District Court addresses plain meaning of “pattern or practice of noncompliance” under RESPA
The court found that the statute does not require identical violations from the same subsection of RESPA to state a “pattern or practice” claim.
FTC, DFPI win MSJ against a fraudulent mortgage relief operation
The court ordered the defendants to pay approximately $16 million in restitution and $3 million in civil penalties.
Fed finds bank CEO engaged in crypto “pig butchering” scam
The Federal Reserve issued an evaluation report concluding that the bank failed due to the alleged fraudulent activity by its CEO.
Broker-dealer settles AML allegations with FINRA
FINRA claimed that the Florida-based company did not adequately equip its analysts to review and address trading alerts related to suspicious activities by customers
New York Fed analyzes BNPL usage
The study evaluated different households’ use of buy now pay later products and revealed distinct patterns between the financially fragile and the financially stable.
New York wins $77 million judgment against short-term lenders
New York State AG Letitia James announced the judgment against three merchant cash advance companies for usury and fraud based on allegations the lenders used short-term loans to charge illegally high-interest and undisclosed fees.
California DFPI proposes new regulations under the Debt Collection Licensing Act
The proposed rule defines key terms in the DCLA and requires debt collector licensees to file an annual report with the DFPI.
CSBS Announces NMLS Fee Review is in Progress [nmls.org]
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