No. 22S-PL-305, 2023 WL 2583381 (Ind. Mar. 21, 2023), in which the Court addressed the enforceability of arbitration clauses in certain deposit…
The New York Department of Financial Services (“NYDFS”) finalized the New York Commercial Finance Disclosure Law (“NYCFDL”) regulation on February 1, 2023. The NYCFDL disclosure rule (“NY Disclosure Rule”) is effective on August 1, 2023, and with few exceptions, closely tracks disclosure…
The Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) continued its campaign against financial services fees this week with the release of their Proposed Rule on Credit Card Penalty Fees (the “Proposed CARD Act Rule”). The Bureau has rulemaking authority over the federal Truth in…
Corporate awareness of environmental, social and governance (“ESG”) risks has grown significantly in the last decade, making ESG issues a strategic priority for many boards and executives. As a result, companies, both large and small, continue to grapple with how ESG issues affect their risk…
On the heels of the Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) consent order with Regions Bank last week in connection with alleged unfair and deceptive overdraft practices (the “Regions Consent Order” discussed in our earlier Client Alert), CFPB Director Rohit Chopra was…
