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District court dismisses FCA claims against student loan collectors
On February 11, the U.S. District Court for the District of Columbia dismissed a relator’s False Claims Act claims, which alleged that a group of prime private student loan debt collectors (defendants) defrauded the federal government of funds intended for small businesses in relation to contracts...
InfoBytesCFPB updates FCRA exam procedures
On February 11, the CFPB issued updates to its Supervision and Examination Manual to include requirements of the FCRA created by the Economic Growth, Regulatory Relief, and Consumer Protection Act. The updates apply to the examination procedures covering consumer reporting, larger participants, and...
InfoBytesHouse task force holds hearing on AI bias
On February 12, the House Financial Services Committee’s Task Force on Artificial Intelligence (AI) held a hearing entitled “Equitable Algorithms: Examining Ways to Reduce AI Bias in Financial Services.” As previously covered by InfoBytes , the Committee created the task force to determine how to...
InfoBytesFDIC introduces deposit insurance application for nonbanks
On February 10, the FDIC issued FIL-8-2020 , which incorporates Procedures for Deposit Insurance Applications from Applicants that are Not Traditional Community Banks into its Deposit Insurance Application Procedures Manual (manual). In addition to the updating the manual, the agency also issued a...
InfoBytesFFIEC releases 2020 HMDA reporting guide
On February 13, the FDIC issued FIL-9-2020 announcing the Federal Financial Institutions Examinations Council’s issuance of the 2020 edition of the “Guide to HMDA Reporting: Getting It Right!” The guide applies to HMDA data collected in 2020 that will be reported to supervisory agencies by March 1...
InfoBytesFTC seeks injunction against online investment training academy for deceptive claims
On February 12, the FTC filed a complaint in the U.S. District Court for the Central District of California against a California-based investment training operation alleging use of deceptive claims to sell costly “training programs” targeting older consumers. According to the complaint , the...
InfoBytesCFPB denies debt collector’s request to set aside CID
On February 6, the CFPB released a Decision and Order denying a debt collection company’s (petitioner) request to set aside or modify a third-party Civil Investigative Demand (CID) issued by the Bureau, and directing the petitioner to provide all information required by the CID. The CID in dispute...
InfoBytesSpecial Alert: California attorney general modifies proposed CCPA regulations
The California attorney general last week released modifications to the proposed regulations announced last October (covered by a Buckley Special Alert ) implementing the California Consumer Privacy Act (CCPA). The CCPA—enacted in June 2018 (also covered by a Buckley Special Alert ) and amended...
InfoBytesFinCEN focuses on securities industry BSA/AML information sharing
On February 6, Financial Crimes Enforcement Network (FinCEN) Deputy Director Jamal El-Hindi delivered remarks at the Securities Industry and Financial Markets Association’s 20th Anti-Money Laundering (AML) and Financial Crimes Conference discussing, among other things, the agency’s focus on the...
InfoBytesDistrict court voids debt collectors’ $2.5 million jury award
On February 6, the U.S. District Court for the Northern District of Texas vacated a jury award of $2.5 million in favor of two nationwide debt collection agencies (plaintiffs), in an action alleging fraud by a law firm and vendor (defendants) in their provision of credit repair services. According...
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