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California Department of Business Oversight highlights risks of exempt securities offerings
On May 26, the California Department of Business Oversight issued an investor alert on exempt securities offerings, aka “private placements,” during Covid-19. The alert outlines the reasons why such offerings carry a higher risk of fraud and offers suggestions for potential investors to protect...
InfoBytesOCC permits remote director, shareholder, and member meetings
On May 26, the Office of the Comptroller of the Currency announced an interim final rule that would permit national banks and federal savings associations to hold all board of director, shareholder and member meetings telephonically or electronically, including after the Covid-19 emergency ends...
InfoBytesNew York announces New York Forward Loan Fund for small businesses, nonprofits, and small landlords
New York has announced the creation of the New York Forward Loan Fund (NYFLF), a new state-based loan program to support small businesses, nonprofits, and small landlords (buildings with 50 units or less) in New York as they reopen from Covid-19-related shutdowns. The NYFLF is intended to provide...
InfoBytesWarren W. Traiger quoted in Banking Dive article, “Community groups plan to sue OCC over CRA revamp”
Warren W. Traiger was quoted on May 26, 2020 in a Banking Dive article, “Community groups plan to sue OCC over CRA revamp,” regarding the Office of the Comptroller of the Currency’s CRA final rule, which has angered community groups that believe it would allow banks to lend less to lower-income...
In The NewsWashington extends proclamation regarding garnishments and accrual of interest
On May 22, Washington governor Jay Inslee issued Proclamation 20-49.2 amending and extending proclamations 20-05 (declaring a state of emergency) and 20.49 , and 20.49.1 (regarding garnishments and accrual of interest) until the earlier of the termination of the Covid-19 state of emergency or 11:...
InfoBytesIdaho Department of Finance extends work from home guidance for its licensees and registrants
On May 22, the Idaho Department of Finance extended temporary work from home guidance previously issued to Idaho mortgage brokers and lenders, mortgage loan originators, regulated lenders, title lenders, payday lenders, and collection agency licensees and registrants. The original guidance,...
InfoBytesArkansas Securities Department extends work from home guidance for mortgage loan officers
On May 22, the Arkansas Securities Department extended interim regulatory guidance previously issued to licensed mortgage companies, mortgage loan officers, and branch managers. The original interim regulatory guidance, previously covered here , permits mortgage loan officers to conduct activities...
InfoBytesIndiana updates notary public requirements
Indiana Secretary of State Connie Lawson issued an announcement highlighting new laws and regulations regarding continuing education for notaries public, remote notary authorization, and criminal history record checks for notaries public. As of March 31, active notaries public can receive...
InfoBytesOFAC designates Iran’s interior minister and senior law enforcement officials for human rights abuses
On May 20, the U.S. Treasury Department's Office of Foreign Assets Control (OFAC), pursuant to Executive Order 13553, sanctioned Iran’s interior minister, in addition to seven senior officials of Iran’s Law Enforcement Forces (LEF), a provincial commander of Iran’s Islamic Revolutionary Guard Corps...
InfoBytesDistrict court: Initial debt collection communication via email does not violate FDCPA
On May 19, the U.S. District Court for the Northern District of California granted a debt collector’s motion to dismiss a lawsuit with prejudice brought by a plaintiff alleging violations of the Electronic Signatures in Global Commerce (E-SIGN) Act and the FDCPA. The defendant sent an email to the...
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