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District Court voids OFAC fine of $2 million
On December 31, the U.S. District Court for the Northern District of Texas vacated a $2 million civil penalty imposed on a global petroleum company (company) by OFAC for the company’s purported violation of sanctions, ruling that the OFAC regulations did not provide “fair notice” to the company...
InfoBytesCalifornia outlines new data privacy rights
On January 6, the California attorney general issued an advisory explaining consumers’ rights under the California Consumer Privacy Act (CCPA), which took effect January 1. (See previous InfoBytes coverage on the CCPA here .) These rights include (i) the right to request from businesses what...
InfoBytes7th Circuit: Debt collector accurately disclosed creditor to be paid
On December 30, the U.S. Court of Appeals for the Seventh Circuit affirmed a district court’s decision that a collection agency was not required to explain the difference between “original creditor” and “current creditor.” After the consumer fell behind on payments owed to a bank, the debt was sold...
InfoBytesCSBS releases Vision 2020 Accountability Report on fintech initiatives
On January 7, the Conference of State Bank Supervisors (CSBS) released a report by its Fintech Industry Advisory Panel outlining progress made on several initiatives to streamline state licensing and supervision of financial technology companies. As previously covered by InfoBytes , the panel was...
InfoBytesMissouri AG alleges housing nonprofit trust deceived members
On January 2, the Missouri attorney general filed a petition for preliminary and permanent injunction in Missouri Circuit Court against a nonprofit trust and its registered agent (the defendants) alleging the defendants deceived thousands of state residents by marketing memberships in the trust...
InfoBytes9th Circuit affirms FDCPA decision in favor of debt collector
On December 18, the U.S. Court of Appeals for the Ninth Circuit affirmed the decision of the trial court in favor of a debt collector in an FDCPA action brought by a consumer claiming that the debt collector used false, deceptive, or misleading means in attempting to collect a debt. The consumer,...
InfoBytesHUD unveils new version of AFFH rule
On January 7, HUD published its proposed replacement for the 2015 version of the Affirmatively Furthering Fair Housing (AFFH) rule. According to HUD, the proposed AFFH rule will provide state and local government participants with more straightforward advice “to help them improve affordable housing...
InfoBytesNCUA releases 2020 supervisory priorities
In January, the NCUA issued a letter to board of directors and chief executive officers at federally insured credit unions outlining the agency’s 2020 supervisory priorities. Top supervisory priorities include: Bank Secrecy Act/Anti-Money Laundering (BSA/AML). Examinations will continue to focus on...
InfoBytesClinton R. Rockwell quoted in Law360 article, “Newsom aims to revamp biz oversight to fill Trump vacuum”
Clinton R. Rockwell was quoted extensively on January 10, 2020 in a Law360 article, “Newsom Aims To Revamp Biz Oversight To Fill Trump Vacuum,” which discussed Governor Newsom’s plan to restructure the California Department of Business Oversight to better protect consumers and promote the...
In The News9th Circuit affirms no jurisdiction without exhaustion of administrative remedies
On December 27, the U.S. Court of Appeals for the Ninth Circuit affirmed the dismissal of a TILA case brought by a consumer against his mortgage lender, citing lack of subject matter jurisdiction under the provisions of FIRREA that require claims involving a bank that is in receivership to be...
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