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Halperin discusses invoking UDAAP under CFPA
On June 29, the American University Washington College of Law held a symposium centered in part around the CFPB’s new approach for examining institutions for unfair conduct. During the CFPB’s New Approach to Discrimination: Invoking UDAAP symposium, CFPB Assistant Director for the Office of...
InfoBytesCFPB reports on credit card line decreases
On June 29, the CFPB issued a report analyzing the impact of credit card line decreases (CLD) on consumers. The report is a part of a CFPB series that examines consumer credit trends using a longitudinal sample of approximately five million de-identified credit records maintained by one of the...
InfoBytesFreddie to consider rent payments in automated underwriting
On June 29, Freddie Mac announced that it will begin considering on-time rent payments as part of its loan purchase decisions to increase homeownership opportunities for first-time homebuyers. Starting July 10, with a borrower’s permission, mortgage lenders and brokers will be able to submit bank...
InfoBytesCFPB ends EWA sandbox
On June 30, the CFPB issued an order terminating a financial services company’s sandbox approval order related to its earned wage access (EWA) lending model. As previously covered by InfoBytes , the Bureau issued a two-year approval order to the company in December 2020, which provided the company...
InfoBytesCFPB warns debt collectors on “pay-to-pay” fees
On June 29, the CFPB issued an advisory opinion to state its interpretation that Section 808 of the FDCPA and Regulation F generally prohibit debt collectors from charging consumers “pay-to-pay” fees for making payments online or by phone. “These types of fees are often illegal,” the Bureau said,...
InfoBytesInsurers consider biometric exclusions as privacy cases increase
According to sources, some insurers are considering adding biometric exclusions to their insurance policies as privacy lawsuits increase. An article on the recent evolution of biometric privacy lawsuits noted an apparent increase in class actions claiming violations of the Illinois Biometric...
InfoBytesOFAC amends Global Terrorism Sanctions Regulations
On June 30, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced a final rule amending the Global Terrorism Sanctions Regulations. Specifically, the final rule “authorizes the Secretary of the Treasury to prohibit the opening, and prohibit or impose strict conditions on...
InfoBytesHank Asbill extensively quoted in Insurance Journal article, “Court orders new trial for insurance exec convicted of bribing NC commissioner”
The Insurance Journal article, “Court orders new trial for insurance exec convicted of bribing NC commissioner,” discussed the appeal of Greg Lindberg, a North Carolina insurance entrepreneur who was convicted of attempting to bribe the state’s insurance commissioner in 2018. The U.S. 4th Circuit...
In The NewsOFAC sanctions nearly 100 Russian targets; prohibits Russian gold imports
On June 28, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Orders (E.O.) 14024 and 14065 against 70 entities—many of which, according to OFAC, “are critical to the Russian Federation’s defense industrial base, including State...
InfoBytesDistrict Court says Massachusetts law will apply in choice-of-law privacy dispute
On June 28, the U.S. District Court for the District of South Carolina ruled that it will apply Massachusetts law to negligence claims in a putative class action concerning a cloud-based services provider’s allegedly lax data-security practices. The plaintiffs claimed that the defendant’s “security...
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