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Court says CFPB unconstitutionality argument strays from Supreme Court ruling in Seila
On January 13, the U.S. District Court for the Middle District of Pennsylvania denied a student loan servicer’s motion for judgment on the pleadings, ruling that the servicer’s argument that the CFPB is unconstitutional “strays afar” from the U.S. Supreme Court’s finding in Seila Law LLC v. CFPB ...
InfoBytesDaniel R. Alonso quoted in Reuters article, “Trump pardons ex-aide Bannon but not himself or family”
Daniel R. Alonso noted in the Reuters article, “Trump pardons ex-aide Bannon but not himself or family,” that “Bannon can still be charged with fraud by New York state prosecutors. Fraud prosecutions are frequently brought by the Manhattan District Attorney’s Office.” Click here to read the full...
In The NewsBenjamin W. Hutten quoted in American Banker article, “Democrats’ sweep helps pot banking’s cause, but battle is far from over”
Benjamin W. Hutten was quoted in the American Banker article, “Democrats’ sweep helps pot banking’s cause, but battle is far from over,” which reported that although the option of enacting the SAFE Banking Act or the STATES Act would help pot banking reform, banks may not take on new clients or...
In The NewsOFAC updates CAATSA FAQs
On January 5, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced the publication of two new FAQs related to the Countering America’s Adversaries Through Sanctions Act (CAATSA). FAQ 869 states that entities owned 50 percent or more by a person subject to the non-...
InfoBytesOFAC issues Syria-related settlement with French bank for $8.5 million
On January 4, the Department of Treasury’s Office of Foreign Assets Control (OFAC) announced an over $8.5 million settlement with a French bank that facilitates trade finance between Europe and the Middle East, North Africa, sub-Saharan Africa, and Asia for 127 apparent violations of Syria-related...
InfoBytesCalifornia appellate court concludes lender’s arbitration provision unenforceable
On January 11, the Court of Appeals of the State of California affirmed the denial of an auto lender’s motion to compel arbitration, concluding that the arbitration clause was invalid and unenforceable. According to the opinion, in May 2019, consumers filed a class action complaint alleging the...
InfoBytesOCC releases final rule to ensure fair access to financial services
On January 14, the OCC released a final rule to ensure that covered national banks, federal savings associations, and federal branches and agencies of foreign bank organizations provide fair access to financial services. The final rule is largely unchanged from the notice of proposed rulemaking (...
InfoBytesCFPB releases LEP statement
On January 13, the CFPB released fair-lending guidance for financial institutions that provide services to borrowers with limited English proficiency (LEP). As previously covered by InfoBytes , last July the Bureau issued a request for information that sought, among other things, information on...
InfoBytesCFPB lets QM cure provision expire
January 10 was the sunset date for the QM Rule’s provision allowing creditors to cure loans that exceed the rule’s limitation on points and fees. For transactions consummated prior to January 10, a creditor could cure any loan exceeding the (generally 3 percent) points and fees limit by refunding...
InfoBytesOCC conditionally approves conversion of digital bank
On January 13, the OCC announced it has conditionally approved a South Dakota non-depository public trust company’s application to convert to a national trust bank. The digital bank—which offers digital asset and cryptocurrency custody services in certain states—has entered into an operating...
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