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Democratic Representatives demand rescission of CFPB’s permanent HMDA threshold proposal
On June 11, House Financial Services Committee Chairwoman Maxine Waters and 64 other Democratic House members sent a letter to the CFPB urging rescission of its May proposal to permanently raise the coverage thresholds for collecting and reporting HMDA data and to retire its HMDA Explorer tool. (...
InfoBytesNational bank settles alleged SCRA violations
Recently, the U.S. District Court for the District of Kansas granted a plaintiff’s motion for final approval of a class action settlement resolving allegations that a national bank violated the Servicemembers Civil Relief Act by incorrectly repossessing vehicles owned by certain servicemembers. The...
InfoBytesSupreme Court holds that creditor may be held in civil contempt for violation of bankruptcy discharge injunction
On June 3, the U.S. Supreme Court unanimously held that a creditor may be held in civil contempt for violating a bankruptcy court’s discharge order “if there is no fair ground of doubt as to whether the order barred the creditor’s conduct.” At issue was Section 524(a)(2) of the Bankruptcy Code,...
InfoBytes7th Circuit: Detailed creditor information does not violate FDCPA
On June 6, the U.S. Court of Appeals for the 7th Circuit, in a consolidated appeal, affirmed summary judgment in favor of a debt collector in actions alleging that the debt collector violated the FDCPA by naming the “original creditor” and the “client” in its collection letters, but declining to...
InfoBytesDemocratic Senators ask CFPB to reconsider debt collection rulemaking
On June 6, twenty six Democratic Senators sent a letter to the CFPB requesting that the Bureau reconsider the recent debt collection rulemaking proposal to “pursue more meaningful reforms that put consumers . . . first.” As previously covered by InfoBytes , in May, the CFPB released its highly...
InfoBytesFDIC encourages relief for Oklahoma borrowers
On June 10, the FDIC issued Financial Institution Letter FIL-30-2019 to provide regulatory relief to financial institutions and help facilitate recovery in areas of Oklahoma affected by severe weather from May 7 through the present. The FDIC is encouraging institutions to consider, among other...
InfoBytesFTC shares 2018 enforcement report with the CFPB
On June 6, the FTC announced that it submitted its 2018 Annual Financial Acts Enforcement Report to the CFPB . The report—which the Bureau requested for its use in preparing its 2018 Annual Report to Congress—covers the FTC’s enforcement activities regarding Regulation Z (the Truth in Lending Act...
InfoBytesOFAC settles with global money services business for alleged sanctions violations
On June 7, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced an approximately $400,000 settlement with a global money services business for alleged violations of the Global Terrorism Sanctions Regulations (GTSR). The settlement resolves potential civil liability for...
InfoBytesOFAC sanctions Iran’s largest petrochemical holding group for funding IRGC
On June 7, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against Iran’s largest petrochemical holding group for providing financial support to an engineering conglomerate of the Islamic Revolutionary Guard Corps (IRGC) whose property and interests in...
InfoBytesNew York settles with online retailer over data breach
On June 6, the New York Attorney General announced a $65,000 settlement with an online retailer resolving allegations that the company failed to provide notice of an online data breach to over 39,000 customers, including nearly 3,000 New Yorkers, for over three years. According to the announcement...
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