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SEC Announces Change to Settlement Policy in Securities Fraud Cases
On January 6, multiple media outlets reported that the Securities and Exchange Commission (SEC) announced a policy change related to settlement of securities fraud cases. Under the new policy, settling defendants no longer will be permitted to neither admit nor deny civil liability, while...
InfoBytesFFIEC Approves Revised Regulation Z Interagency Examination Procedures
In late December, The Federal Financial Institutions Examination Council's (FFIEC) Consumer Compliance Task Force approved revised interagency examination procedures for Regulation Z, Truth in Lending. The new procedures reflect changes to rules implementing the Credit Card Accountability...
InfoBytesMichigan Enacts Several Foreclosure-Related Bills
In late December, Michigan enacted several bills related to certain of the state's foreclosure rules. HB 4542 and 4543 alter and extend through the end of 2012 Michigan's pre-foreclosure notice and mediation procedures. Among the changes is a shift from mandatory to optional filing of a one-time...
InfoBytesNew York Limits Exemptions for Mortgage Licensing and Registration Requirements
On January 4, the New York Department of Financial Services (DFS) published a final rule eliminating certain exemptions to the state's mortgage licensing and registration requirements. The rule narrows the definition of "exempt organization" by excluding nonbanking subsidiaries of bank holding...
InfoBytesTexas Finance Commission Adopts New Rules Regarding Mortgages and Consumer Credit
On December 30, the Finance Commission of Texas published two sets of rules impacting (i) mortgage lenders and servicers, (ii) credit access businesses, and (iii) debt management companies. The first set of rules reorganizes mortgage-related regulations to republish as Chapter 76 all regulations...
InfoBytesFTC Obtains Agreement from Payment Processor to Prohibit Use of New Payment Method
On January 5, the FTC announced a settlement with a payment processor and two of its principals that will prohibit the company from using a new payment method, through which accounts were debited without account-holder consent. The FTC alleged that the company actively promoted the method as a way...
InfoBytesFinal FCPA Enforcement Action for 2011 Provides Useful Benchmarks for Anti-corruption Compliance Program Reviews
On December 29, Deutsche Telecom and Magyar Telekom settled FCPA enforcement matters with the US DOJ and SEC for a combined sanction exceeding $95 million. Part of the resolution recited specified minimum compliance program elements that Magyar Telekom is required to institute. BuckleySandler's...
InfoBytesFlorida AG Seeks to Advance Unfair and Deceptive Foreclosure Case
On December 30, Florida Attorney General Pam Bondi (AG) filed a motion in the Fourth District Court of Appeal seeking to advance the state's investigation into whether certain law firms engaged in misconduct while foreclosing on Florida homeowners. In April, the appeals court ruled that the AG did...
InfoBytesCompliance Wrap-Up from 2011: Learning from the Deutsche Telecom and Magyar Telekom FCPA Settlement
As the books closed on FCPA enforcement for 2011, one final enforcement action came through the door: On December 29th, Magyar Telekom Plc. and Deutsche Telecom AG resolved an FCPA enforcement matter for a combined monetary sanction exceeding $95 million. The settlement offers important compliance...
FCPA ScorecardNeutralizing the Putative Lead Plaintiff
In two recent cases— Damasco v. Clearwire Corp. and Pitts v. Terrible Herbst, Inc —the 7th and 9th Circuits, respectively, reached conflicting results on the issue of whether an offer of judgment for the full amount of a putative lead plaintiff’s own claim moots a class action complaint if the...
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