Anyone else find it hard to believe July is in the rearview mirror!? With 2024 flying by, regulators have been keeping busy, so it’s a good time to recap the last few months. As you all know, in May, the Supreme Court ruled that the funding of the CFPB is constitutional. Within days of that ruling, […]
We have had some conflicting rulings on the Federal Trade Commission’s (“FTC”) rule to ban the use of noncompete clauses this month. Earlier this month, a federal district court in Texas issued a preliminary injunction that enjoined the effective date of the FTC’s noncompete ban (currently, September 4, 2024). This court decision is limited to […]
Last week (April 23, 2024), the Federal Trade Commission (“FTC”) issued a final rule to prohibit the use of non-compete clauses in certain employer agreements and policies. The rule will become effective 120 days after it is published in the Federal Register. The rule also supersedes all state laws and regulations, unless those laws or […]
Happy Holidays! As we prepare for the New Year, we are looking back at 2023 and revisiting a few of the topics we covered this year. Did you know that Messick Lauer & Smith has a LinkedIn page where you can find articles and summaries on topics we believe are important for everyone in the […]
FCU Bylaw Amendments will be required for updating member expulsion policy. This summer, the NCUA adopted a final rule permitting a federal credit union (“FCU”) to expel a member for cause by a two-thirds vote of the FCU’s board of directors. The NCUA was required to develop a policy under which a member could be […]
By: Jennifer Winston Jwinston@cusolaw.com Last month, the CFPB released Consumer Financial Protection Circular 2023-01 emphasizing unlawful negative option marketing practices. The CFPB has stated that engaging in negative option marketing practices violate the Consumer Financial Protection Act’s (CFPA) prohibition on unfair, deceptive, or abusive acts or practices (UDAAP). “Negative option” refers to either a term […]
By: Michael Mulvey mmulvey@cusolaw.com One of the benefits of forming a CUSO is the limited liability protection offered to a CUSO’s investor(s). In order to maintain this protection, the CUSO and investing credit union(s) must maintain corporate separateness. This means the two entities’ operations are separate and distinct from each other. The reason this […]
By: Michael J. Heller mheller@cusolaw.com Part 1: Contract Review As credit unions increasingly rely on third party relationships to remain operationally efficient and competitive and to provide the most innovative and up-to-date services to members, contract review, negotiation, and monitoring are, and will continue to be, critical aspects of an effective third party risk management […]
By: Michael Heller mheller@cusolaw.com The Federal Trade Commission (“FTC”) published a new proposed rule on January 19, 2023 to prohibit the use of non-compete clauses in certain agreements. The proposal is currently in the commentary period, which will end on March 20, 2023. If adopted, the proposed rule will require employers that use non-compete […]
By: Michael Mulvey mmulvey@cusolaw.com For our blockchain or cryptocurrency enthusiasts out there: Following the downfall of FTX and subsequent hearings in December, Senators Elizabeth Warren and Roger Marshall introduced the Digital Asset Anti-Money Laundering Act authorizing rule making, risk-focused examination and review processes and reporting for federal agencies. SIL22D55 (senate.gov) Additionally, the New […]
