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U.S.-EU release statement on Joint Financial Regulatory Forum
On March 24 and 25, EU and U.S. participants, including officials from the Treasury Department, Federal Reserve Board, CFTC, FDIC, SEC, and OCC, participated in the U.S.-EU Joint Financial Regulatory Forum to discuss topics of mutual interest, including those related to (i) “next steps” for Covid-...
InfoBytesDFPI sanctions former PACE solicitor under California Consumer Financial Protection Law
On March 30, the California Department of Financial Protection and Innovation (DFPI) announced it has permanently banned an individual and three companies he owns or controls for allegedly evading Property Assessed Clean Energy (PACE) laws. According to DFPI, the respondents, among other things,...
InfoBytesNY AG obtains $53 million judgment against company selling debt relief on student loans
On March 30, the U.S. District Court for the Southern District of New York entered a default judgment and order against a student debt relief company, which requires the payment of $53 million in statutory penalties, after the defendant failed to respond to a suit filed by the New York attorney...
InfoBytesFDIC issues 2021 Consumer Compliance Supervisory Highlights
On March 31, the FDIC released the spring 2021 edition of the Consumer Compliance Supervisory Highlights , intended to provide information and observations related to the FDIC’s consumer compliance supervision of state non-member banks and thrifts in 2020. Topics include: A summary of the FDIC’s...
InfoBytesCourt rules incomplete loss mitigation application does not carry foreclosure protections
On March 19, the U.S. District Court for the Northern District of Ohio granted a mortgage lender’s motion for summary judgment, rejecting allegations that it had violated RESPA and Regulation X in handling plaintiffs’ loss mitigation application. The plaintiffs executed a promissory note and...
InfoBytesFTC to ban “deceptive” mobile-banking app
On March 29, the FTC announced a proposed stipulated final order against the operators of a mobile banking app to settle allegations that the defendants deceived users about their supposedly high-interest bank accounts and falsely promised users “24/7” access to their funds. As previously covered...
InfoBytesFFIEC releases 2021 HMDA reporting guide
On March 30, the FDIC issued FIL-21-2021 announcing the Federal Financial Institutions Examinations Council’s issuance of the 2021 edition of the “Guide to HMDA Reporting: Getting It Right!” The guide applies to HMDA data collected in 2021 that will be reported to supervisory agencies by March 1,...
InfoBytesSEC awards more than $500,000 to whistleblower under “safe harbor” provision
On March 29, the SEC announced a more than $500,000 whistleblower award in connection with an enforcement action. According to the redacted order , the whistleblower raised concerns about alleged securities violations internally, which prompted an investigation by the company. The company then...
InfoBytesPrudential regulators exploring how institutions use AI
On March 29, the FDIC, Fed, OCC, CFPB, and NCUA issued a request for information (RFI) seeking input on financial institutions’ use of artificial intelligence (AI), which may include AI-based tools and models used for (i) fraud prevention to identify unusual transactions for Bank Secrecy Act/anti-...
InfoBytesCourt rules CFPB lacked authority to bring suit while its structure was unconstitutional
On March 26, the U.S. District Court for the District of Delaware dismissed a 2017 lawsuit filed by the CFPB against a collection of Delaware statutory trusts and their debt collector, ruling that the Bureau lacked enforcement authority to bring the action when its structure was unconstitutional...
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