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Jeffrey P. Naimon quoted in American Banker article, “Can OCC nominee calm fears of bankers, Senate that she is too extreme?”
The American Banker article, “Can OCC nominee calm fears of bankers, Senate that she is too extreme?” examined the upcoming, and what promises to be contentious, nomination hearing of Saule Omarova, President Biden’s pick for comptroller of the currency. Omarova, a Cornell University law professor...
In The News5th Circuit stays OSHA mandate
On November 12, the U.S. Court of Appeals for the Fifth Circuit issued a nationwide stay on the emergency temporary standard (ETS), which mandates that all employers with 100 or more employees require employees to be fully vaccinated or be subject to a weekly Covid-19 test. As previously covered by...
InfoBytesAgencies end Covid mortgage servicing flexibility
On November 10, the OCC, Federal Reserve Board, CFPB, FDIC, NCUA, and state financial regulators issued a joint statement announcing the end to temporary supervisory and enforcement flexibility provided to mortgage servicers due to the Covid-19 pandemic by the agencies’ April 3, 2020 joint...
InfoBytesDistrict Court dismisses data breach claims due to lack of jurisdiction
On November 8, the U.S. District Court for the Northern District of California dismissed a putative class action brought against a French cryptocurrency wallet provider and its e-commerce vendor after determining that the court does not have jurisdiction over the companies. Plaintiffs—customers who...
InfoBytesDistrict Court denies EFTA safe harbor in overdraft class action
On November 8, the U.S. District Court for the District of New Hampshire denied a credit union’s motion to dismiss claims concerning its overdraft fees and policies. Plaintiffs filed a putative class action alleging that the defendant failed to properly disclose how it assessed overdrafts in...
InfoBytesDept. of Defense announces version 2.0 of cybersecurity maturity model certification program
On November 4, the Department of Defense (DoD) announced the completion of an internal assessment of its Cybersecurity Maturity Model Certification (CMMC) program and enhancements to that program. While CMMC 2.0 remains focused on safeguarding sensitive national security information, it updates...
InfoBytesOFAC sanctions Cambodian officials
On November 10, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions pursuant to Executive Order 13818 against two Cambodian government officials under the Global Magnitsky Human Rights Accountability Act. According to OFAC, the sanctioned individuals, among...
InfoBytesSEC awards $15 million to whistleblowers
On November 10, the SEC announced awards totaling over $15 million to two whistleblowers whose original information and voluntary assistance led to a successful SEC enforcement action. According to the redacted order , the first whistleblower alerted Commission staff to a fraudulent scheme, which...
InfoBytesSEC approves PCAOB Rule under the Holding Foreign Companies Accountable Act
On November 5, the SEC announced it approved the Public Company Accounting Oversight Board’s (PCAOB) Rule 6100, Board Determinations Under the Holding Foreign Companies Accountable Act, which establishes a framework for the PCAOB’s determinations under that act “that the PCAOB is unable to inspect...
InfoBytesUK Supreme Court rules claimant cannot bring privacy claims against U.S. tech company
On November 10, the UK Supreme Court issued a judgment in an appeal addressing whether a claimant can bring data privacy claims in a representative capacity against a global technology company in a class action suit. The claimant sought compensation on behalf of a class under section 13 of the Data...
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