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FINRA Issues Notice Regarding Increasing Account Attacks and Theft of Funds
On January 26, the Financial Industry Regulatory Authority (FINRA) issued Regulatory Notice 12-05 , notifying institutions of an increase in reports of customer funds being stolen through improper access to customer email accounts and unauthorized electronic instructions to transfer or withdraw...
InfoBytesOCC Publishes Proposed Stress Test Rule
On January 24, the OCC published a proposed rule to implement annual capital-adequacy stress tests for national banks and federal savings associations with total consolidated assets of more than $10 billion. The rule is substantially similar to a recent FDIC stress test proposal for FDIC-insured...
InfoBytesThird Circuit Affirms Partial Expiration Date on Receipt Violates FACTA
On January 24, the U.S. Court of Appeals for the Third Circuit affirmed a district court holding that printing of partial expiration dates does constitute a Fair and Accurate Credit Transactions Act (FACTA) violation, but held that the merchant, in this case, did not willfully violate FACTA by...
InfoBytesHUD Publishes Final Rule on FHA Single Family Lender Insurer Process
On January 24, the Department of Housing and Urban Development (HUD) published a final rule to enhance the Federal Housing Administration (FHA) Lender Insurance process. Under the final rule , (i) Lender Insurance mortgagees (mortgagees who have authority to insure mortgages on HUD’s behalf) must...
InfoBytesCFPB Seeks Third Round of Feedback on Mortgage Closing Forms
On January 24, the CFPB announced a third round of testing of prototype mortgage closing forms as part of its Know Before You Owe campaign. In this round, the CFPB asks the public to compare two versions of its prototype closing forms and consider how each works with the prototype initial...
InfoBytesHouse Subcommittee Holds Hearing on CFPB Under Director Cordray
On January 24, the House Oversight Subcommittee on TARP, Financial Services, and Bailouts of Public and Private Programs held a hearing to receive testimony from newly appointed CFPB Director Richard Cordray. Committee members (i) sought the Director’s interpretation of the term “abusive” as it is...
InfoBytesCalifornia Federal Court Dismisses Data Loss Class Action Because No Immediate Harm Exists
On January 20, the U.S. District Court for the Eastern District of California dismissed a putative class action brought on behalf of California residents against a company that lost multiple server drives containing personal and medical information. Whitaker v. Health Net of Cal., Inc. No. 11-910,...
InfoBytesCFPB and FTC Announce Memorandum of Understanding to Coordinate Regulatory Activities
On January 23, the CFPB and the FTC announced that the agencies had entered into a memorandum of understanding (MOU) to facilitate coordination of the agencies’ consumer financial rulemaking, enforcement, and supervision activities. The MOU establishes regular meetings between the two entities, as...
InfoBytesFHFA Releases Analysis of Principal Forgiveness Loan Modification Option
On January 23, the Federal Housing Finance Agency (FHFA), the entity serving as conservator for Fannie Mae and Freddie Mac, released a letter sent to certain members of Congress describing the internal analyses that resulted in FHFA’s decision not to use principal forgiveness as part of Fannie Mae’...
InfoBytesGeorgia Federal Court Allows RESPA Class Action to Proceed
On January 18, the U.S. District Court for the Northern District of Georgia denied a motion to dismiss a putative class action suit alleging violations of the Real Estate Settlement Procedures Act (RESPA). Bolinger v. First Multiple Listing Serv., Inc., No. 10-00211-RWS, 2012 WL 137883 (N.D. Ga...
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