Eamonn K. Moran

Some article posts require little in the way of introduction: https://lnkd.in/e2ARFYuZ But if you'd like to know more about the danger posed to individual plaintiffs and our system as a whole by undisclosed predatory litigation loan sharking: https://lnkd.in/eKwcEHEm #TPLF #consumerlitigationfunding #thirdpartyconsumerlitigationfunding #lucrative #$$$$$$$$ #sunlightisthebestdisinfectant #letthesunshinein #lawloans #extortionateinterest #predatory #predatorylending #transparency #disclosure #fulldisclosure #safeguard #efficiencyfairnessintegrity #consumerprotection #vulnerableplaintiffs #justice #collaboration #appellate #conflictsofinterest #ethicalconcerns #ethicalbreaches #publicinterest #nylegislature #governorhochul #nyattorneygeneraljames #usury #civilusury #criminalusury #unconscionability #conflictedrepresentation #parasitismandfraud #kickbackschemes #publicpolicy #underminingsettlementefforts #appearanceofimpropriety #loansharking #bookies

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The team at Best Best & Krieger LLP (BBK) breaks down new PFOA regulations that will impose new reporting requirements and empower regulators to mandate investigations of PFOA and PFOS-contaminated sites. Read more at #PublicCEO bit.ly/3y1mSJx

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On Nov. 12, the Consumer Financial Protection Bureau (CFPB) released a report examining federal and state privacy protections for consumers’ financial data. In the report, the CFPB “critiques” the privacy protections available under the Gramm-Leach-Bliley Act (GLBA) and the Fair Credit Reporting Act (FCRA), asserting that the federal framework has “limitations.” 📖 Read more in this #GTAlert written by Timothy Butler, Matthew White, and Tessa Cierny: https://bit.ly/4fP3XT7. #financialdata #CFPB #Privacy

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In the latest round of SEC enforcement actions for non-compliance with the Marketing Rule—in which nine firms were charged—Lisa Roth noticed the SEC was focused on three areas in particular: ❌ Conflicts of interest 📊 Third-party ratings 🗣️ Testimonials In each case, the SEC’s scrutiny has been in lock step with its guidance. The enforcement areas can be reconciled to the guidance, allowing firms to follow along the SEC's open book. Read more: https://hubs.li/Q02R5DQ80 #SEC #MarketingRule #FinancialServices #Compliance #BuiltInLabs

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More to come on this, but the #CFPB just issued an interpretive rule classifying buy now pay later companies as card issuers. Quote below - link to the new rule below as well. “The Consumer Financial Protection Bureau (CFPB) is issuing this interpretive rule to address the applicability of subpart B of Regulation Z to lenders that issue digital user accounts used to access credit, including to those lenders that market loans as “Buy Now, Pay Later” (BNPL). This interpretive rule describes how these lenders meet the criteria for being “card issuers” for purposes of Regulation Z. Such lenders that extend credit are also “creditors” subject to subpart B of Regulation Z, including those provisions governing periodic statements and billing disputes.”

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On May 28, 2024, the U.S. District Court for the District of Utah ordered the Securities and Exchange Commission to pay $1.8 million in attorney and receivership fees related to the regulator’s civil case against Morrison Cohen clients DEBT Box and its principals. In addition, Chief U.S. District Judge Robert Shelby dismissed the case without prejudice. In a July 2023 lawsuit against DEBT Box, the SEC alleged that the company was involved in an ongoing illegal $50 million crypto scheme. But Morrison Cohen successfully established that the SEC had made materially false and misleading statements to the court in its efforts to secure a temporary restraining order against DEBT Box. Judge Shelby’s order recognized that Morrison Cohen played a “lead role” in accomplishing this result: “Given the complexity of the case and the urgency of issues pertaining to the TRO and Receiver, it is not unreasonable that partners with decades of experience in securities litigation and regulatory enforcement actions shouldered a large share of the burden. Furthermore, counsel for the DEBT Box Defendants have played a lead role in this case and were instrumental in bringing to light the problematic issues surrounding the TRO.” Richard Hong, Jason Gottlieb, David Ross, Jeff Brooks and Alexander Yarm represent DEBT Box, along with Matthew Lewis and Taylor Smith of Kunzler Bean & Adamson PC. The case is SEC v. Digital Licensing Inc. d/b/a DEBT Box et al. Read more here: https://lnkd.in/eUpAPB9c #BusinessLitigation #Cryptocurrency #DigitalAssets

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On October 10, Potter Anderson’s T. Brad Davey will be appearing on Expert Webcast’s panel for their program, “Going Private Transactions.” The panel will address the rationale, planning and execution of a going private transaction, including transaction structures, securities regulations, disclosure and filing requirements, timelines and litigation mitigation strategies. Learn more and register at https://lnkd.in/e4GNWk8A #PotterAnderson #ExpertWebcast #GoingPrivateTransactions  

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The USPTO issued guidance on the use of AI-based tools. MBHB Partner Manav Das shares 10 key takeaways. Read more here.

