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Republican senators and states oppose gun-store MCC
On September 20, twenty-four state attorneys general sent a letter to the CEOs of three credit card companies opposing the International Organization for Standardization’s (ISO) recommendation to create a merchant category code (MCC) for gun stores to use when processing credit and debit card...
InfoBytesChopra highlights CFPB efforts on competitive consumer financial markets
On September 21, CFPB Director Rohit Chopra discussed Bureau efforts to ensure markets for consumer financial products and services are “fair, transparent, and competitive.” Speaking during the Exchequer Club Fireside Chat, Chopra explained that the agency’s authorizing statute specifically directs...
InfoBytesFinal judgment entered in alleged misappropriated funds suit
On September 19, the U.S. District Court for the District of Southern Florida granted final judgment against an individual to resolve SEC allegations regarding her involvement in a company that allegedly fraudulently misappropriated funds from investors. As previously covered by InfoBytes , the SEC...
InfoBytesFTC reports on use of "dark patterns"
On September 15, the FTC released a report , Bringing Dark Patterns to Light , examining how “dark patterns” can effect consumer choice and decision-making and could violate the law. The report stems from an April 2021 workshop that the Commission held to explore dark patterns. According to the FTC...
InfoBytesCFPB seeks better refi, loss-mitigation options
On September 22, the CFPB issued a request for information (RFI) regarding ways to improve mortgage refinances for homeowners and how to support automatic short-term and long-term loss mitigation assistance for homeowners who experience financial disruptions. According to the Bureau, refinancing...
InfoBytesBiden announces nominees for FDIC board
On September 20, President Biden announced his intention to nominate two members of the FDIC Board of Directors. The nominees, if confirmed, would fill the two vacant seats on the five-member Board. Travis Hill was nominated as a Board member and as vice chair. During his tenure at the FDIC, Hill...
InfoBytesTreasury official discusses U.S. efforts in response to Russian invasion of Ukraine
On September 20, Assistant Secretary for Terrorist Financing and Financial Crimes Elizabeth Rosenberg delivered prepared remarks before a Senate Committee on Banking, Housing, and Urban Affairs hearing , in which she provided an overview of recent efforts taken by the U.S. Treasury Department to...
InfoBytesCFPB releases 2021 HMDA data
On September 15, the CFPB released a Data Point report titled 2021 Mortgage Market Activity and Trends , which analyzes residential mortgage lending activity and trends for 2021. The 2021 HMDA data encompasses the fourth year of data that incorporates amendments to HMDA by Dodd-Frank. The changes...
InfoBytesVA clarifies Covid-19 forbearance timeline
On September 19, the Department of Veterans Affairs issued a change to Circular 26-21-20 extending the rescission date to align with the end of Covid-19 pandemic, including conforming changes to VA’s expectation as to the completion of a forbearance period. As previously covered by InfoBytes , the...
InfoBytesFTC, DFPI shut down operation offering mortgage relief
On September 19, the FTC and the California Department of Financial Protection (DFPI) announced a lawsuit against several companies and owners for allegedly operating an illegal mortgage relief operation. (See also DFPI’s announcement here .) The filing marks the agencies’ first joint action, which...
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