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CFPB Issues Guidance Covering Buy Now Pay Later Lenders

CFPB Issues Guidance Covering Buy Now Pay Later Lenders

In 2022, the Consumer Financial Protection Bureau (CFPB) published a report on market trends in the “Buy Now, Pay Later” (BNPL) industry.  Based on a study of the industry from 2019-2021, the report noted a 970% increase in the number of BNPL loans originated in the...

FTC’s Ban on Non-Competition Agreements

FTC’s Ban on Non-Competition Agreements

On April 23, 2024, the Federal Trade Commission (“FTC”) announced its final rule prohibiting employers from entering into, enforcing, or attempting to enforce post-employment non-compete clauses (the “FTC Rule”). Subject to a limited exception, the FTC Rule will also...

DO YOU DO FBO?

DO YOU DO FBO?

The recent bankruptcy filing of Synapse Financial Technologies highlights the risks to banks of establishing “for the benefit of” or “FBO” accounts. Synapse operated a fintech platform used by over 100 different fintech partners. Using Synapse’s platform, the fintech...

DOL Increases Salary Thresholds for Exempt Employees

DOL Increases Salary Thresholds for Exempt Employees

On April 23, 2024, the United States Department of Labor (“DOL”) issued its Final Rule regarding exempt workers under the Fair Labor Standards Act (“FLSA”). The Final Rule significantly raises the minimum salary thresholds for employees to be considered exempt from...

Banking Highlights from the 2024 South Dakota Legislative Session

Banking Highlights from the 2024 South Dakota Legislative Session

The 2024 South Dakota legislative session addressed a number of items and issues, with much time focusing on budgets and pipeline concerns. However, the legislature each year considers many bills, most of which do not make the headlines but do affect bankers and their...

Davenport Evans Welcomes 2024 Summer Associates

Davenport Evans Welcomes 2024 Summer Associates

Davenport Evans is pleased to welcome its 2024 summer associate class, (as shown, left to right:) Noah R. Reeves, Victoria M. Mendoza, Ann L. Madson, and Tyler J. Arend. Davenport Evans has a long history of hiring law students who participate in the firm’s summer...

OFAC Compliance: A Risk-Based Approach

OFAC Compliance: A Risk-Based Approach

OFAC - “What is that, and do I care?” The answer to the latter question should be a resounding “Yes” if you are in bank management, compliance, account on-boarding, or transaction monitoring. OFAC, the acronym for the Office of Foreign Assets Control of the U.S....

Using AI in the Workplace

Using AI in the Workplace

As the adoption of Artificial Intelligence (AI) continues to grow in workplaces, it's crucial to approach its integration with a critical eye. While AI offers potential benefits such as increased efficiency, it also presents significant challenges, particularly...

July 1: Medical Cannabis No Longer Protected in Safety-Sensitive Jobs

July 1: Medical Cannabis No Longer Protected in Safety-Sensitive Jobs

Recent years have seen a robust public discussion unfold over the legal status of cannabis in South Dakota. For employers, Senate Bill 12 represents a new chapter in this ongoing dialogue, which changes certain rules applicable to employees in “safety-sensitive jobs”...