Firm News
Schulte Recognized as Leading Firm in 2016 Edition of Benchmark Litigation
October 19, 2015
Schulte has been recognized as a leading law firm nationally and in New York and Washington, D.C. in the 2016 edition of Benchmark Litigation: The Definitive Guide to America’s Leading Litigation Firms and Attorneys. The publication, which identifies the top litigation practices in the United States based on extensive interviews with the nation’s leading private practice lawyers and in-house counsel, highlighted “the individual and collective litigation acumen” of the firm’s lawyers.
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Alerts
On Nov. 21, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued a final rule (“Final Rule”) that establishes its supervisory authority over nonbank covered entities identified as larger participants in the general-use digital payment applications market.[1] Covered entities will be subject to supervision to ensure compliance with Federal consumer financial laws, such as the Consumer Financial Protection Act (“CFPA”) and its prohibitions against unfair, deceptive, or abusive acts or practices (“UDAAPs”), the privacy provisions of the Gramm-Leach-Bliley Act and Regulation P, and the Electronic Funds Transfer Act and Regulation E.[2] This Alert provides an overview of the Final Rule and highlights key differences between the Final Rule and the previously released Proposed Rule, issued on Nov. 7, 2023 (“Proposed Rule”).[3]
Alerts
On Dec. 3, 2024, Judge Amos L. Mazzant of the US District Court for the Eastern District of Texas issued a nationwide preliminary injunction prohibiting the government from enforcing the Corporate Transparency Act (“CTA”) and its implementing regulation (31 C.F.R. §1010.380 (“Reporting Rule”)) and enjoining enforcement of the filing deadlines thereunder. The CTA, which was enacted on Jan. 1, 2021, and the Reporting Rule require certain legal entities (known as “Reporting Companies”) to file a beneficial ownership information report (“BOI Report”) with the US Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”).[1] This ruling is noteworthy in light of the upcoming reporting deadlines under the CTA and Reporting Rule, which require that Reporting Companies formed or registered to do business in the US: (1) before Jan. 1, 2024, are required to file their initial BOI Report by Jan. 1, 2025; or (2) in 2024 are required to file their initial BOI Report within 90 days of formation or first registration.
Alerts
As part of the SEC’s 2023 amendments to the rules governing beneficial ownership reporting on Schedules 13G and 13D, the SEC adopted rules that require these filings to be made using a structured, machine-readable data language (XML) in order to make it easier for market participants to access, compile and analyze the information in Schedule 13G and 13D filings. Filers need to comply with this requirement starting on Dec. 18, 2024.
Alerts
On Nov. 21, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued a final rule (“Final Rule”) that establishes its supervisory authority over nonbank covered entities identified as larger participants in the general-use digital payment applications market.[1] Covered entities will be subject to supervision to ensure compliance with Federal consumer financial laws, such as the Consumer Financial Protection Act (“CFPA”) and its prohibitions against unfair, deceptive, or abusive acts or practices (“UDAAPs”), the privacy provisions of the Gramm-Leach-Bliley Act and Regulation P, and the Electronic Funds Transfer Act and Regulation E.[2] This Alert provides an overview of the Final Rule and highlights key differences between the Final Rule and the previously released Proposed Rule, issued on Nov. 7, 2023 (“Proposed Rule”).[3]
Alerts
On Dec. 3, 2024, Judge Amos L. Mazzant of the US District Court for the Eastern District of Texas issued a nationwide preliminary injunction prohibiting the government from enforcing the Corporate Transparency Act (“CTA”) and its implementing regulation (31 C.F.R. §1010.380 (“Reporting Rule”)) and enjoining enforcement of the filing deadlines thereunder. The CTA, which was enacted on Jan. 1, 2021, and the Reporting Rule require certain legal entities (known as “Reporting Companies”) to file a beneficial ownership information report (“BOI Report”) with the US Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”).[1] This ruling is noteworthy in light of the upcoming reporting deadlines under the CTA and Reporting Rule, which require that Reporting Companies formed or registered to do business in the US: (1) before Jan. 1, 2024, are required to file their initial BOI Report by Jan. 1, 2025; or (2) in 2024 are required to file their initial BOI Report within 90 days of formation or first registration.
Alerts
As part of the SEC’s 2023 amendments to the rules governing beneficial ownership reporting on Schedules 13G and 13D, the SEC adopted rules that require these filings to be made using a structured, machine-readable data language (XML) in order to make it easier for market participants to access, compile and analyze the information in Schedule 13G and 13D filings. Filers need to comply with this requirement starting on Dec. 18, 2024.
Alerts
On Nov. 21, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued a final rule (“Final Rule”) that establishes its supervisory authority over nonbank covered entities identified as larger participants in the general-use digital payment applications market.[1] Covered entities will be subject to supervision to ensure compliance with Federal consumer financial laws, such as the Consumer Financial Protection Act (“CFPA”) and its prohibitions against unfair, deceptive, or abusive acts or practices (“UDAAPs”), the privacy provisions of the Gramm-Leach-Bliley Act and Regulation P, and the Electronic Funds Transfer Act and Regulation E.[2] This Alert provides an overview of the Final Rule and highlights key differences between the Final Rule and the previously released Proposed Rule, issued on Nov. 7, 2023 (“Proposed Rule”).[3]