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Nevada authorizes pilot program for marijuana banking
On June 5, the Nevada governor signed AB 466 , requiring the State Treasurer to create a pilot program, authorized to operate from October 1, 2019 through June 30, 2023, for the establishment of one or more closed-loop payment processing systems that enable certain persons to engage in financial...
InfoBytesMaine enacts consumer privacy law for internet service providers
On June 6, the Maine governor signed S.P. 275/L.D. 946 , which requires certain broadband Internet access services to receive express, affirmative consent from a customer before disclosing, selling, or permitting access to a customer’s personal information. Among other things, the provisions...
InfoBytes9th Circuit: Class decertification appropriate when representative lacks standing
On June 5, the U.S. Court of Appeals for the 9th Circuit affirmed a lower court’s decision to decertify a class of callers claiming their cellphone calls were unlawfully recorded, holding that the class representative lacked standing as to its individual claim. According to the opinion, customers...
InfoBytes4th Circuit overrules own precedent, holds undersecured homestead mortgage claims can be bifurcated
Recently, the U.S. Court of Appeals for the 4th Circuit overruled its own precedent, holding that the plain language of the Bankruptcy Code authorizes modification of undersecured homestead mortgage claims—not just the payment schedule for such claims—including through bifurcation and cram down...
InfoBytesFed tailors state member bank exams to risk
On June 3, the Federal Reserve Board issued supervisory letter SR 19-9 to provide guidance on its enhanced process for determining the scope of safety-and-soundness examinations of community and regional state member banks (SMB). Under the “Bank Exams Tailored to Risk” (BETR) process, the Fed...
InfoBytesOIG finds exempt veterans being charged VA home loan funding fees
On June 6, the Department of Veteran’s Affairs (VA) Office of the Inspector General (OIG) issued a report concluding that the VA improperly charged exempt veterans VA home loan funding fees. According to the OIG, from 2012 through 2017, the VA charged approximately 72,900 exempt veterans around $...
InfoBytesDaniel P. Stipano quoted in American Banker article, “Legalizing pot may be only way to lift cloud over pot banking”
Daniel P. Stipano was quoted on June 11, 2019 in an American Banker article, “Legalizing pot may be only way to lift cloud over pot banking,” which discussed the likelihood that having marijuana removed from the list of federally banned drugs could enable marijuana banking efforts. The article...
In The NewsDaniel P. Stipano quoted in ACAMS article, “Senators propose beneficial ownership registry, other AML reforms”
Daniel P. Stipano was quoted on June 10, 2019 in an ACAMS article, “Senators propose beneficial ownership registry, other AML reforms,” which discussed proposed legislation that would require legal entities to reveal the identity of their owners to the Treasury Department as well as allow FinCEN to...
In The NewsJohn C. Redding extensively quoted in a Powersports Finance article, “New robocall ruling could block lenders from calling consumers”
John C. Redding was extensively quoted on June 10, 2019 in a Powersports Finance article, “New robocall ruling could block lenders from calling consumers,” which discussed the Federal Communications Commission’s new ruling allowing voice service providers to block unwanted robocalls. The article...
In The NewsCFPB partially modifies two CIDs
On May 21, the CFPB issued two orders partially modifying civil investigative demands (CID) issued by the Bureau in 2017 and 2018. In 2017, a revised CID was issued to a provider of tax debt relief products and services concerning potential violations of UDAAP provisions under the Consumer...
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