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OCC releases recent enforcement actions
On January 21, 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. Included is a civil money penalty order against a Texas-based bank, which requires the payment of $...
InfoBytesOFAC issues counter terrorism general license
On January 25, the U.S. Treasury Department’s Office of Foreign Assets Control issued General License (GL) 13 , “Authorizing Transactions Involving Ansarallah,” and a related amended frequently asked question . GL 13 authorizes certain transactions and activities ordinarily prohibited by the Global...
InfoBytesCourt approves grocery store data breach settlement
On January 25, the U.S. District Court for the Central District of Illinois preliminarily approved a class action settlement, resolving allegations that a grocery chain was responsible for a data breach that exposed the credit card information of consumers. The preliminary settlement would allow...
InfoBytesCourt permanently bans companies and officer from payment processing
On January 22, the U.S. District Court for the District of Arizona entered judgments (available here and here ) prohibiting two companies and one officer from engaging in payment processing services, credit card laundering, and telemarketing as a result of their involvement in a credit card...
InfoBytesOCC addresses permissible activities for chartered national banks
On January 11, the OCC published an interpretive letter #1176 addressing the OCC’s authority to charter national banks within the scope of 12 U.S.C. § 27(a) of the National Bank Act. As described by the OCC, the statute “recognizes the authority of the OCC to charter a bank that limits its...
InfoBytesOCC addresses qualifying activities for CRA final rule
On January 4, the OCC issued interpretive letter #1177 , which addresses qualifying activities of the affiliates and subsidiaries of national banks and savings associations under the OCC’s 2020 final rule to modernize the regulatory framework implementing the Community Reinvestment Act (CRA). As...
InfoBytesHUD issues Mortgagee Letter regarding temporary statutory authority to insure operating loss loans under Section 223(d)
On January 15, the U.S. Department of Housing and Urban Development issued Mortgagee Letter 2021-1 to implement its temporary statutory authority to insure operating loss loans under Section 223(d) of the National Housing Act in order to mitigate the Covid-related temporary reduction of revenue of...
InfoBytesNYDFS virtual currency techsprint set for March
On January 21, NYDFS announced the details of its first-of-its-kind techsprint focusing on virtual currency that will open on March 1 and culminate on March 12. As previously covered by InfoBytes , the techsprint is a collaboration with the Conference of State Bank Supervisors and the Alliance for...
InfoBytesCourt orders arbitration on non-signatory claims
On January 21, the U.S. District Court for the Eastern District of Pennsylvania granted a national cable provider’s motion to compel arbitration in a putative class action alleging the company violated the FCRA by checking consumer credit reports without a permissible purpose. According to the...
InfoBytes7th Circuit affirms dismissal of FDCPA claims for lack of standing
On January 21, the U.S. Court of Appeals for the Seventh Circuit affirmed a lower court’s ruling dismissing a plaintiff’s FDCPA lawsuit for lack of standing. According to the opinion, the plaintiff claimed a debt collector violated the FDCPA when it sent her a collection letter including the...
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