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SEC fines Dutch medical supplier $62 million to settle FCPA charges
The SEC recently announced that a global Dutch manufacturer of health technology products agreed to pay more than $62 million to settle claims that it allegedly violated the FCPA with respect to the sale of medical diagnostic equipment in China. According to the SEC’s order , between 2014 and 2019...
InfoBytesOFAC reaches $3.3 million settlement with cosmetics company for Iranian sanctions violations
The U.S Treasury Department’s Office of Foreign Assets Control (OFAC) recently announced settlements with a California-based cosmetics company and a former senior company executive to resolve potential civil liability stemming from allegations that the company participated in a conspiracy to export...
InfoBytesU.S. and EU enter bilateral sanctions partnership
On May 16, the United States and the European Union entered into a bilateral partnership to strengthen working relationships and share sanctions expertise to address foreign policy goals. The U.S.-EU partnership’s foundation is premised on a collaborative approach for financial sanctions, in which...
InfoBytesMontana becomes the ninth state to enact comprehensive privacy legislation
On May 19, the Montana governor signed SB 384 to enact the Consumer Data Privacy Act (CDPA) and establish a framework for controlling and processing consumer personal data in the state. Montana is now the ninth state in the nation to enact comprehensive consumer privacy measures, following...
InfoBytesGeorgia enacts commercial financing disclosure requirements
On May 1, the Georgia governor signed SB 90 to, among other things, require disclosures in connection with commercial financing transactions. The amendments modify the existing state Fair Business Practices Act and apply to “commercial loans” and “commercial open-end credit plans.” The amendments...
InfoBytesCrypto company settles NY AG’s hidden-fee claims
On May 18, the New York attorney general announced a settlement with a Brooklyn-based cryptocurrency company to resolve claims that it charged investors “exorbitant and undisclosed fees” to store cryptocurrency in an account that was advertised as being free on its website. The fees charged to...
InfoBytesDefault judgment entered against provider of immigration bonds
The U.S. District Court for the Western District of Virginia recently entered default judgment against defendants accused of misrepresenting the cost of immigration bond services and deceiving migrants to keep them paying monthly fees by making false threats of deportation for failure to pay. As...
InfoBytesFreddie allows digital paystubs in underwriting
On May 22, Freddie Mac announced new capabilities allowing lenders to use a borrower’s digital paystub data when assessing income paid through direct deposit. Lenders will be able to access the enhancements to Freddie’s automated income assessment tool through the Loan Product Advisor (LPA) asset...
InfoBytesFHA expedites claims process for HECMs
On May 17, HUD announced new policies to expedite claims processing for home equity conversion mortgages (HECM). Specifically, FHA’s policies will allow for faster payment of funds to mortgagees upon assignment of an HECM to HUD by allowing borrowers with FHA mortgages to submit a request for a...
InfoBytesFTC, DOJ sue maker of health app over data sharing
On May 17, the DOJ filed a complaint on behalf of the FTC against a health app for violating the Health Breach Notification Rule (HBNR) by allegedly sharing users’ sensitive personal information with third parties, disclosing sensitive health data, and failing to notify users of these unauthorized...
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