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House tells Supreme Court CFPB structure is constitutional
On October 4, the U.S. House of Representatives filed an amicus brief with the U.S. Supreme Court arguing that the CFPB’s structure is constitutional. The brief was filed in response to a petition for writ of certiorari by a law firm, contesting a May decision by the U.S. Court of Appeals for the...
InfoBytesCFPB temporarily extends threshold for open-end HMDA reporting
On October 10, the CFPB issued a final rule extending the current temporary threshold of 500 open-end lines of credit under the HMDA rules for reporting data to January 1, 2022. As previously covered by InfoBytes , the CFPB temporarily increased the threshold for open-end lines of credit from 100...
InfoBytesFederal Reserve joins other regulators in approving final revisions to Volcker Rule
On October 8, the Federal Reserve Board announced that all five federal financial regulators have signed off on final revisions to the Volker Rule (the Rule) to simplify and tailor compliance with Section 13 of the Bank Holding Company Act’s restrictions on a bank’s ability to engage in proprietary...
InfoBytesCFPB releases semi-annual report to Congress
On October 8, the CFPB issued its Dodd-Frank mandated semi-annual report to Congress covering the Bureau’s work from October 1, 2018 to March 31, 2019. In presenting the report, Director Kathy Kraninger stressed that the Bureau will continue to use the tools provided by Congress to protect...
InfoBytesVA completes funding fee refund initiative
On October 8, the Department of Veterans Affairs (VA) announced that it completed its home loan funding fee refund initiative, returning more than $400 million to VA borrowers. As previously covered by InfoBytes , in June the VA Office of the Inspector General (OIG) issued a report concluding that...
InfoBytesCalifornia attorney general releases proposed CCPA regulations
On October 10, the California attorney general released the highly anticipated proposed regulations implementing the California Consumer Privacy Act (CCPA). The CCPA—which was enacted in June 2018 (covered by a Buckley Special Alert ), amended in September 2018, amended again in October 2019 (...
InfoBytesNew York AG sues student loan servicer for alleged PSLF and IDR failures
On October 3, the New York attorney general announced an action filed against a national student loan servicer for allegedly failing to properly administer the Public Service Loan Forgiveness (PSLF) program and mishandling income driven repayment (IDR) plans. In the complaint, the attorney general...
InfoBytesDistrict Court denies TCPA class certification involving collection calls placed to wrong number
On September 27, the U.S. District Court for the Middle District of Florida denied class certification in an action alleging violations of the TCPA, the Florida Consumer Collection Practices Act, and the FDCPA brought against two companies. The action alleged that defendants used an automated...
InfoBytesDistrict Court: New York’s interest on escrow law not preempted by National Bank Act
On September 30, the U.S. District Court for the Eastern District of New York held that the National Bank Act (NBA) does not preempt a New York law requiring interest on mortgage escrow accounts. According to the opinion, plaintiffs brought a pair of putative class actions against a national bank...
InfoBytesDaniel P. Stipano extensively quoted in American Bankers Association Risk and Compliance article, “Avoiding a risky customer conundrum”
Daniel P. Stipano was extensively quoted on October 10, 2019 in an American Bankers Association Risk and Compliance article, “Avoiding a risky customer conundrum,” which discussed several key principles for higher-risk banking customers. The article stated, “Imagine a consultant based in Puerto...
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