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NYDFS issues check-cashing fee regulations
On January 18, NYDFS announced that it has adopted an updated check cashing regulation. As previously covered by InfoBytes , NYDFS issued a proposed check cashing regulation in June 2022, following an emergency regulation announced in February 2022, that halted annual increases on check-cashing...
InfoBytesRespondents urge Supreme Court to wait on CFPB funding review
On January 13, respondents filed a brief in opposition to a petition for a writ of certiorari filed by the CFPB last November, which asked the U.S. Supreme Court to review whether the U.S. Court of Appeals for the Fifth Circuit erred in holding that the Bureau’s funding structure violates the...
InfoBytesFDIC announces Alabama, California disaster relief
On January 18, the FDIC issued guidance (see FIL-03-2023 and FIL-04-2023 ) to provide regulatory relief to financial institutions and help facilitate recovery in areas of Alabama affected by severe storms, straight-line winds, and tornadoes occurring on January 12, and in areas of California...
InfoBytesHsu discusses management of large banks
On January 17, acting Comptroller of the Currency Michael J. Hsu delivered remarks at the Brookings Institute regarding large bank manageability. Hsu started by expressing his belief that developing a robust approach to detecting, preventing, and addressing too-big-to-manage (TBTM) risks will...
InfoBytesCFPB updates Mortgage Servicing Examination Procedures
On January 18, the CFPB released an updated version of its Mortgage Servicing Examination Procedures , detailing the types of information examiners should gather when assessing whether servicers are complying with applicable laws and identifying consumer risks. The examination procedures, which...
InfoBytesCFPB: Negative option marketing practices could violate the CFPA
On January 19, the CFPB released Circular 2023-01 to reiterate that companies offering “negative option” subscription services are required to comply with federal consumer financial protection laws. According to the Circular, “‘negative option’ [marketing] refers to a term or condition under which...
InfoBytesFinCEN offers suspicious activity reporting guidance for human smuggling along U.S.- Mexico border
On January 13, the Financial Crimes Enforcement Network (FinCEN) issued an alert advising financial institutions on how to detect and report suspicious financial activity that may be related to human smuggling along the southwest border of the United States. Highlighting that human smuggling is one...
InfoBytesOFAC issues Russia-related general licenses for some transactions
On January 17, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued several Russia-related General Licenses (GLs), including: (i) General License (GL) 6C , which authorizes transactions related to agricultural commodities, medicine, medical devices, replacement parts and...
InfoBytesStates file brief in support of Biden’s student loan debt-relief program
On January 11, a coalition of 22 state attorneys general from Massachusetts, California, Colorado, Connecticut, Delaware, the District Of Columbia, Hawaii, Illinois, Maryland, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, North Carolina, Oregon, Pennsylvania, Rhode Island, Vermont...
InfoBytesFed announces climate scenario exercises
On January 17, the Federal Reserve Board provided additional details regarding its upcoming pilot climate scenario analysis exercise and the information on risk management practices that will be gathered from the program. As previously covered by InfoBytes , the Fed announced in September 2022,...
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