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CFPB: Reopening a closed account could be a UDAAP
On May 10, the CFPB released Circular 2023-02 to opine that unilaterally reopening a closed account without a customer’s permission in order to process a transaction is a likely violation of federal law, particularly if a bank collects fees on the account. “When a bank unilaterally chooses to open...
InfoBytesFrance fines facial recognition company additional €5.2 million for noncompliance
On May 10, the French data protection agency, Commission Nationale de l’Informatique et des Libertés (CNIL), fined a facial recognition company an overdue penalty payment in the amount of €5.2 million for failing to comply with an October order. As previously covered by InfoBytes , last fall CNIL...
InfoBytes6th Circuit: Tennessee judicial foreclosure time-barred
On May 4, the U.S. Court of Appeals for the Sixth Circuit affirmed a lower court’s decision in a judicial foreclosure action, holding that a bank’s lawsuit was barred by Tennessee’s 10-year statute of limitations for actions to enforce liens on real property. The appellate court also refused to...
InfoBytesDistrict Court preliminarily approves $300 million auto insurance settlement
On May 1, the U.S. District Court for the Northern District of California preliminarily approved a $300 million class action settlement resolving claims that a national bank hid misconduct relating to its auto insurance practices. The lead plaintiff alleged that, between November 3, 2016 and August...
InfoBytesMaryland eliminates separate licensing requirement for branches
On May 8, the Maryland governor signed HB 686 to eliminate a requirement that collection agencies and certain non-depository financial institutions must maintain separate licenses for branch locations. The Act now allows such entities to conduct business at multiple licensed locations under a...
InfoBytesNew York proposes “landmark” crypto legislation
On May 5, New York Attorney General Letitia James announced proposed legislation to increase oversight of the cryptocurrency industry. Calling the “landmark legislation” the “strongest and most comprehensive set of regulations on cryptocurrency in the nation,” James said the bill would increase...
InfoBytesCFPB general counsel highlights risks in payments industry
On May 9, CFPB General Counsel and Senior Advisor to the Director, Seth Frotman, discussed the evolution of the payments system and its significant impact on consumer financial protection. Speaking before the Innovative Payments Association, Frotman commented that over the past few years, growth in...
InfoBytesMaryland amends student financing company registration
On May 8, the Maryland governor signed HB 913 to amend certain provisions relating to student financing company registration and reporting requirements. Among other things, the Act defines the term “student financing company” to mean “an entity engaged in the business of securing, making, or...
InfoBytesNYDFS proposes vetting guidance for licensed or chartered entities
On May 9, NYDFS Superintendent Adrienne A. Harris released proposed guidance for banking organizations and non-depository financial institutions chartered or licensed under the New York Banking Law concerning the Department’s character and fitness assessment expectations. The proposed guidance sets...
InfoBytesFTC obtains TROs to halt student loan debt relief schemes
On May 8, the FTC announced that the U.S. District Court for the Central District of California recently issued temporary restraining orders (TROs) against two student loan debt relief companies that allegedly tricked consumers into paying for nonexistent repayment and loan forgiveness programs...
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