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CFPB report finds variance in mortgage servicers’ pandemic response
On May 16, the CFPB released a report examining data collected across 16 large mortgage servicers from May through December 2021 on the servicers’ responses to the Covid-19 pandemic. According to the Bureau, there is significant variation in how servicers collected information on borrowers’...
InfoBytes9th Circuit: Incomplete loan modification application bars plaintiff's CA Homeowner Bill of Rights claims
On May 11, the U.S. Court of Appeals for the Ninth Circuit affirmed dismissal of a plaintiff’s allegations that a lender violated RESPA and the California Homeowner Bill of Rights (HBOR), breached its contract, and breached the implied covenant of good faith and fair dealing. The court also...
InfoBytes"9th Circ. FCRA ruling highlights furnishers' role in disputes" by Sasha Leonhardt and Cierra D. Newman (Law360)
In recent years, consumers have raised a variety of arguments to dispute negative information on their consumer reports — in some instances, raising not only factual questions about the existence or amount of a debt, but also more complex questions about whether a debt is legally permitted under...
ArticlesOFAC updates Syrian sanctions guidance; issues DPRK advisory on information technology workers
On May 12, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) amended a Frequently Asked Question (FAQ) and published a new General License (GL) regarding Syrian sanctions. Back in April (covered by InfoBytes here ), OFAC published FAQ 884, which relates to non-U.S. persons’ (...
InfoBytesU.S. signs protocol to strengthen international efforts to combat cybercrime
On May 12, the U.S. signaled its commitment to fight cybercrime by signing the Second Additional Protocol to the Convention on Cybercrime to obtain access to needed electronic evidence. Deputy Assistant Attorney General Richard Downing of the DOJ’s Criminal Division signed the new protocol to...
InfoBytesArizona obtains $1.6 million in restitution from debt collection operation
On May 10, the Arizona attorney general announced it filed a stipulated consent judgment in the Superior Court of Arizona against a defendant, the owner and manager of a debt collection operation. The AG’s original action was part of the FTC’s “Operation Corrupt Collection”—a nationwide enforcement...
InfoBytesDFPI amends requirements for Increased Access to Responsible Small Dollar Loans Program
On May 10, the California Department of Financial Protection and Innovation (DFPI) issued a notice of approval of amendments to regulations under the California Financing Law (CFL) related to the agency’s pilot program for increased access to responsible small-dollar loans (RSDL program). The RSDL...
InfoBytesDistrict Court: Emotional distress did not cause injury-in-fact
On May 10, the U.S. District Court for the Western District of New York granted a defendant’s motion for summary judgment in a FDCPA class action suit. According to the order, the defendant sent the plaintiff a letter seeking to collect $9,700. The collections letter identified the name of the...
InfoBytesOCC discusses use of AI
On May 13, OCC Deputy Comptroller for Operational Risk Policy Kevin Greenfield testified before the House Financial Services Committee Task Force on Artificial Intelligence (AI) discussing banks' use of AI and innovation in technology services. Among other things, Greenfield addressed the OCC’s...
InfoBytesHsu discusses expanding diversity and inclusion
On May 12, acting Comptroller of the Currency Michael J. Hsu spoke before the Asian Real Estate Association of America Diversity and Fair Housing Summit focusing on the agency’s efforts to decrease barriers to homeownership and promote financial inclusion. In his remarks, Hsu described the agency’s...
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