Latest News & Blogs
Filter
Subscribe to our InfoBytes Blog weekly newsletter and other publications for news affecting the financial services industry.
Biden terminates Burundi sanctions program
On November 18, President Biden signed Executive Order (E.O.) “Termination of Emergency With Respect to the Situation in Burundi” to terminate a 2015 emergency declared in E.O. 13712 and revoke the authorization of sanctions with respect to Burundi. ( See also OFAC’s announcement here .) According...
InfoBytesChamber of Commerce requests access to FTC privacy-related communications
On November 19, the U.S. Chamber of Commerce sent FOIA requests to the FTC seeking, among other things, communications on consumer data privacy policies the FTC has discussed or considered as ordered by President Biden’s broad July 9 executive order, which tasked the FTC with establishing rules to...
InfoBytesDistrict Court enters settlement with defendant in 2016 CFPB structured settlement action
On November 18, the U.S. District Court for the District of Maryland entered a stipulated final judgment and order against one of the individual defendants in an action concerning allegedly unfair, abusive, and deceptive structured settlement practices. As previously covered by InfoBytes , the...
InfoBytesFDIC updates brokered deposit FAQs
On November 22, the FDIC released an update to the Questions and Answers Related to the Brokered Deposits Rule . The FDIC clarified in a new FAQ in conjunction with the updated Brokered Deposit framework that, with respect to the “facilitation” definition’s first prong, a “third party that has...
InfoBytesBiden nominates Powell and Brainard to serve as chair and vice chair
On November 22, President Biden selected Jerome Powell to serve a second term as Chair of the Federal Reserve Board and nominated Fed Governor Lael Brainard to serve as Vice Chair of the Board of Governors, replacing current Vice Chair Richard Clarida. The White House highlighted Powell’s “steady...
InfoBytesFTC expands criminal referral program
On November 18, the FTC announced the expansion of its criminal referral program as part of its effort to cease and deter corporate crime, which enhances the agency’s work in combating criminal misconduct in consumer protection and antitrust. According to the announcement, the new measures...
InfoBytesFinCEN issues environmental crimes notice
On November 18, the Financial Crimes Enforcement Network (FinCEN) issued a notice calling attention to the increase of environmental crimes and associated illicit financial activity. FinCEN emphasized that this trend is due to: (i) its strong association with corruption and transnational criminal...
InfoBytesCFPB releases ethics guidance
On November 19, the CFPB released a blog post providing guidance regarding revolving door misconduct and reminding Bureau staff to report suspicious communications and activity committed by former employees to agency officials. According to CFPB Director Rohit Chopra, the reminder will permit the...
InfoBytesBenjamin W. Hutten extensively quoted in CoinDesk article, “ConsenSys Suddenly Bars Iranian Students from Ethereum Coding Class”
The CoinDesk article, “ConsenSys Suddenly Bars Iranian Students from Ethereum Coding Class,” discussed the removal of 50 Iranian students from the ConsenSys Academy, an educational branch of the New York City-based block chain software technology company in mid-November. It is not clear if the...
In The NewsJeffrey P. Naimon quoted in American Banker article, “PNC, KeyCorp upgrade collections tech as CFPB deadline nears”
The American Banker article, “PNC, KeyCorp upgrade collections tech as CFPB deadline nears,” explored how some banks have already shifted their collection practices from phone calls and letters to text an email in advance of certain Consumer Financial Protection Bureau rules set to take effect on...
In The News