Latest News & Blogs
Filter
Subscribe to our InfoBytes Blog weekly newsletter and other publications for news affecting the financial services industry.
FinCEN explores possibility of creating regulatory sandboxes
On January 13, the acting Director of FinCEN Him Das spoke at the Financial Crimes Enforcement Conference to discuss the transformation of the anti-money laundering/counter-terrorist financing regulatory regime as it relates to new threats, new innovations, and new partnerships. Das highlighted...
InfoBytesCSBS drops suit against OCC fintech charter after revised application
On January 13, the Conference of State Bank Supervisors (CSBS) announced that it has withdrawn its complaint challenging the OCC’s Special Purpose National Bank (SPNB) Charters and a financial services provider’s application for an OCC nonbank charter. CSBS filed a notice of voluntary dismissal...
InfoBytesDistrict Court tosses challenge to CFPB’s payday rule
On January 14, the U.S. District Court for the District of Columbia granted two motions to dismiss a challenge to the Bureau’s 2020 final rule revoking certain underwriting provisions of the agency’s 2017 final rule covering “Payday, Vehicle Title, and Certain High-Cost Installment Loans” (Payday...
InfoBytesOCC’s Hsu discusses bank cryptocurrency regulation
On January 13, acting Comptroller of the Currency Michael J. Hsu spoke before the British American Business Transatlantic Finance Forum’s Executive Roundtable to discuss stablecoins and other crypto-assets regulations. In his remarks, Hsu described stablecoins as “the oxygen of the crypto ecosystem...
InfoBytesDOJ announces $7.9 million FCA settlement with student loan contractor
On January 14, the DOJ announced a $7.9 million settlement with a contractor that serviced student loans for lenders under the Federal Family Education Loan Program to resolve allegations that it violated the False Claims Act by submitting or causing the submission of false claims to the Department...
InfoBytesHUD extends exclusive listing of REO properties
On January 13, HUD issued Mortgagee Letter 2022-01 , which extends the Exclusive Listing Period during which Owner-Occupants, Governmental Entities, and HUD-approved non-profits are eligible to bid on HUD Real Estate Owned Properties from 15 days to 30 days. The mortgagee letter is effective March...
InfoBytesFTC alleges UDAP violations by credit report provider
On January 13, the FTC announced a proposed order to be entered into with a business credit report provider (respondent) alleging that the respondent engaged in deceptive and unfair practices. According to the FTC’s complaint , the respondent failed to provide businesses with a clear, consistent,...
InfoBytesStates reach $1.85 billion settlement with student loan servicer
On January 13, a coalition of attorneys general from 38 states and the District of Columbia reached a $1.85 billion settlement with one of the nation’s largest student loan servicers, resolving allegations that it engaged in misconduct when servicing student loans. The settlement, subject to court...
InfoBytesBiden nominates three for Fed
On January 14, President Biden nominated Sarah Bloom Raskin to serve as Vice Chair for Supervision for the Federal Reserve Board, and Lisa Cook and Philip Jefferson to serve as Board Governors. Earlier on January 4, Biden also submitted new nominations for Jerome Powell to serve a second term as...
InfoBytesDistrict Court grants preliminary approval of class action settlement against national bank
On January 10, the U.S. District Court for the District of Maryland granted preliminary approval of a settlement in a class action against a national bank (defendant) for allegedly participating in a kickback scheme with a title company (company). According to the memorandum in support of...
InfoBytes