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Online Investment Site Settles With FTC, $2.4M Fine - Finance and Banking

On March 8, the FTC settled with the operators of an online stock trading platform over allegations that the operators fraudulently marketed investment-related services that they claimed would enable consumers to make consistent profits and beat the market.
Restore Online Shopper Confidence Act Into Practice Consumer Finance Online Investment Site Settles With Ftc Consumer Protection Consumer Law
Source: mondaq.com

CFPB Broadens Definition of Unfairness to Rein in Discrimination

CFPB announced on March 16 a revision to its supervisory operations to address discrimination outside of the traditional fair lending context, with future plans to scrutinize discriminatory conduct that violates the federal prohibition against unfair practices.
United States Exam Manual Abusive Acts Equal Credit Opportunity Act Consumer Financial Protection Act Into Practice

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Fintech Flips Script, Sues California Regulator Over 36% Rate Cap Law | Sheppard Mullin Richter & Hampton LLP

On March 7, a Chicago-based FinTech company  filed a Complaint for Declaratory and Injunctive Relief in Los Angeles County Superior Court against the Commissioner of the California...
United States Los Angeles County Clothilde Hewlett Sheppard Mullin Richter Hampton California Department Of Financial Protection Sheppard Mullin Richter

Virginia Approves Bill Allowing Banks To Offer Cryptocurrency Custody Services - Technology

On March 3, Virginia passed a new bill (HB 263) permitting banks in the Commonwealth to provide its customers with crypto custody services "so long as the bank has adequate protocols in place to effectively manage risks...
United States Glenn Youngkin Into Practice Consumer Finance Virginia Approves Bill Allowing Banks To Offer Cryptocurrency Custody Services Finance And Banking
Source: mondaq.com

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