Chet Love

Yesterday the Federal Energy Regulatory Commission issued the long-awaited Order No. 1920 addressing much-needed transmission planning reforms. If we’re going to meet the ambitious target of zero carbon emissions in the domestic power sector by 2035, we’ll need the transmission infrastructure to accommodate the continued deployment of substantial new renewable energy generating facilities necessary to meet those targets. Learn more below in the client alert my White & Case LLP colleagues and I coauthored. Cc: Daniel Hagan, John Forbush, Jacqueline Triggs, Aaron Bryant #transmission #FERC #DOE #energy #electricity #power #regulatory #renewables #netzero #infrastructure #utilities #transmissionplanning #reform #datacenters #AI #gridmodernization #reliability #benefitsanalysis #electrification #costallocation #energysecurity #environmentaljustice #justice40 🔗: https://lnkd.in/gskb8epb

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I find Michael Hsu, Acting Comptroller of the Currency, to be one of the most interesting financial regulators to listen to. (Shout out to Hsu's 2022 "Don't Chase" speech on FOMO in the Fintech world. https://lnkd.in/eKxH8nRR). Hsu testified today on the Hill, https://lnkd.in/eeYuzC47, and his remarks contained a few nuggets: ▪ You can see the effect of the CFPB's influence in comments on addressing fairness and discrimination, overdraft and insufficient funds fees, and financial inclusion. ▪ Regulators are like a dog with a bone on third party management issues in bank-fintech relationships. ▪ There has been a "notable increase in the number of generative AI pilots" at larger banks. Talk about FOMO . . . ▪ Hsu is not above a gratuitous dig at the crypto industry. In referencing tokenization initiatives, he said: "In contrast to crypto, tokenization is driven by solving real-world settlement problems and can be developed in a safe, sound, fair, and compliant manner." Ouch. 💥 #fintech #bankfintechpartnerships #regulatorycompliance

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A little over two months to CDOR's last publication on June 28, 2024. Banks will no longer issue CDOR or Bankers’ Acceptances (BAs) based loans following the cessation of CDOR. While many CDOR-based loans have already transitioned to other benchmarks, a significant number of CDOR-based loans remain. To monitor the transition away from CDOR, the Canadian Alternative Reference Rate working group will publish monthly reports on the outstanding amount of CDOR-based loans that have not transitioned to other benchmarks, as well as new loans referencing CORRA/Term CORRA. #cdor #corra #interestrates https://lnkd.in/gXXZFKfU

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Be sure to check out the latest episode of Sactown Talks with Rebecca Bauer-Kahan. We have a great discussion where she leads us through the complexities of regulating Artificial Intelligence and the steps California is taking to protect privacy and innovation! https://lnkd.in/g7dr5QSR #ai #artificalintelligence #caleg #regulation

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More to come on this, but the #CFPB just issued an interpretive rule classifying buy now pay later companies as card issuers. Quote below - link to the new rule below as well. “The Consumer Financial Protection Bureau (CFPB) is issuing this interpretive rule to address the applicability of subpart B of Regulation Z to lenders that issue digital user accounts used to access credit, including to those lenders that market loans as “Buy Now, Pay Later” (BNPL). This interpretive rule describes how these lenders meet the criteria for being “card issuers” for purposes of Regulation Z. Such lenders that extend credit are also “creditors” subject to subpart B of Regulation Z, including those provisions governing periodic statements and billing disputes.”

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Completely agree with your "Starters" rules/guidelines 1-3 to keep the industrial organization makeup of the global energy transition service and product markets open to all willing market participants and not dominated by two companies like our current Ad Duopoly...

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From powering data centers to reshoring supply chains, reliable energy is crucial. My latest piece in Real Clear makes the case for policy consistency. Check it out!

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CALIFORNIA AG TO SPONGEBOB APP DEVELOPER: STOP SDK-ING AROUND. In the third CCPA enforcement action to date, the AG alleged that a mobile game collected kids’ personal data without parental consent. By itself, this isn’t a novel claim. What’s interesting that the collection was done partly through misconfigured SDKs, and the settlement requires the developer to implement a SDK governance plan and get just in the time consent. Time to get your SDK house in order. #law #privacy #ccpa

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The funding of the Consumer Financial Protection Board is some what driven by preventing consumers from hassling with illegitimate corporate practices....illegal or certainly not in the spirit of the law. It should be taking some of the percentage of the proven wins in court, and applying it toward more enforcement actions, if not already. Consumers need all the help they/we can get! For example - https://lnkd.in/guM5urAz

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What’s in store for crypto enforcement and regulation? Catch up on the latest headlines in this week's Bracewell Minute, and visit our resource center for more-detailed analysis: https://lnkd.in/gNfZsNFG #crypto #carbonemissions #energytransition

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Really interesting article from Jess Cheng from Wilson Sonsini Goodrich & Rosati on how Fintech's can leverage FedNow. - "This is a significant moment of change in the U.S. payments industry, and rare opportunities exist for early-stage startups in particular and their investors. By taking advantage of FedNow and its specifically innovation-friendly legal terms, lean startups can better devote their resources to strategically identify new opportunities for a better and safer instant payment customer experience"

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ICYMI: The SBA has a new Ban the Box Rule. People with criminal records no longer have to reveal such information when applying for loan applications or in qualifying for them. The government estimates that the change will help millions of would-be founders. The Ban the Box rule would lift restrictions on the agency's lending programs that barred interested borrowers who are on parole or probation from applying to SBA loan programs. The measure would also remove sections on SBA loan applications that asked about someone's criminal history. https://lnkd.in/gTKnZNGC

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How are plaintiffs applying the pen register provisions of the California Invasion of Privacy Act ("CIPA") to internet activity? Harrison Brown and Ana Tagvoryan discuss the trends in the application of CIPA to ubiquitous online tracking technologies and how businesses can mitigate litigation risk in this Westlaw Today article. #CIPA #penregister #privacylaws

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FINRA has filed a proposed rule change with the SEC to require the reporting and public dissemination of securities loans. If adopted, the reporting rules for the “Securities Lending and Transparency Engine” or “SLATE” would apply to FINRA members and non-FINRA members alike. “Covered persons” would be required to, among other things, report modifications to “covered securities loans” and to alert FINRA Operations if a “reportable security” is not entered into the SLATE system. There also are implications for reporting close outs under Regulation SHO. Like in the TRACE reporting context and others, it is likely that FINRA will conduct surveillance of submissions to the SLATE system for timeliness, accuracy and completeness. FINRA also is planning to separately file a proposed rule to establish fees associated with securities loan reporting. Comments should be considered for the current proposal, and they are due by May 28, 2024. Additional details can be found at: https://lnkd.in/e_tRWr_M

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SB 343 was passed by the California Legislature and signed into law by Governor Newsom in 2021, and it was intended to limit deceptive or misleading claims about the recyclability of products and packaging. It sought to do so by limiting claims of recyclability—including use of the well-known chasing arrows symbol—to products and packaging that meet certain criteria. Generally, the criteria are that the material is of a type collected by jurisdictions serving at least 60% of California and is sorted into defined waste streams for recycling facilities serving at least 60% of recycling programs statewide. By Donald Sobelman and Christopher Rendall-Jackson

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