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District Court enters first significant decision under CFPB’s ATR/QM Rule
On March 26, the U.S. District Court for the Southern District of Ohio, in what appears to be the first significant decision on claims brought against a mortgage lender under the CFPB’s Ability-to-Repay/Qualified Mortgage Rule, granted summary judgment in favor of the lender. The court rejected...
InfoBytesSEC reminds registrants of privacy notices and safeguard policies
On April 16, the SEC’s Office of Compliance Inspections and Examinations issued a Risk Alert to discuss compliance issues related to Regulation S-P—the SEC’s primary rule regarding privacy notices and safeguard policies—and to provide assistance to registered investment advisors and broker-dealers...
InfoBytesTreasury sanctions Venezuela’s central bank and official connected to Maduro regime; sanctions Nicaraguan bank and official
On April 17, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against Venezuela’s central bank, along with an individual determined to be a current or former official of the Government of Venezuela, for providing support to former President Maduro’s regime...
InfoBytesFATF releases permanent mandate to combat money laundering and other proliferate financing
On April 12, the U.S. Department of the Treasury announced that the Financial Action Task Force (FATF) agreed to a permanent mandate for the FATF to continue its work against combating money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction. FATF...
InfoBytesMaryland settles with reverse mortgage servicer for alleged illegal inspection fees
On April 16, the Maryland Attorney General announced a settlement with a reverse mortgage servicer for allegedly charging homeowners illegal inspection fees. According to the Attorney General, from 2010 through 2016, the servicer passed the cost of inspecting properties in default on to homeowners...
InfoBytesCalifornia settles with rental car companies over artificially inflated vehicle repair charges
On April 15, the California Attorney General announced a $4.6 million settlement with a rental car company and affiliate resolving a joint investigation with the district attorneys into the company’s violation of state consumer protection laws. According to the AG, the companies, among other things...
InfoBytesDistrict Court rejects business owners’ Do Not Call Registry TCPA claims
On April 16, the U.S. District Court for the Eastern District of Pennsylvania granted in part and denied in part a telemarketing company’s motion to dismiss, concluding that the plaintiff did not have standing to bring some of his claims under the TCPA. According to the opinion, the plaintiff filed...
InfoBytesDistrict Court approves final $7.5 million TCPA class action settlement with payment processor
On April 16, the U.S. District Court for the Northern District of California granted final approval to a $7.5 million class action settlement resolving allegations that a payment processor and its sales representative violated the TCPA by using an autodialer for telemarketing purposes without first...
InfoBytesFDIC considers modifying living will requirements
On April 16, the FDIC issued an advance notice of proposed rulemaking (ANPR) and request for comment on modifications to its resolution planning framework (known as living wills) for insured depository institutions with over $50 billion in assets. According to the FDIC, the ANPR is considering...
InfoBytesKraninger’s focus is preventing consumer harm, clarifying “abusive”
On April 17, Kathy Kraninger, Director of the CFPB, spoke before the Bipartisan Policy Center where she reiterated the Bureau’s focus on prevention of harm and announced a symposium that will explore the meaning of “abusive acts or practices” under Section 1031 of the Dodd-Frank Act. In her remarks...
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