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Score Card: SEC Charges Diageo PLC with Widespread FCPA Violations
The SEC charged Diageo PLC, one of the worlds largest producers of premium alcoholic beverages, with widespread FCPA violations for more than six years of actions in India, Thailand, and South Korea. SEC Settlement Document SEC Press Release
FCPA ScorecardIllinois Adds New Exemption to the Residential Mortgage Licensing Act
On July 14, Illinois enacted Senate Bill 1603 , which amended the Residential Mortgage Licensing Act of 1987 (the Act) by adding to the list of individuals and entities that are exempt from the Act’s licensing requirements for those engaged in the residential mortgage business. "Exempt person or...
InfoBytesScore Card: Armor Holdings, Inc. Settles FCPA Enforcement Action with DOJ and SEC
Armor Holdings Inc. settles FCPA enforcement action with DOJ and SEC for a total of $16 million, including non-prosecution agreement with DOJ. DOJ Press Release SEC Litigation Release SEC Complaint DOJ Non-Prosecution Agreement
FCPA ScorecardScore Card: Superceding Indictment Adds 4 Defendants to FCPA Case Regarding Haiti Telecom Activity
DOJ Press Release re: 2011 Superceding Indictment 2009 Original Indictment
FCPA ScorecardConnecticut Expands Processing and Underwriting Licensing Requirements
On July 13, Connecticut enacted a law that, among other things, requires a broader range of loan processors and underwriters to obtain a license. Previously, loan processors or underwriters who were independent contractors were required to obtain a license, but the act expands the licensing...
InfoBytesFrom Pickpockets to Playstations: Evolving Data Privacy Threats and Federal and State Responses
In recent years, there have been several high-profile security breaches relating to consumer financial data. These breaches - involving companies as diverse as GE Money, AOL, T.J. Maxx, Boeing, Rite Aid, and most recently, Sony's PlayStation Network - have revealed the personal information of...
ArticlesHawaii Amends Provisions Relating To Mortgage Loan Originators
On July 7, 2011, Hawaii Senate Bill 1519 , which amended Chapter 454F, a statute that relates to mortgage loan originators, became effective. Among other provisions, the bill (i) authorizes certain persons exempt from licensing to register with the Nationwide Mortgage Licensing System (Licensing...
InfoBytesMaine Consumer Credit Code Amended
On July 6, Maine enacted Senate Paper 415 , which amended the Maine Consumer Credit Code To Conform with Federal Law (the Act). The Act incorporates consumer protections provided by federal law and regulation, including restrictions on credit card lending provided by the Credit CARD Act of 2009 and...
InfoBytesNew Hampshire Amends Definition of "Mortgage Loan Originator"
On July 5, New Hampshire enacted Senate Bill 189 , which amended the definition of "mortgage loan originator" for purposes of the state’s mortgage banker and mortgage broker licensing statute. Under the bill, "mortgage loan originator" has been redefined so as to exclude any individual "who...
InfoBytesRhode Island Eliminates Minimum Net Worth Requirement for Mortgage Loan Originators
On June 29, the Rhode Island General Assembly enacted Senate Bill 507 , which amended the Federal Secure and Fair Enforcement for Mortgage Licensing Act of 2009. Among other provisions, the bill (i) exempts certain mortgage loan originators from the requirement to obtain and maintain annually a...
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