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Biden outlines actions to mitigate climate-related financial risks
On October 15, the Biden administration issued a Fact Sheet outlining actions for building economic resilience to the impact of climate change. Among other things, the Fact Sheet is a “comprehensive, government-wide strategy to measure, disclose, manage and mitigate the systemic risks climate...
InfoBytesARRC recommends firms reduce use of LIBOR before year end
On October 14, the Alternative Reference Rates Committee (ARRC) recommended that all market participants take proactive action now to reduce their use of U.S. dollar LIBOR to promote a smooth end to new LIBOR contracts by year end. ARRC referred to a joint statement issued last November by the...
InfoBytesDistrict Court grants final approval in BIPA settlement
On October 13, the U.S. District Court for the Northern District of Illinois granted final approval to a $2.6 million class action settlement between a sports entertainment chain (defendant) and a class of former employees, resolving allegations that the defendant was responsible for improperly...
InfoBytesCFPB, FTC, and North Carolina argue public records website does not qualify for Section 230 immunity
On October 14, the CFPB, FTC, and the North Carolina Department of Justice filed an amicus brief in support of the consumer plaintiffs in Henderson v. The Source for Public Data, L.P. , arguing that a public records website, its founder, and two affiliated entities (collectively, “defendants”)...
InfoBytesDistrict Court allows usury claims to proceed, says class action waivers do not bar certification
On October 14, the U.S. District Court for the Eastern District of Virginia granted class certification in an action alleging a payday lending operation violated RICO and Virginia’s usury law by partnering with federally-recognized tribes to issue loans with allegedly usurious interest rates. The...
InfoBytesNew York designates October as Cyber Security Awareness Month
On October 14, New York’s Governor Hochul announced a proclamation designating October 2021 as “Cyber Security Awareness Month” in the state as part of an effort to enhance cyber security practices and to encourage awareness about online habits as internet threats continue to grow. According to the...
InfoBytesNYDFS requires flood insurance and diversity and inclusion training for insurance producers and public adjusters
On October 13, NYDFS announced that property/casualty insurance producers are required to take continuing education in flood insurance and diversity and inclusion. NYDFS is the first state regulator to mandate such requirements, which have been added to the state’s insurance regulations . “...
InfoBytesSEC reopens comment period on listing standards for recovery of erroneously awarded compensation
On October 14, the SEC reopened the comment period on proposed rules for listing standards for the recovery of erroneously awarded compensation. According to the notice , the reopened comment period allows for the submission of comments and data on rule amendments first proposed in 2015, and...
InfoBytesFed joins Central Bank Network for Indigenous Inclusion
On October 13, Federal Reserve Governor Lael Brainard announced that the Fed has joined the Central Bank Network for Indigenous Inclusion to foster continuing dialogue, research, and education and increase awareness of economic and financial issues and opportunities for Indigenous economies. The...
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