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#BusinessLawToday | Antitrust enforcement agencies and private plaintiffs are pursuing notable challenges to companies within the same industry using common pricing algorithms. Read: https://lnkd.in/e6sV3AP2 #BusinessLaw #BusinessRegulation #RegulatedIndustries

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Tom Witherspoon authored an article for Law360 exploring the Consumer Financial Protection Bureau's efforts to combat "junk fees" in school lunch payment processing, particularly as schools transition to cashless systems and partner with online payment platforms that charge for the service. Tom says school lunches are another entry point into a conversation about the CFPB's consumer protection authority with respect to payment processing. He notes that the CFPB's scrutiny is not limited to school lunch payment processing, emphasizing its broad application to the regulation of digital wallets and payment apps, which he says gives the CFPB another tool to inspect such fees across other markets. Learn more: https://lnkd.in/gy7F5BCb #CFPB #DigitalWallet #SchoolLunchFees #ConsumerProtection

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Biometric privacy is a big priority for regulators these days. Look no further than Texas's recent mammoth settlement with Meta, obtained under the state's “Capture or Use of Biometric Identifier” Act, for an important reminder that businesses need to pay attention to state biometric privacy laws.   Partner Joshua Stevens explains more about the enforcement action and varied data scenarios that may fall under biometrics privacy laws.   To learn more about biometrics and privacy compliance, check out our blog: https://lnkd.in/eKK5C8eA

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Will the SEC finalize any new rules this fall? Check out this Ropes & Gray summary of the SEC's current rulemaking timeline. https://lnkd.in/ettWRZyc

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Jacko Law Group Regulatory Tip of the Week by Michelle L. Jacko, CSCP Why Use the SEC’s Model Privacy Form Recently, I was asked by an SEC-registered investment adviser to review the firm’s privacy policy. It consisted of a half-page narrative describing their privacy policy. When I asked whether the firm had considered using the SEC’s Model Privacy Form in lieu of their own, they asked, “What’s the benefit?” Under the Gramm-Leach Bliley Act, the SEC provided a model privacy form which can be used by financial companies to describe how they use a consumer’s personal information. The form is a two-page document that is designed to help consumers more easily understand what personal information is collected, and if the consumer can limit the sharing of this information. While use of the form is voluntary, if an SEC registrant elects to use the form and completes it fully, there is a “safe harbor” for compliance with Regulation S-P disclosure requirements. Thus, whenever possible, we encourage firms to consider using the Model Privacy Form because of this safe harbor. For more information on Regulation S-P and privacy considerations, contact us at (619) 298-2880 or at [email protected]. #SEC #Privacyform #RIA #jackolg

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ICYMI: With the U.S. Supreme Court ruling in favor of the #CFPB, what does this mean for #collections and recovery agencies? Read this blog post from Rozanne M. Andersen, Esq. to find out. #ARM https://lnkd.in/gXpaq6KA

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Supporters of PACE Reforms Urge Adoption of Final Rule A coalition of consumer organizations—including the National Consumer Law Center (on behalf of its low-income clients) and the Center for Responsible Lending—and attorneys have sent a letter to Rohit Chopra, Director of the Consumer Financial Protection Bureau, urging adoption of a final rule concerning Property Assessed Clean Energy (PACE) loans. PACE loans provide consumer protections for homeowners seeking clean energy financing. PACE lending. PACE loans are secured through a property tax lien on the borrower’s home and are used to finance clean energy improvements, such as solar panels or projects to prepare homes for natural disasters. A 2023 CFPB report found that homeowners with PACE loans had an increase in negative credit outcomes, primarily mortgage delinquency. Moreover, many PACE borrowers live in underserved communities. This story can be read in its entirety on the Wolters Kluwer Vital Law site at https://lnkd.in/gCR5d7Mh. As reported George Gullo. #PACELoans #CFPB #CleanEnergyFinancing #CenterForResponsibleLending #UnderservedCommunities

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Bank Lending Vs. Alternative Litigation Finance: A Mass Tort Attorney’s Strategic Opportunity The following post was contributed by Jeff Manley, Chief Operating Officer of Armadillo Litigation Funding. Mass tort litigation is a high-stakes world, one where the pursuit of justice is inextricably linked with financial resources and risk management. In this complex ecosystem, two financial pillars stand out: bank lending and alternative litigation finance. For attorneys and their financial partners in mass torts, choosing the right financial strategy can mean the difference between success and stagnation. https://lnkd.in/exwpZywm #litigationfunding #litigationfinance #litfin #legalfinance #legalfunding #masstorts #thoughtleadership

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