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OFAC sanctions Hizballah financiers in Lebanon
On January 18, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13224 against three Hizballah-linked financial facilitators and their Lebanon-based travel company. According to OFAC, “Hizballah’s widespread network of financial...
InfoBytesDFPI reminds licensees about submitting annual reports
On January 5, the California Department of Financial Protection and Innovation (DFPI) announced that, pursuant to Financial Code section 22159(a), all DFPI California Financing Law licensees are required to submit their annual reports by March 15, even if the licensee had no business activity...
InfoBytesCollection agency must pay $100,000, cease and desist from future violations, and give up license
On January 10, the Connecticut Department of Banking (Department) issued an order against a California-based collection agency (respondent) for failing to request a hearing within the prescribed time period after a notice regarding submission of certain information was sent by the Department...
InfoBytesTexas adopts amendments related to home equity lending
On December 31, the Texas Department of Banking, Department of Savings and Mortgage Lending, Office of Consumer Credit Commissioner, and Credit Union Department issued amendments related to home equity lending to specify requirements for electronic disclosures. With respect to oral and electronic...
InfoBytesStates reach $1.2 million settlement with MLOs over fraudulent SAFE Act education certifications
On January 18, the Conference of State Bank Supervisors (CSBS) announced that 441 mortgage loan originators (MLOs) have agreed to pay approximately $1.2 million to settle allegations that they falsely claimed to have completed annual mortgage education programs required under the Secure and Fair...
InfoBytesDistrict Court says letter’s disclosure did not violate FDCPA
On January 14, the U.S. District Court for the Western District of Pennsylvania entered judgment in favor of a defendant debt collector accused of violating the FDCPA in a consolidated action concerning disclosure language used in a letter sent to the plaintiffs. The plaintiffs, who had previously...
InfoBytesDistrict Court approves $1.8 million in overdraft settlement
On January 14, the U.S. District Court for the Central District of California granted final approval to a $1.8 million class action settlement to resolve allegations that a credit union (defendant) improperly charged members overdraft and insufficient fund fees (NSF). The class members alleged they...
InfoBytesFed issues cease and desist order against California bank
On January 18, the Federal Reserve Board issued a cease and desist order against two California-based bank holding companies (companies) and their jointly-owned bank, due to “additional safety and soundness deficiencies at the Bank, including with respect to unsecured loans,” following the...
InfoBytesCFPB bans payment processor for engaging in fraudulent practices
On January 18, the CFPB filed a proposed stipulated judgment and order to resolve a complaint filed last year against an Illinois-based third-party payment processor and its founder and former CEO (collectively, “defendants”) for allegedly engaging in unfair practices in violation of the CFPA and...
InfoBytesCFPB issues HMDA filing reminders and tips
On January 18, the CFPB issued “reminders and tips” for preparing and uploading submission for 2021 HMDA data, which will close for on-time submissions on March 1. As previously covered by InfoBytes , the filing period for HMDA data collected in 2021 opened on January 1. According to the CFPB,...
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