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Arkansas amends Uniform Money Services Act
On February 13, the Arkansas Governor approved SB 187 , which amends the state’s Uniform Money Services Act as it relates to money transmission licensees and currency exchanges. Among other things, the amendments (i) revise surety bond and net worth amounts money transmission licensees are required...
InfoBytesFHFA issues capital requirements final rule for FHL Bank
On February 20, FHFA published a final rule setting capital requirements for Federal Home Loan Banks (FHL Banks). The final rule carries over without material change most of the existing Federal Housing Finance Board regulations, but substantively revises certain portions of the regulations...
InfoBytesOhio Court of Appeals reverses trial court because no evidence consumer agreed to interest rate
On February 7, the Ohio Court of Appeals reversed a state trial court’s decision in favor of a national bank, holding that the bank failed to prove it had the right to charge interest exceeding the statutory limit on a credit card account. At trial, the bank sought payment of the consumer’s store...
InfoBytesHUD permits use of Third Party Verification services for borrower information
On February 15, HUD released Mortgagee Letter 2019-01 , which provides guidance on the use of Third Party Verification (TPV) services for FHA-insured mortgages. Effective immediately, FHA now allows mortgagees to use TPV services for verification of a borrower’s employment, income, and asset...
InfoBytesOCC releases enforcement actions for February 2019
On February 15, the OCC released a list of recent enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with such entities. The new enforcement actions include a civil money penalty order against an individual, a notice of...
InfoBytes1st Circuit rejects dismissal of a Massachusetts foreclosure notice action
On February 8, the U.S. Court of Appeals for the 1st Circuit reversed the district court’s dismissal of a Massachusetts homeowners’ action alleging that the mortgage holder failed to comply with the notice requirement in their mortgage before foreclosing on their property. The district court...
InfoBytesCSBS agrees to implement recommendations from fintech advisory panel
On February 14, the Conference of State Bank Supervisors (CSBS) agreed to implement specific recommendations from the CSBS Fintech Industry Advisory Panel. The Advisory Panel, which was formed in 2017 and consists of 33 fintech companies, works to “identify and remove unnecessary pain points in the...
InfoBytesOFAC reaches settlement with chemical manufacturer resolving Cuban sanctions violations
On February 14, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced a $5.5 million settlement with a German chemical manufacturer for 304 alleged violations of the Cuban Assets Control Regulations (CACR). According to OFAC, the settlement resolves the manufacturer’s...
InfoBytesOFAC sanctions officials aligned with Maduro regime
On February 15, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced additions to the Specially Designated Nationals List pursuant to Executive Order 13692 . OFAC’s additions to the list include five current or former officials connected to former President Maduro,...
InfoBytesFCC proposed rulemaking will expand caller ID spoofing enforcement
On February 14, the FCC released a notice of proposed rulemaking intended to strengthen its rules against caller ID spoofing and expand the agency’s enforcement efforts against illegal spoofed text messages and phone calls, including those from overseas. The proposed rules would enact requirements...
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