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FDIC updates Consumer Compliance Examination Manual
On May 13, the FDIC announced the April updates to its Consumer Compliance Examination Manual (CEM). The CEM includes supervisory policies and examination procedures for FDIC examination staff for evaluating financial institutions’ compliance with federal consumer protection laws and regulations,...
InfoBytesOFAC clarifies North Korea SDNs
On May 13, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) provided clarifying text related to the modified North Korea Sanctions and Policy Enforcement Act (covered by InfoBytes here ), which bars foreign subsidiaries of U.S. financial institutions from knowingly engaging in...
InfoBytesFTC settles with e-commerce telemarketers for $1.2 million
On May 13, the FTC announced a $1.2 million settlement with a group of telemarketing companies and their owners (collectively, “defendants”) for an allegedly deceptive e-commerce scheme in violation of the FTC Act, the Telemarketing Sales Rule (TSR), and the Consumer Review Fairness Act (CRFA)...
InfoBytesOFAC issues new Venezuela-related general licenses, revokes other
On May 12, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) issued two new General Licenses (GL) Venezuela GL 3H , “Authorizing Transactions Related to, Provision of Financing for, and Other Dealings in Certain Bonds,” and GL 9G , “Authorizing Transactions Related to Dealings...
InfoBytesSBA, Treasury release PPP loan forgiveness application
On May 15, the Small Business Administration (SBA) in consultation with the Treasury Department announced the release of the Paycheck Protection Program (PPP) Loan Forgiveness Application that borrowers must complete in order to have their loans forgiven at the conclusion of the eight-week covered...
InfoBytesCFPB, CSBS issue consumer guide on CARES Act mortgage relief option
On May 15, the CFPB and Conference of State Bank Supervisors jointly issued a Consumer Relief Guide to provide information to homeowners with federally-backed mortgage loans regarding their rights to relief under the CARES Act. The Guide outlines steps for requesting forbearance and provides...
InfoBytesFederal agencies allow supplementary leverage ratio flexibility
On May 15, the FDIC, Federal Reserve Board (Fed), and the OCC announced an interim final rule (IFR) that temporarily permits depository institutions to choose to exclude U.S. Treasury securities and deposits at Federal Reserve Banks from the calculation of the supplementary leverage ratio (SLR) to...
InfoBytesCFPB issues final remittance rule extending safe harbor and providing compliance exceptions
On May 11, the CFPB issued final amendments to the Remittance Transfer Rule (Final Rule), which implements the Electronic Fund Transfer Act and imposes requirements on insured institutions that handle international money transfers—also known as remittance transfers—on behalf of consumers. The Final...
InfoBytesDistrict court grants debt collector’s arbitration request
On May 11, the U.S. District Court for the District of New Jersey granted a debt collector’s renewed motion to compel arbitration, concluding that the previously-ordered discovery demonstrated that the plaintiff’s FDCPA claim fell within the bounds of the arbitration clause in the underlying credit...
InfoBytes$550 million preliminary settlement reached in biometric privacy class action
On May 8, plaintiffs in a biometric privacy class action in the U.S. District Court for the Northern District of California filed a motion requesting preliminary approval of a $550 million settlement deal. The preliminary settlement, reached between a global social media company and a class of...
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