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OFAC designates Turkish individual as “Foreign Sanctions Evader” in relation to settlement resolving alleged Iranian sanctions violations
On February 7, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced a $13,381 settlement with a Virginia-based corporation on behalf of its Turkish affiliate for six alleged violations of the Iranian Transactions and Sanctions Regulations (ITSR). The settlement resolves...
InfoBytesGlobal Financial Innovation Network seeking cross-border testing applications
On January 31, the United Kingdom’s Financial Conduct Authority (FCA) announced that the Global Financial Innovation Network (GFIN) officially launched and is now seeking cross-border testing applications. As previously covered by InfoBytes , in August 2018, the FCA announced the creation of the...
InfoBytesD.C. act provides eviction and foreclosure relief to federal employees and contractors impacted by shutdown
On February 6, the Mayor of the District of Columbia signed Act 23-5 (B23-0080) to protect federal workers, contractors, and employees of the District of Columbia Courts from eviction and foreclosure during federal government shutdowns. Among other things, the D.C. Superior Court will have the...
InfoBytesDistrict Court temporarily stops debt collection operation at FTC’s request
On February 8, the FTC announced that the U.S. District Court for the Western District of North Carolina had issued a temporary restraining order and asset freeze regarding a debt collection operation allegedly collecting phantom debts. According to the FTC, the debt collection operation...
InfoBytes7th Circuit holds arithmetic does not affect a debt’s character under the FDCPA
On February 7, the U.S. Court of Appeals for the 7th Circuit held that arithmetic does not affect a debt’s “character” under the FDCPA, reversing the district court’s judgment against a debt collector. A debt collector reported to a credit bureau that the debtor had nine unpaid bills of $60, rather...
InfoBytesDistrict Court holds debt collector’s actions not harassment or abuse under FDCPA
On January 30, the U.S. District Court for the Eastern District of Arkansas granted a debt collector’s motion for summary judgment, finding that no reasonable jury could conclude the debt collector’s conduct gave “rise to an intent to annoy, harass, or oppress” under the FDCPA. According to the...
InfoBytesOCC praises CFPB’s payday rule proposal
On February 11, the OCC released a statement from Comptroller of the Currency Joseph Otting supporting the CFPB’s proposed rule rescinding certain requirements relating to underwriting standards for short-term small-dollar loans. (Covered by InfoBytes here .) Calling the proposal “important and...
InfoBytesMelissa Klimkiewicz quoted in a National Mortgage News article, “Banks claim victory in new private flood insurance rule”
Melissa Klimkiewicz was quoted on February 11, 2019 in a National Mortgage News article, “Banks claim victory in new private flood insurance rule,” which discussed bank regulators’ release of their final rule implementing the Biggert-Waters Act on Januaruy 25 and the regulations accompanying this...
In The NewsJeffrey P. Naimon quoted in an American Banker article, “Government shutdowns add new wrinkle to credit bureau reform”
Jeffrey P. Naimon was quoted on February 11, 2019 in an American Banker article, “Government shutdowns add new wrinkle to credit bureau reform,” which discussed an effort to reform the credit bureaus due to the effects on federal workers and consumers during the government shutdown, and the...
In The NewsDistrict Court: Bank originating mortgage loans is not a debt collector under FDCPA
On January 23, the U.S. District Court for the Middle District of Florida dismissed a putative class action suit, ruling that a national bank did not qualify as a debt collector under the FDCPA. According to the order, the three plaintiffs defaulted on loans that were originated (or acquired via...
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