Latest News & Blogs
Filter
Subscribe to our InfoBytes Blog weekly newsletter and other publications for news affecting the financial services industry.
FinCEN director discusses gaming industry AML compliance
On August 13, Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco delivered remarks at the 12th Annual Las Vegas Anti-Money Laundering Conference stressing the need for compliance within the gaming industry, particularly as new technologies emerge such as mobile gaming and the use...
InfoBytesNew York increases homeowner safeguards, closes loopholes to prevent deed fraud and mortgage scams
On August 14, the New York governor signed a package of bills intended to increase consumer homeowner protections. According to a press release issued by the governor, the three measures enact homeowner safeguards and close loopholes to prevent deed fraud and mortgage scams. A 92 imposes...
InfoBytesFHA releases individual condo rule
On August 14, the FHA issued a new condominium approval regulation , along with policy implementation guidance, which allows for certain individual condominium units to be eligible for FHA mortgage insurance even if the condominium project is not FHA approved. Among other things, the rule also: (i...
InfoBytesCFPB and Arkansas AG settle with pension-advance brokers
On August 15, the CFPB and the Arkansas attorney general announced a proposed settlement with three loan brokerage companies, along with their owner and operator (collectively, “defendants”) for allegedly misrepresenting the contracts offered to veterans and other consumers. According to the...
InfoBytes"FHA enforcement: What decreased reliance on the False Claims Act means for FHA lenders and servicers" by Michelle L. Rogers, Melissa Klimkiewicz, and Katherine Katz (HousingWire)
Top offcials at the U.S. Department of Housing and Urban Development are looking to chart a new course to win back banks that have fled the Federal Housing Administration lending program following a series of multimilliondollar False Claims Act settlements. In the past, HUD has partnered with the U...
ArticlesDistrict Court rejects stop-payment fee class action against bank
On August 13, the U.S. District Court for the Northern District of California dismissed the majority of an EFTA class action against a national bank, allowing only one claim by the lead plaintiff to proceed. In this case, two customers filed a class action against the bank alleging that it violated...
InfoBytesSEC obtains court order halting token offering
On August 12, the SEC announced it obtained a court order halting an alleged fraud involving the sale of digital securities which raised $14.8 million in 2017 and 2018. In addition, the court approved an emergency asset freeze to preserve at least $8 million of the funds raised, the SEC said in its...
InfoBytes3rd Circuit: QR code on debt collection letter violates FDCPA
On August 12, the U.S. Court of Appeals for the 3rd Circuit affirmed a district court ruling that an envelope containing an unencrypted “quick response” (QR) code that revealed a consumer’s account number when scanned violated the FDCPA. The plaintiff in this case received an envelope containing a...
InfoBytesNYDFS proposes student loan servicers regulation
On July 31, NYDFS published a notice of proposed rulemaking in the New York State Register. The proposed rule would implement legislation related to the supervision, regulation, and licensing of private student loan servicers passed in March as part of the state’s FY 2020 budget. As previously...
InfoBytes3rd Circuit: FCA claims not barred by state’s equitable “entire controversy” doctrine
On August 12, the U.S. Court of Appeals for the 3rd Circuit vacated the dismissal of a relator’s qui tam action, concluding that the federal action was not barred by New Jersey’s equitable entire controversy doctrine. In the case, an employer brought a defamation and disparagement suit against a...
InfoBytes