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May

22
2024
Industry News

The Third Attempt: Banking Agencies Revive Incentive-Based Compensation Rules for Financial Institutions

The Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Federal Housing Finance Agency (FHFA) and the National Credit Union Administration (NCUA) recently re-proposed rules on incentive-based compensation arrangements at certain financial institutions with at least $1 billion in assets (Proposed Rule).

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May

22
2024
Industry News

Attorney General Tong Joins Multistate Coalition Urging Department of Education to Provide Debt Relief to Federal Student Loan Borrowers

(Hartford, CT) – Attorney General William Tong joined a coalition of 19 attorneys general calling on the U.S. Department of Education to swiftly implement recently proposed regulations, which would provide needed relief for some of the nation’s most burdened student loan borrowers and help address the student debt crisis. The proposed regulations would waive or reduce student loan repayment for certain groups of federal student loan borrowers.

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May

22
2024
Industry News

CFPB Backs Connecticut and California Bills to Prohibit Medical Debt Reporting

Recently, the Consumer Financial Protection Bureau (CFPB or Bureau) submitted letters to senators in Connecticut and California supporting their proposals to prohibit medical debt reporting.

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May

22
2024
Industry News

Maryland Enacts Comprehensive Data Privacy Law

On May 9, 2024, Maryland Governor Wes Moore signed into law Senate Bill 541 (the "Maryland Online Data Privacy Act") making Maryland the eighteenth state to adopt comprehensive data privacy legislation in the United States ("US State Data Privacy Laws"). The Maryland Online Data Privacy Act will take effect on October 1, 2025.

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May

22
2024
Industry News

Connecticut Governor Signs Bill Prohibiting Health Care Providers from Reporting Medical Debt to Credit Reporting Agencies

On May 9, 2024, Connecticut Governor Ned Lamont signed into law Public Act No. 24-6, “An Act Concerning the Reporting of Medical Debt,” (The Act). The Act prohibits health care providers from reporting medical debt to credit rating agencies and makes various updates to existing laws regarding the reporting of medical debt already applicable to hospitals and collection agents.

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