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SEC obtains court order halting token offering
On August 12, the SEC announced it obtained a court order halting an alleged fraud involving the sale of digital securities which raised $14.8 million in 2017 and 2018. In addition, the court approved an emergency asset freeze to preserve at least $8 million of the funds raised, the SEC said in its...
InfoBytes3rd Circuit: QR code on debt collection letter violates FDCPA
On August 12, the U.S. Court of Appeals for the 3rd Circuit affirmed a district court ruling that an envelope containing an unencrypted “quick response” (QR) code that revealed a consumer’s account number when scanned violated the FDCPA. The plaintiff in this case received an envelope containing a...
InfoBytesNYDFS proposes student loan servicers regulation
On July 31, NYDFS published a notice of proposed rulemaking in the New York State Register. The proposed rule would implement legislation related to the supervision, regulation, and licensing of private student loan servicers passed in March as part of the state’s FY 2020 budget. As previously...
InfoBytes3rd Circuit: FCA claims not barred by state’s equitable “entire controversy” doctrine
On August 12, the U.S. Court of Appeals for the 3rd Circuit vacated the dismissal of a relator’s qui tam action, concluding that the federal action was not barred by New Jersey’s equitable entire controversy doctrine. In the case, an employer brought a defamation and disparagement suit against a...
InfoBytesFHFA issues final rule on new credit score models
On August 13, the FHFA announced its final rule on the validation and approval of third-party credit score model(s) that can be used by Fannie Mae and Freddie Mac (the GSEs), implementing Section 310 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The final rule defines a...
InfoBytesMcDonnell rule does not apply to the FCPA, says 2nd Circuit
On August 9, the U.S. Court of Appeals for the 2nd Circuit affirmed the conviction of a Chinese real estate developer arising from the alleged bribery of United Nations officials. In affirming the conviction, the court held that the U.S. Supreme Court’s holding in McDonnell v. U.S. —that, in cases...
InfoBytes7th Circuit: FDCPA claims fail due to insufficient evidence
On August 9, the U.S. Court of Appeals for the 7th Circuit affirmed a district court ruling that a consumer could not proceed on FDCPA or Wisconsin Consumer Act (WCA) claims because he failed to demonstrate that the incurred credit card debt in question was a “consumer debt” entitled to FDCPA and...
InfoBytesFederal agencies update host state loan-to-deposit ratios
On August 9, the Federal Reserve Board, the FDIC, and the OCC released the current host state loan-to-deposit ratios for each state or U.S. territory, which the agencies use to determine compliance with Section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. Under...
InfoBytesCFPB settles student-loan suit against defunct educational institution
On August 12, the CFPB announced a proposed settlement with a defunct for-profit educational institution to resolve allegations that the defendant engaged in unfair and abusive acts and practices in violation of the Consumer Financial Protection Act through its private student loan origination...
InfoBytesFTC settles with email company for deceptively collecting consumer information
On August 8, the FTC announced a settlement with an email management company, which requires the company to delete the personal information it obtained from consumers’ email receipts after allegedly misleading consumers about the company’s services. In the complaint , the FTC alleges that the...
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