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NYDFS creates Consumer Protection Task Force
On January 9, NYDFS announced the creation of the Consumer Protection Task Force, which will help the department implement the “extensive consumer protections proposals” outlined in the governor’s recent proposal to expand state oversight and enforcement of the financial services industry. (See...
InfoBytesCFPB and Utah AG to hold inaugural joint office hours in Salt Lake City
On January 9, the CFPB and the Utah attorney general’s office announced that the first of the American Consumer Financial Innovation Network’s (ACFIN) joint office hours will be held in Salt Lake City, Utah on January 30. The CFPB’s announcement states that the office hours are intended to “provide...
InfoBytesISP settles with two more states over hidden fees and false advertising, agrees to pay $15 million
On January 9, the Minnesota attorney general announced that an internet service provider (ISP) agreed to pay nearly $9 million in order to resolve allegations that it overcharged customers for phone, internet and cable services. In a separate action, on December 10, the Washington attorney general’...
InfoBytesCFPB issues NAL to bank for housing counseling financing
On January 10, the CFPB issued its second no-action letter (NAL) under the agency’s revised NAL Policy that was issued last September. The new NAL Policy’s goal is to streamline the review process to “focus[ ] on the consumer benefits and risks of the product or service in question.” As previously...
InfoBytesOCC seeks bank-specific data to inform CRA modernization proposal
On January 10, the OCC issued a request for public input (RFI) to aid the OCC and the FDIC in determining how their joint notice of proposed rulemaking might be revised to ensure the final rule achieves the purpose of the Community Reinvestment Act (CRA). A previously covered by a Buckley Special...
InfoBytesFed issues enforcement order for BSA/AML compliance weaknesses
On January 9, the Federal Reserve Board announced that it entered into a cease and desist order on December 30 with a Texas state-chartered bank due to “significant deficiencies” in the bank’s Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance program that were discovered in its...
InfoBytesRepresentatives urge financial regulators to strengthen cyber infrastructures to avoid cyber attacks
On January 7, Representatives Emanuel Cleaver II (D-MO) and Gregory Meeks D-NY) sent a letter to nine federal financial regulators urging them to strengthen their financial infrastructures against possible cyber-attacks in the wake of recent threats against the U.S. from Iran and its allies...
InfoBytesNew York proposes state-level increase in consumer finance oversight
On January 8, the New York governor released a proposal that would, among other things, expand the entities subject to NYDFS’ enforcement authority and harmonize state regulator authority to bring actions against entities engaging in unfair, deceptive, or abusive acts or practices with federal...
InfoBytes6th Circuit affirms dismissal of FDCPA action for lack of standing
On January 3, the U.S. Court of Appeals for the Sixth Circuit affirmed the dismissal for lack of standing of an FDCPA suit brought by a consumer who claimed that because collection letters sent to him by a law firm caused him anxiety, the firm had violated the FDCPA. According to the opinion, the...
InfoBytesFederal Reserve governor proposes alternative approach to CRA modernization
On January 8, Federal Reserve Governor Lael Brainard discussed the Fed’s approach to the Community Reinvestment Act (CRA) modernization process, explaining why the agency chose not to join the notice of proposed rulemaking (NPR) issued in December by the OCC and the FDIC. As previously covered by a...
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