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On January 23, the CFPB proposed a rule that would allow the agency to supervise nonbank “larger participants” in the international money transfer market. The proposed rule defines “larger participant” to include any entity that provides one million or more international money transfers annually,...InfoBytes
WASHINGTON, DC (January 24, 2014) – Buckley Sandler LLP , a leading financial services regulatory, criminal & civil enforcement defense law firm, has launched a Privacy, Cyber Risk & Data Security Hotline to assist companies with mitigating online security risks. The Hotline ( 1-855-5-DATA-...Press Releases
The quest for individual cooperation credit from the U.S. Securities and Exchange Commission is more of an art than a science, involving outcomes based largely on subjective judgments and a process that resists definition and standardization. Indeed, those who seek cooperation credit necessarily...Articles
CFPB's New "Responsible Conduct" Guidelines: Will They Incentivize Greater Self-Reporting and Self-Regulation by Consumer Finance Firms?
On June 25, 2013, the Consumer Financial Protection Bureau (CFPB or the Bureau) issued CFPB Bulletin 2013-6, titled ‘‘Responsible Business Conduct: Self-Policing, Self-Reporting, Remediation, and Cooperation.’’ The CFPB issued the guidance to provide entities with a set of ‘‘activities’’ that they...Articles
On January 16, the OCC released proposed guidelines to establish “heightened expectations” for large banks—those with $50 billion or more in total consolidated assets—and any other institution the OCC deems to be complex or to otherwise present a heightened risk. The OCC, which has been advising...InfoBytes
On January 14, the U.S. Supreme Court unanimously held that an action filed by a state attorney general seeking restitution on behalf of hundreds of the state’s citizens who are not themselves parties to the action is not a "mass action" within the meaning of the Class Action Fairness Act (CAFA),...InfoBytes
On January 14, the Federal Reserve Board, the CFTC, the SEC, the OCC, and the FDIC issued an interim final rule to permit banking entities to retain interests in certain collateralized debt obligations backed primarily by trust preferred securities (TruPS CDOs) from the investment prohibitions of...InfoBytes
On January 15, the FTC announced that a major mobile technology company agreed to resolve allegations that it violated Section 5 of the FTC Act by failing to inform account holders that entering their password on their mobile device would open a 15-minute window in which children could incur...InfoBytes
On January 9, Representatives Ed Royce (R-CA), Jim Himes (D-CT), Spencer Bachus (R-AL), and Carolyn Maloney (D-NY) petitioned FHFA Director Mel Watt to expeditiously direct Fannie Mae and Freddie Mac to revise their seller/servicer guidelines to permit the use of credit scores from alternative...InfoBytes
On January 10, HUD issued Mortgagee Letter 14-01 , which notifies mortgagees that within 30 days they must begin using a new brochure for sending notice to delinquent FHA borrowers. HUD regulations require mortgagees to send the notice to FHA borrowers in default between the 32nd and 60th day of...InfoBytes