Latest News & Blogs
Filter
Subscribe to our InfoBytes Blog weekly newsletter and other publications for news affecting the financial services industry.
FDIC announces Michigan disaster relief
On July 23, the FDIC issued FIL-52-2021 to provide regulatory relief to financial institutions and help facilitate recovery in areas of Michigan affected by severe storms, flooding, and tornadoes. The FDIC acknowledged the unusual circumstances faced by institutions affected by the storms and...
InfoBytesDistrict Court grants final approval to grocery store data breach settlement
On July 21, the U.S. District Court for the Central District of Illinois granted final approval to a class action data breach settlement, resolving allegations that a grocery chain was responsible for a data breach that exposed the credit card information of consumers. The final settlement (which...
InfoBytesOFAC reaches $1.4 million settlement with money transmitter
On July 23, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced a $1.4 million settlement with a New York-based online money transmitter for 2,260 apparent violations of multiple sanctions programs. According to OFAC’s web notice , between February 4, 2013 and February...
InfoBytesOFAC sanctions Cuban officials
On July 22, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13818 against one Cuban individual and one Cuban entity under the Global Magnitsky Human Rights Accountability Act. According to OFAC, the sanctioned parties are...
InfoBytes2nd Circuit says private student loans not explicitly exempt from bankruptcy discharge
On July 15, the U.S. Court of Appeals for the Second Circuit held that private student loans are not explicitly exempt from the discharge of debt granted to debtors in a Chapter 7 bankruptcy. According to the opinion, the plaintiff filed for Chapter 7, which led to an ambiguous discharge order as...
InfoBytesMichelle L. Rogers named a “Powerful Woman in Mortgage Banking”
Mortgage Banker Magazine recognized Michelle Rogers as a 2021 “Powerful Woman in Mortgage Banking” and ran a profile on her, in which she discussed the importance of having female leaders in the industry and what influenced her to work in this field. Click here to read the full profile .
In The NewsTreasury commends UK’s anti-corruption sanctions efforts
On July 22, Treasury Secretary Janet L. Yellen and Secretary Antony J. Blinken issued a joint statement commending the UK’s decision to impose additional anti-corruption sanctions under its Global Anti-Corruption Sanctions (GACS) regime. Specifically, the secretaries applauded actions taken by the...
InfoBytesDistrict Court certifies “rent-a-tribe” class action
On July 20, the U.S. District Court for the Eastern District of Virginia certified a “rent-a-tribe” class action alleging an individual who orchestrated an online payday lending scheme violated the Racketeer Influenced and Corrupt Organization Act (RICO), engaged in unjust enrichment, and violated...
InfoBytesCFPB marks 10th anniversary
On July 21, the CFPB marked its 10 year anniversary. Prepared remarks published by acting Director Dave Uejio highlighted Bureau activities taken over the past decade in consumer empowerment and racial equity, as well as recent actions in response to the Covid-19 pandemic. With respect to...
InfoBytes7th Circuit: CRAs not required to make legal determinations under FCRA
On July 15, the U.S. Court of Appeals for the Seventh Circuit affirmed the rulings from a district court in a consolidated appeal finding that it is up to the court, not a consumer reporting agency, to decide if a creditor possesses the proper legal relationship to a debt. In each case, the...
InfoBytes