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District court dismisses False Claims Act suit at DOJ’s request
On July 2, the U.S. District Court for the Southern District of New York dismissed a False Claims Act suit against a British bank accused of allegedly engaging in banking practices that violated U.S. sanctions against Iran. The bank had entered into deferred prosecution agreements in 2012 and 2019...
InfoBytesSupreme Court keeps TCPA, severs government-debt exception as unconstitutional
On July 6, the U.S. Supreme Court held in Barr v. American Association of Political Consultants Inc. that the TCPA’s government-debt exception is an unconstitutional content-based speech restriction and severed the provision from the remainder of the statute. As previously covered by InfoBytes ,...
InfoBytes4th Circuit holds FDCPA’s limitation period restarts at each new violation
On July 2, the U.S. Court of Appeals for the Fourth Circuit vacated the dismissal of an action alleging violations of the FDCPA, concluding that each violation of the FDCPA is governed by its own limitation period. According to the opinion, in April 2018, homeowners filed a complaint against a law...
InfoBytesCFPB repeals Payday Rule’s ability-to-pay provisions
On June 7, the CFPB issued the final rule revoking certain underwriting provisions of the agency’s 2017 final rule covering “Payday, Vehicle Title, and Certain High-Cost Installment Loans” (Payday Lending Rule). As previously covered by InfoBytes , the Bureau issued the proposed rule in February...
InfoBytesCFPB ratifies prior regulatory actions in wake of Seila Law
On July 7, the CFPB, “out of an abundance of caution,” ratified several previous actions, including the large majority of the Bureau’s existing regulations, following the U.S. Supreme Court’s opinion in Seila v. Consumer Financial Protection Bureau . As previously covered by a Buckley Special Alert...
InfoBytesCFPB sues company for marketing of high-yield CDs
On July 6, the CFPB filed a complaint in the U.S. District Court for the Southern District of New York against a Delaware financial-services company operating in Florida and New York along with its owner (collectively, “defendants”) for allegedly violating the Consumer Financial Protection Act’s...
InfoBytesFed enforcement action targets flood insurance
On July 2, the Federal Reserve Board announced an enforcement action against a West Virginia-based bank for alleged violations of the National Flood Insurance Act (NFIA) and Regulation H, which implements the NFIA. The consent order assesses a $24,500 penalty against the bank for an alleged pattern...
InfoBytesSBA releases PPP borrower information
On July 6, the Small Business Administration (SBA), in conjunction with the Treasury Department, released the business information of certain Paycheck Protection Program (PPP) loan recipients. For any loan over $150,000, the SBA data release includes business names, addresses, NAICS codes, zip...
InfoBytesCFPB announces Consumer Financial Protection Week
On July 6, the CFPB announced the launch of Consumer Financial Protection Week from July 14 through July 17. Over the course of four days, the Bureau is hosting or participating in multiple virtual events, including (i) a tutorial and overview of the HMDA data browser; (ii) a discussion on the...
InfoBytesFederal Reserve announces temporary revisions to Capital Assessment and Stress Testing Reports
On July 8, the Federal Reserve announced revisions to its Capital Assessments and Stress Testing Reports, Form FR Y-14A/Q/M; OMB No. 7100-0341. The temporary revisions implement changes in response to the Covid-19 pandemic, including the incorporation of data related to certain aspects of the CARES...
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