News from the economy, politics and the financial markets
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Kansas district court finds extra efforts and expenses sufficient for standing in FDCPA suit
On October 16, a judge in the U.S. District Court for the District of Kansas denied a defendant’s motion to dismiss an FDCPA case, holding that the plaintiff had standing to pursue her claims....By: Orrick, Herrington & Sutcliffe LLP
DFPI fines firm $1M for allegedly overcharging borrowers
On October 17, the California DFPI issued a consent order against a company and fined it over $1 million for allegedly charging consumers fees and interest exceeding the allowable limits. Sections 22304.5 and 22306 of the California Financing Law limit the allowable interest rate and origination fee (i.e., administrative fee) on loans between $2,500 and $10,000. The DFPI determined that the company had violated these limits as recently as January 2023....By: Orrick, Herrington & Sutcliffe LLP
New York appellate court affirms dismissal of FDCPA suit for lack of standing
On October 15, a New York appellate court affirmed the dismissal of a putative class action alleging violations of the FDCPA and New York General Business Law § 349....By: Orrick, Herrington & Sutcliffe LLP
US Banking Regulators Propose to Refocus Supervision on Material Risks and Eliminate Use of Reputation Risk
The proposals align with Trump administration policy by emphasizing supervision of material and quantifiable financial risks....By: Latham & Watkins LLP
NYC Mayor Adams establishes Office of Digital Assets and Blockchain Technology
On October 14, New York City Mayor Eric Adams signed an executive order creating the Office of Digital Assets and Blockchain Technology within the Office of the Mayor of New York City. The executive order tasks the new office, to be led by an executive director reporting to the chief technology officer, with supporting the growth of the digital asset and blockchain industry in New York City and strengthening the city’s position as a global financial hub....By: Orrick, Herrington & Sutcliffe LLP
ESRB Warns of Systemic Risks From Stablecoins, Crypto-Investment Products, and Multi-Function Groups
The European Systemic Risk Board (ESRB), which is responsible for collecting and analyzing data from national central banks, supervisors, and the European Union agencies about risk in the EU financial system, released a major report highlighting the growing macroprudential implications of crypto-asset markets within the EU....By: Goodwin
NYDFS outlines risks and trends with third-party service providers
On October 21, NYDFS issued an industry letter emphasizing several risks entities face when relying on third-party service providers. NYDFS warned that reliance introduces the risk of cybersecurity incidents at such third parties, which may impact sensitive data....By: Orrick, Herrington & Sutcliffe LLP
Canada to create Financial Crimes Agency, with two other initiatives to combat financial scams and abuses
On October 20, Canada’s Department of Finance announced three new measures aimed at protecting their citizens from financial scams and abuses....By: Orrick, Herrington & Sutcliffe LLP
SEC chair expresses disappointment over Delaware law restricting arbitration and fee-shifting for securities claims
On October 9, SEC Chairman Paul Atkins delivered keynote remarks at a corporate governance event, addressing a range of topics including public company disclosures, shareholder proposals, and securities litigation. In his speech, Atkins stated he was disappointed with recent amendments to Delaware’s General Corporation Law, via SB 95, that he asserted (i) prohibit mandatory arbitration for federal securities law claims by “permitting forum selection,” and (ii) bar corporations from adopting...By: Orrick, Herrington & Sutcliffe LLP
Maryland implements new medical debt laws restricting collection, reporting and judgment practices
On October 14, the Maryland Office of Financial Regulation issued guidance advising collection agencies and consumer reporting agencies to review new requirements and ensure compliance with three new Maryland laws: HB 428 (Medical Debt – Complaints for Money Judgment and Real Property Liens); HB 1020 (Fair Medical Debt Reporting Act); and HB 268 (Hospitals – Financial Assistance and Collection of Debts – Policies)....By: Orrick, Herrington & Sutcliffe LLP
Coalition of state attorneys general calls for SEC to create clear, narrow definitions for cryptoassets
On October 20, a coalition of 21 state attorneys general submitted a joint comment letter to the SEC in response to the agency’s request for information on cryptoassets regulation....By: Orrick, Herrington & Sutcliffe LLP
Indirect Supervisory Powers of the New European Anti-Money Laundering Authority
The EU's Anti-Money Laundering ("AML") package includes Regulation (EU) 2024/1620 of the European Parliament and of the Council of 31 May 2024 establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism ("AMLA")....By: Jones Day
Oregon financial regulator issues guidance on assisting federal employees
On October 21, the Oregon Department of Consumer and Business Services, Division of Financial Regulation announced that it issued Bulletin No. 2025-7, urging financial institutions and related entities to provide means of relief and assistance to individuals affected by the federal government shutdown....By: Orrick, Herrington & Sutcliffe LLP
Crude Awakening: United States Sanctions Rosneft and Lukoil
On October 22, 2025, the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury designated OJSC Rosneft (Rosneft) and Lukoil OAO (Lukoil) on the List of Specially Designated Nationals and Blocked Persons (SDN List, and persons thereon, SDNs)....By: Goodwin
Blakes Data Governor: Fall 2025
Welcome to the Fall 2025 issue of Blakes Data Governor, published by the Blakes Privacy & Data Protection group. Blakes Data Governor provides actionable insights and practical overviews of recent developments impacting privacy, cybersecurity, access to information and artificial intelligence (AI) governance law in Canada....By: Blake, Cassels & Graydon LLP
Le BSIF publie la ligne directrice E-23 définitive sur la gestion du risque de modélisation et le recours à l’IA par les IFF
Le 11 septembre 2025, dans le cadre de sa publication trimestrielle de modifications réglementaires, le Bureau du surintendant des institutions financières (le « BSIF ») a publié sa version définitive de la Ligne directrice E-23 - Gestion du risque de modélisation (2027) (la « ligne directrice définitive »)....By: Blake, Cassels & Graydon LLP
Nearly 14,000 Voices Weigh In: What the CFPB Heard on the Open Banking Rule
The Consumer Financial Protection Bureau (CFPB) has once again found itself at the center of an intense policy debate....By: Goodwin
New York State attorney general discovers firm had two data breaches
On October 20, the New York State attorney general, in a press release, announced a settlement with a certified public accounting firm after discovering the firm experienced two data breaches that compromised its clients’ personal information....By: Orrick, Herrington & Sutcliffe LLP
OCC settles with former bank officer and drops $10M civil penalty
On October 22, the OCC finalized a consent order, settling its enforcement proceedings brought by the agency against a former bank risk officer....By: Orrick, Herrington & Sutcliffe LLP
[Video] JONES DAY PRESENTS®: ECCTA Explained: Global Reach of the UK's Economic Crime and Corporate Transparency Act
Jones Day partner Rt. Hon. Alex Chalk KC explains how the 2023 Economic Crime and Corporate Transparency Act (ECCTA) broadens the scope of liability for corporations and talks about how they can manage the attendant risks. Alex emphasizes that ECCTA is designed to make companies, including private equity firms, take greater, more reasonable steps to prevent fraud, and that fraudulent actions by a subsidiary or portfolio company intended to benefit the parent fund could lead to unlimited fines...By: Jones Day
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