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District Court approves $12.5 million settlement in TCPA class action
On October 28, the U.S. District Court for the Northern District of Illinois granted final approval of a $12.5 million TCPA class action settlement between a group of consumers and three cruise lines and their marketing group (collectively, “defendants”). According to the opinion, a consumer filed...
InfoBytesSEC seeks input on RMBS asset-level disclosure requirements
On October 30, the SEC requested public input on asset-level disclosure requirements for residential mortgage-backed securities (RMBS). The current requirements, which were adopted in 2014 in response to the financial crisis, require issuers to disclose a wide range of data on each mortgage loan in...
InfoBytesU.K. ICO and social media company settle privacy investigation
On October 30, the U.K. Information Commissioner’s Office (ICO) announced an agreement reached between the ICO and a social media company that resolves an investigation into the company’s alleged misuse of personal data. The company has agreed to withdraw its appeal of the £500,000 penalty issued...
InfoBytes11th Circuit: District Court erred in denying class certification over bankruptcy preemption defense
On October 29, the U.S. Court of Appeals for the Eleventh Circuit vacated a district court decision denying class certification, concluding the court erred in its determination that each FDCPA and Florida Consumer Collection Practices Act (FCCPA) claim’s individualized inquiries predominated over...
InfoBytesRegulators tackle company offering relief from student loans
On October 30, the CFPB, along with the Minnesota and North Carolina attorneys general, and the Los Angeles City Attorney (together, the “states”), announced an action against a student loan debt relief operation for allegedly deceiving thousands of student-loan borrowers and charging more than $71...
InfoBytesOCC says banks near California wildfires can close
On October 30, the OCC issued a proclamation permitting OCC-regulated institutions, at their discretion, to close offices affected by the California wildfires “for as long as deemed necessary for bank operation or public safety.” The proclamation directs institutions to OCC Bulletin 2012-28 for...
InfoBytesAgencies increase threshold for appraisal exemption under TILA for HPMLs
On October 30, the CFPB, OCC, and the Federal Reserve Board published a final rule in the Federal Register , which increases the smaller loan exemption threshold for the special appraisal requirements for higher-priced mortgage loans (HPMLs) under TILA. TILA requires creditors to obtain a written...
InfoBytesAgencies simplify capital calculation for community banks
On October 29, the Federal Reserve Board, the FDIC, and the OCC (agencies) issued a final rule to simplify capital rule compliance requirements and reduce the regulatory burden for community banks in accordance with the Economic Growth, Regulatory Relief, and Consumer Protection Act. Among other...
InfoBytesBuckley Insights: FTC focusing on testimonials and social media influencers
The FTC has stepped up its advertising related enforcement activity in recent months, particularly focusing on companies that fail to clearly and conspicuously disclose underlying connections between testimonial providers and product sellers. Summarized below are several recent FTC enforcement...
InfoBytesOFAC amends Venezuela-related general license, delays effective date
On October 24, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued amended Venezuela General License (GL) 5A to highlight a delay in effectiveness and clarify that prior to January 22, 2020, certain transactions related to the financing for, and other dealings in the...
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