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States, consumer advocates urge agencies to explicitly disavow rent-a-bank schemes
On October 18, consumer advocates and several state attorneys general and financial regulators responded to a request for comments issued by the OCC, Federal Reserve Board, and the FDIC on proposed interagency guidance designed to aid banking organizations in managing risks related to third-party...
InfoBytesMeal-kit delivery service reaches $14 million TCPA class action settlement
On October 15, the U.S. District Court for the District of Massachusetts granted final approval to a $14 million TCPA class action settlement , resolving allegations that a meal-kit delivery service (or its vendor) placed telemarketing calls to customers’ phone numbers. Class members consist of...
InfoBytesNorth Carolina creates regulatory sandbox
On October 15, the North Carolina governor signed HB 624 , which creates a regulatory sandbox program and establishes the North Carolina Innovation Council (Council). Under the North Carolina Regulatory Sandbox Act of 2021, participants will have 24 months from the date an application is approved (...
InfoBytesNew York takes action on cryptocurrency lending platforms
On October 18, the New York attorney general ordered two unregistered cryptocurrency lending platforms to immediately cease their activities in the state and directed three additional platforms to provide information about their activities and products. The AG clarified that most virtual currency...
InfoBytesFinancial Stability Board calls for harmonization of cyber-breach reporting
On October 19, the Financial Stability Board (FSB) released a report calling for a convergence in the reporting of cyber incidents given the digitalization of financial services and the growing use of third-party service providers. According to FSB’s report, Cyber Incident Reporting: Existing...
InfoBytesFinCEN grants limited relief to casinos
On October 19, the Financial Crimes Enforcement Network (FinCEN) issued a notice that grants limited exceptive relief to casinos from some customer identity verification requirements regarding online gaming. Casinos are not subject to Customer Identification Program (CIP) regulations, which results...
InfoBytesTreasury makes recommendations to enhance effectiveness of sanctions
On October 18, the U.S. Treasury Department released the results from a comprehensive economic and financial sanctions review and issued recommendations on preserving and enhancing sanctions’ effectiveness in supporting national security and U.S. interests going forward. The 2021 sanctions review...
InfoBytes8th Circuit says website terms of use are unenforceable
On October 8, the U.S. Court of Appeals for the Eight Circuit overturned a district court’s ruling that a corporate defendant’s arbitration clause found in its website’s terms of use was unenforceable. The 8th Circuit disagreed holding that a triable issue of material fact existed as to whether the...
InfoBytesCFTC announces a $500,000 fine for swap dealer
On October 14, the CFTC announced a $500,000 settlement with a non-U.S. provisionally registered swap dealer to resolve claims that it failed to comply with certain swap dealer recordkeeping requirements. Among other things, the institution allegedly failed to retain certain audio recordings for...
InfoBytesOCC issues updated LIBOR self-assessment tool
On October 18, the OCC released an updated self-assessment tool for banks to evaluate their preparedness for the LIBOR cessation at the end of the year. The updated guidance reminds banks that they should cease entering into new contracts using LIBOR as a reference rate as soon as practicable but...
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