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States urge Biden to forgive student debt
On May 2, a coalition of state attorneys general, led by New York Attorney General Letitia James, announced that they are urging President Biden to cancel all outstanding federal student loan debt. In the letter, the AGs argue that full cancellation of student debt is necessary to address: the (i)...
InfoBytes1st Circuit: Bankruptcy Code “unequivocally strips tribes” of their sovereign immunity to sue
On May 6, the U.S. Court of Appeals for the First Circuit reversed a district court’s decision, ruling that American tribes are not exempt from federal law barring suits against debtors once they file for bankruptcy. The debtor (plaintiff) in 2019 took out a $1,100 payday loan from a creditor (...
InfoBytesHsu: Bank merger framework needs updating
On May 9, acting Comptroller of the Currency Michael J. Hsu delivered remarks before the Brookings Institution focusing on updating the framework used to analyze bank merger applications. In his remarks, Hsu described that bank mergers have “received significant attention this past year” and that...
InfoBytesCFPB delivers 2021 fair lending report to Congress
On May 6, the CFPB issued its annual fair lending report to Congress, which outlines the Bureau’s efforts in 2021 to fulfill its fair lending mandate. Much of the Bureau’s work in 2021 focused on addressing racial injustice and long-term economic consequences of the Covid-19 pandemic. According to...
InfoBytesNational retailers must pay $5.5 million to resolve deceptive product representation
On May 10, the DOJ announced that two national retailers agreed to pay a $2.5 million and a $3 million civil penalty (see here and here ) to resolve allegations that they engaged in false labeling and marketing tactics by presenting rayon textile products as bamboo. As previously covered by...
InfoBytesSEC awards whistleblowers $3.5 million
On May 6, the SEC announced awards totaling nearly $3.5 million to four whistleblowers whose information and assistance led to successful SEC enforcement actions. According to the redacted order , three joint whistleblowers provided SEC staff with information that led to the opening of a new...
InfoBytesOFAC announces first-ever sanctions against virtual currency mixer
On May 6, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13722 against a virtual currency mixer used by the Democratic People’s Republic of Korea (DPRK) to support its cyber activities and money-laundering. According to OFAC,...
InfoBytesOFAC issues Russian sanctions, general licenses, and expanded E.O.s
On May 8, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced “sweeping” sanctions, which include the designations of board members from two of Russia’s most important banks, a Russian state-owned bank and 10 of its subsidiaries, a state-supported weapons manufacturer,...
InfoBytesDefendants to pay $5.7 million for alleged data breach
On May 10, the U.S. District Court for the Northern District of Ohio granted preliminary approval of a $5.7 million settlement in a class action against a fast-food chain (defendant) resolving allegations that it acted negligently for failing to protect customers’ data when hackers stole payment...
InfoBytesDistrict Court allows data sharing invasion of privacy claims to proceed
On May 4, the U.S. District Court for the Central District of California partially dismissed the majority of a putative class action accusing several large retailers and a data analytics company (collectively, “defendants”) of illegally sharing their consumer transaction data, allowing only an...
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