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SEC issues two separate whistleblower awards totaling over $2.65 million
On September 21, the SEC announced a $2.4 million award to a whistleblower in connection with a successful agency enforcement action. The SEC’s press release states that the whistleblower’s “timely submission of information” led to the initiation of an investigation and enforcement action that...
InfoBytesOFAC issues Iran nuclear and ballistic missile program sanctions
On September 21, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) designated three high-ranking individuals of the Atomic Energy Organization of Iran (AEOI), numerous AEOI subsidiaries, equipment supply companies, and various senior officials working on Iran’s missile programs...
InfoBytesCFPB settles with auto lender on unfair LDW practices
On September 21, the CFPB announced a settlement with a California-based auto-loan servicer to resolve allegations that the company engaged in unfair practices with respect to its Loss Damage Waiver (LDW) product, in violation of the Consumer Financial Protection Act. The CFPB alleged that the...
InfoBytesLIBOR-based loans will not be eligible for Ginnie Mae pooling
On September 21, Ginnie Mae issued All Participant Memorandum 20-12 , which states that Ginnie Mae will stop accepting the delivery of single-family forward adjustable rate mortgage (ARM) loans, dated on or after January 1, 2021, with any interest term based on LIBOR, for securitization in any pool...
InfoBytesOFAC sanctions Iranian cyber threat group
On September 17, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned an Iranian cyber threat group, 45 associated individuals, and one additional “front company” for allegedly being involved in a Government of Iran (GOI) malware campaign targeting international travel...
InfoBytesOFAC settles with telecommunications company over sanctions violations
On September 17, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced a $894,111 settlement with a New York-based telecommunications systems and software company for four apparent violations of the Sudanese Sanctions Regulations (SSR). According to OFAC’s web notice ,...
InfoBytesOFAC sanctions Hizballah-associated Lebanon-based companies
On September 17, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13224 against two Lebanon-based companies for being owned, controlled, or directed by Hizballah. According to OFAC, the two companies are leveraged by Hizballah “...
InfoBytesCalifornia AG settles privacy covers with fertility-tracking mobile app
On September 17, the California attorney general announced a settlement with a technology company that operates a fertility-tracking mobile app to resolve claims that security flaws put users’ sensitive personal and medical information at risk in violation of state consumer protection and privacy...
InfoBytes11th Circuit: Class action incentive fees are unlawful
On September 17, the U.S. Court of Appeals for the Eleventh Circuit reversed and vacated a district court judgment awarding an “incentive payment” to a TCPA class action representative, concluding it violates a U.S. Supreme Court decision prohibiting such awards. Additionally, the 11th Circuit...
InfoBytesFDIC, HUD announce regulatory and disaster relief in connection with Oregon wildfires
On September 18, the FDIC issued FIL-91-2020 to provide regulatory relief to financial institutions and help facilitate recovery in areas of Oregon affected by wildfires that began on September 7. In the guidance, the FDIC writes that, in supervising institutions affected by the wildfires, it will...
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