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German-headquartered financial institution to pay $1.3 billion for Iran sanctions violations
On April 15, U.S. regulators announced settlements totaling $1.3 billion with several banking units of a German-headquartered financial institution to resolve allegations by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), the DOJ, the Federal Reserve Board, the New York...
InfoBytesIowa amends permissible interest rates on credit transactions
On April 15, the Iowa governor signed HF 260 , which amends the maximum interest rate and charges permitted under Iowa Code 2019. Specifically, for interest-bearing consumer credit transactions up to $30,000 (increased from $10,000), the interest rate may not exceed the lesser of $30 or ten percent...
InfoBytesFHFA director Calabria stresses urgency in housing finance reform
On April 15, Mark Calabria was sworn in as the new Director of the FHFA and stressed the importance of mortgage finance reform in his first remarks in the role. Calabria warned that the current mortgage finance system remains “vulnerable,” noting that “[a]fter years of strong house price growth,...
InfoBytesDOJ settles with multinational corporation for $1.5 billion over RMBS
On April 12, the DOJ announced that a multinational corporation will pay $1.5 billion in a settlement resolving claims brought under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) that a financial services subsidiary of the corporation misrepresented the quality...
InfoBytesTreasury sanctions key persons in ISIS’ financial network
On April 15, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions against seven individuals and one entity for allegedly providing financial support to the Islamic State of Iraq and Syria (ISIS) operating in Europe, Africa, and the Middle East. According to...
InfoBytesNYDFS denies virtual currency license for BSA/AML compliance deficiencies
On April 10, NYDFS announced that it denied a company’s applications to engage in virtual currency business and money transmission activity in New York due to the company’s alleged deficiencies in BSA/AML and Office of Foreign Assets Control (OFAC) compliance requirements, capital requirements, and...
InfoBytesOhio Court of Appeals: Ohio Consumer Sales Practices Act does not cover HELOC fraud
On April 8, the Ohio Court of Appeals affirmed summary judgment for a bank, its employees, and the plaintiff’s former husband (collectively, “defendants”), concluding, among other things, that under the Ohio Consumer Sales Practices Act (OCSPA) the defendants could not be considered “suppliers,”...
InfoBytesOMB requires review of all regulatory materials, including guidance
On April 11, acting Director of the Office of Management and Budget (OMB), Russel Vought, sent a memorandum to the heads of all executive agencies announcing that on May 11, agencies will be required to submit all regulatory guidance materials to the Office of Information and Regulatory Affairs (...
InfoBytesFTC obtains $2.7 million judgment against “free samples” operation; settles deceptive marketing matter
On April 11, the FTC announced that the U.S. District Court for the Northern District of Illinois ordered a New York-based office supply operation to pay $2.7 million to resolve allegations that the defendants targeted consumers, such as small businesses, hotels, municipalities, and charitable...
InfoBytesFTC permanently bans payment processor
On April 11, the FTC announced that a payment processing company and its owner agreed to a $1.8 million settlement resolving allegations that the company repeatedly violated a 2009 court order . That order found that the payment processer knowingly or consciously avoided knowing that debit card...
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