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SEC announces $450,000 compliance-related whistleblower award
On March 30, the SEC announced a $450,000 award to a whistleblower in an enforcement action. According to the formal order , the whistleblower—who had compliance-related responsibilities at the company at issue in the enforcement action—suffered “unique hardships” after first attempting to report...
InfoBytesFCC orders phone companies to deploy STIR/SHAKEN framework
On March 31, the FCC adopted new rules that will require phone companies in the U.S. to deploy STIR/SHAKEN caller ID authentication framework by June 30, 2021. As previously covered by InfoBytes , the STIR/SHAKEN framework addresses “unlawful spoofing by confirming that a call actually comes from...
InfoBytesVirginia outlines private student loan provider disclosure requirements
On March 23, the Virginia governor signed HB 743 , which outlines disclosure requirements for private student loan providers to follow before issuance of a qualified education loan. The disclosure must contain contact information for the state’s Office of the Qualified Education Loan Ombudsman, as...
InfoBytesDistrict court dismisses class action overdraft fee claims
On March 31, the U.S. District Court for the Northern District of Illinois dismissed proposed class action overdraft fee claims brought against a national bank and the national bank’s parent company. The plaintiff argued that the bank unfairly charged him overdraft fees for debit transactions he...
InfoBytesCFPB issues 2019 Consumer Response Annual Report
On March 31, the CFPB published its Consumer Response Annual Report , providing a review of the Bureau’s complaint process and a description of complaints received from consumers in all 50 states and the District of Columbia between January 1 and December 31, 2019. According to the report, the...
InfoBytesDOJ reaches $2.47 million settlement to resolve alleged lending violations regarding FHA-insured reverse mortgages
On March 31, the DOJ announced a $2.47 million settlement with an Oklahoma-based mortgage lender in connection with alleged violations of the False Claims Act (FCA) related to an acquired predecessor entity’s origination and underwriting of home equity conversion mortgages (HECM). According to the...
InfoBytesMontana Secretary of State provides definitions and conditions for technology-based notarizations
The Montana Secretary of State’s website enumerates four ways to perform notary services in the state. They include traditional notarization, In-Person Electronic Notarization (IPEN or eNotarization), Remote Online Notarization (RON), and remote notarization. The webpage also describes the...
InfoBytesWest Virginia Secretary of State announces temporary remote notarization
On April 1, West Virginia’s secretary of state released an emergency rule authorizing electronic notarization as a result of Covid-19. The switch enables the use of audio and visual technology to witness and record notarizations, but requires the notary to create a recording of the performance of...
InfoBytesIndiana securities regulator alerts registrants to regulatory relief
On April 1, the Indiana Secretary of State, Securities Division issued a compliance alert to notify registrants that the division granted relief from fingerprinting requirements associated with registration applications for investment adviser representatives. The division indicated that it may...
InfoBytesOhio governor calls for moratorium on small business evictions
On April 1, Ohio Governor Mike DeWine signed an executive order calling for a moratorium on small business evictions and foreclosures as part of the state’s Covid-19 emergency measures. The order requests that landlords suspend rent payments and evictions for financially distressed small businesses...
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